Document:

exv10w01

 

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.

1

 

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.

2

 

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]

3

 

     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 	 
	 

4

 

	 	 	 	 	 
	 	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 	 
	 

5

 

	 	 	 	 	 	 	 
	 	 	BANK LEUMI USA, as a Lender and as Syndication Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

6

 

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A., as a Lender and as
Documentation Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Zubin R. Shroff	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Zubin R. Shroff	 	 
	 

	 	 	 	Title: Vice President	 	 

7

 

	 	 	 	 	 	 	 
	 	 	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	 	 

8

 

	 	 	 	 	 	 	 
	 	 	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	 	 

9

 

	 	 	 	 	 	 	 
	 	 	FIFTH THIRD BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Brian Jelinski	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Brian Jelinski	 	 
	 

	 	 	 	Title: AVP	 	 

10

 

	 	 	 	 	 	 	 
	 	 	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	 	 

11

 

	 	 	 	 	 	 	 
	 	 	COMERICA BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

12

 

	 	 	 	 	 	 	 
	 	 	THE NORTHERN TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Rebecca H. Pasquesi	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Rebecca H. Pasquesi	 	 
	 

	 	 	 	Title: Vice President	 	 

13

 

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	 	 

14exv10w02

 

 EXHIBIT 10.2

Execution Copy

      

TERM LOAN AGREEMENT

dated as of

April 22, 2008

among

PERRIGO COMPANY,

THE LENDERS PARTY HERETO,

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent,

RBS CITIZENS, N.A.

as Syndication Agent,

 

J.P. MORGAN SECURITIES INC.,

as Lead Arranger and Sole Bookrunner

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	 	 	 	 
	Definitions

	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Classification of Term Loans and Borrowings
	 	 	16	 
	SECTION 1.03. Terms Generally
	 	 	16	 
	SECTION 1.04. Accounting Terms; GAAP; Pro Forma Treatment
	 	 	17	 
	SECTION 1.05 Foreign Currency Calculations
	 	 	17	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	The Credits

	 
	 	 	 	 
	SECTION 2.01. Term Loan Commitments
	 	 	17	 
	SECTION 2.02. Term Loans and Borrowings
	 	 	18	 
	SECTION 2.03. Requests for Term Loan Borrowings
	 	 	18	 
	SECTION 2.04. Funding of Borrowings
	 	 	19	 
	SECTION 2.05. Interest Elections
	 	 	19	 
	SECTION 2.06. Termination and Increases of Term Loan Commitments
	 	 	20	 
	SECTION 2.07. Repayment of Term Loans; Evidence of Debt
	 	 	21	 
	SECTION 2.08. Prepayment of Term Loans
	 	 	22	 
	SECTION 2.09. Fees
	 	 	22	 
	SECTION 2.10. Interest
	 	 	22	 
	SECTION 2.11. Alternate Rate of Interest
	 	 	23	 
	SECTION 2.12. Increased Costs
	 	 	23	 
	SECTION 2.13. Break Funding Payments
	 	 	24	 
	SECTION 2.14. Taxes
	 	 	25	 
	SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 	 	26	 
	SECTION 2.16. Mitigation Obligations; Replacement of Lenders
	 	 	27	 
	SECTION 2.17 Guaranties; Collateral
	 	 	27	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	Representations and Warranties

	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	28	 
	SECTION 3.02. Authorization; Enforceability
	 	 	29	 
	SECTION 3.03. Governmental Approvals; No Conflicts
	 	 	29	 
	SECTION 3.04. Financial Condition; No Material Adverse Change
	 	 	29	 
	SECTION 3.05. Properties
	 	 	29	 
	SECTION 3.06. Litigation and Environmental Matters
	 	 	29	 
	SECTION 3.07. Compliance with Laws and Agreements
	 	 	30	 
	SECTION 3.08. Investment Company Status
	 	 	30	 
	SECTION 3.09. Taxes
	 	 	30	 
	SECTION 3.10. ERISA
	 	 	30	 

 

 

	 	 	 	 	 
	 	 	Page
	SECTION 3.11. Disclosure
	 	 	31	 
	SECTION 3.12. Use of Term Loans
	 	 	31	 
	SECTION 3.13. Labor Matters
	 	 	31	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	Conditions

	 
	 	 	 	 
	SECTION 4.01. Effective Date
	 	 	31	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	Affirmative Covenants

	 
	 	 	 	 
	SECTION 5.01. Financial Statements; Ratings Change and Other Information
	 	 	33	 
	SECTION 5.02. Notices of Material Events
	 	 	34	 
	SECTION 5.03. Existence; Conduct of Business
	 	 	34	 
	SECTION 5.04 Payment of Obligations
	 	 	34	 
	SECTION 5.05. Maintenance of Properties; Insurance; Accounts
	 	 	34	 
	SECTION 5.06. Books and Records; Inspection Rights
	 	 	35	 
	SECTION 5.07. Compliance with Laws
	 	 	35	 
	SECTION 5.08. Use of Proceeds
	 	 	35	 
	SECTION 5.09 Additional Covenants
	 	 	35	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	Negative Covenants

	 
	 	 	 	 
	SECTION 6.01. Indebtedness
	 	 	35	 
	SECTION 6.02. Liens
	 	 	36	 
	SECTION 6.03. Fundamental Changes
	 	 	37	 
	SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	 	 	37	 
	SECTION 6.05. Swap Agreements
	 	 	38	 
	SECTION 6.06. Restricted Payments
	 	 	38	 
	SECTION 6.07. Transactions with Affiliates
	 	 	39	 
	SECTION 6.08. Restrictive Agreements 
	 	 	39	 
	SECTION 6.09 Disposition of Assets; Etc.
	 	 	39	 
	SECTION 6.10 Leverage Ratio
	 	 	39	 
	SECTION 6.11 Interest Coverage Ratio
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	Events of Default

	 
	 	 	 	 
	Events of Default
	 	 	40	 

 

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VIII

	 
	 	 	 	 
	The Administrative Agent

	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	Miscellaneous

	 
	 	 	 	 
	SECTION 9.01. Notices
	 	 	43	 
	SECTION 9.02. Waivers; Amendments
	 	 	44	 
	SECTION 9.03. Expenses; Indemnity; Damage Waiver
	 	 	45	 
	SECTION 9.04. Successors and Assigns
	 	 	46	 
	SECTION 9.05. Survival
	 	 	48	 
	SECTION 9.06. Counterparts; Integration; Effectiveness
	 	 	49	 
	SECTION 9.07. Severability
	 	 	49	 
	SECTION 9.08. Right of Setoff
	 	 	49	 
	SECTION 9.09. Governing Law; Jurisdiction; Consent
to Service of Process
	 	 	49	 
	SECTION 9.10. WAIVER OF JURY TRIAL
	 	 	50	 
	SECTION 9.11. Headings
	 	 	50	 
	SECTION 9.12. Confidentiality
	 	 	50	 
	SECTION 9.13. Interest Rate Limitation
	 	 	51	 
	SECTION 9.14. USA PATRIOT Act
	 	 	51	 

SCHEDULES:

Schedule 2.01 — Term Loan Commitments

Schedule 3.06 — Disclosed Matters — Litigation and Environmental Matters

Schedule 3.07 — Disclosed Matters — Compliance with Laws and Agreements

Schedule 6.01 — Existing Indebtedness

Schedule 6.02 — Existing Liens

Schedule 6.04 — Existing Investments, Loans and Advances

Schedule 6.08 — Existing Restrictions

EXHIBITS:

Exhibit A — Form of Assignment and Assumption

Exhibit B — Lender Addition and Acknowledgement Agreement

Exhibit C — Note

Exhibit D — Form of Opinion of Borrower’s Counsel

 

 

          This TERM LOAN AGREEMENT (this “Agreement”), dated as of April 22, 2008, is among PERRIGO
COMPANY, the LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent and RBS
CITIZENS, N.A., as Syndication Agent.

          The parties hereto agree as follows:

ARTICLE I

Definitions

          SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

          “ABR”, when used in reference to any Term Loan or Borrowing, refers to whether such
Term Loan, or the Term Loans comprising such Borrowing, are bearing interest at a rate determined
by reference to the Alternate Base Rate.

          “Acquisition” means any transaction, or any series of related transactions,
consummated on or after the date of this Agreement, by which the Borrower or any of its
Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm,
corporation or limited liability company, or division thereof, whether through purchase of assets,
merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most
recent transaction in a series of transactions) at least a majority (in number of votes) of the
Equity Interests of a Person.

          “Adjusted LIBO Rate” means, with respect to any Eurocurrency Borrowing for any
Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%)
equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

          “Administrative Agent” means JPMorgan, in its capacity as administrative agent for the
Lenders hereunder.

          “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

          “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

          “Aggregate Term Loan Commitments” means, at any time, the aggregate amount of the Term
Loan Commitments of all Lenders at such time.

          “Aggregate Term Loans” means, at any time, the sum of the Term Loans of all Lenders at
such time.

          “Agis” means Perrigo Israel Pharmaceuticals Ltd., formerly known as Agis Industries
(1983) Ltd., an Israeli public company.

          “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Base CD Rate in effect on such day plus 1% and
(c) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. Any change in the
Alternate Base Rate

 

2

due to a change in the Prime Rate, the Base CD Rate or the Federal Funds Effective Rate shall be
effective from and including the effective date of such change in the Prime Rate, the Base CD Rate
or the Federal Funds Effective Rate, respectively.

          “Applicable Lending Installation” is defined in Section 2.02(d).

          “Applicable Percentage” means, with respect to any Lender, the percentage of the
Aggregate Term Loan Commitments represented by such Lender’s Term Loan Commitments.

          “Applicable Rate” means, for any day, with respect to any Eurocurrency Loan, the
applicable rate per annum set forth below under the caption “Applicable Margin” based upon the
Leverage Ratio as of the most recent determination date:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Level	 	 	 	Leverage Ratio	 	Applicable Margin
	 	1	 	 	 
	 	 	3  2.50:1.0	 	 	 	125.0 	bps
	 	2	 	 	 
	 	 	< 2.50:1.0	 	 	 	100.0 	bps
	 	3	 	 	 
	 	 	< 2.00:1.0	 	 	 	87.5 	bps
	 	4	 	 	 
	 	 	< 1.50:1.0	 	 	 	75.0 	bps

The Applicable Rate shall be determined in accordance with the foregoing table based on the
Leverage Ratio as determined in the then most recent quarterly financial statements for the first
three Fiscal Quarters of each Fiscal Year and the audited year end financial statements for the
last Fiscal Quarter (in each case calculated on a trailing four quarter basis) of the Borrower.
Adjustments, if any, to the Applicable Rate shall be effective five business days after the
Administrative Agent is scheduled to receive the applicable financials under Section 5.01(a) or (b)
and certificate under Section 5.01(c). If the Borrower fails to deliver the financials to the
Administrative Agent at the time required hereunder, then the Applicable Rate shall be set at Level
1 until five days after such financials are so delivered. Notwithstanding anything herein to the
contrary, the Applicable Rate shall be set at Level 2 as of the Effective Date and shall not be
permitted to be Level 3 or 4 until on or after the Applicable Rate is adjusted based on the
financials for the Fiscal Quarter ending on [September 30], 2008.

          “Approved Fund” has the meaning assigned to such term in Section 9.04.

          “Assessment Rate” means, for any day, the annual assessment rate in effect on such day
that is payable by a member of the Bank Insurance Fund classified as “well-capitalized” and within
supervisory subgroup “B” (or a comparable successor risk classification) within the meaning of 12
C.F.R. Part 327 (or any successor provision) to the Federal Deposit Insurance Corporation for
insurance by such Corporation of time deposits made in Dollars at the offices of such member in the
United States; provided that if, as a result of any change in any law, rule or regulation,
it is no longer possible to determine the Assessment Rate as aforesaid, then the Assessment Rate
shall be such annual rate as shall be determined by the Administrative Agent to be representative
of the cost of such insurance to the Lenders.

          “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by
the Administrative Agent.

          “Base CD Rate” means the sum of (a) the Three-Month Secondary CD Rate multiplied by
the Statutory Reserve Rate plus (b) the Assessment Rate.

 

3

          “Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

          “Board of Directors” means: (1) with respect to a corporation, the board of directors
of the corporation or such directors or committee serving a similar function; (2) with respect to a
limited liability company, the board of managers of the company or such managers or committee
serving a similar function; (3) with respect to a partnership, the Board of Directors of the
general partner of the partnership; and (4) with respect to any other Person, the managers,
directors, trustees, board or committee of such Person or its owners serving a similar function.

          “Borrower” means Perrigo Company, a Michigan corporation, and its successors.

          “Borrowing” means all of the Term Loans or portions thereof of the same Type made,
converted or continued on the same date and, in the case of Eurocurrency Loans, as to which a
single Interest Period is in effect.

          “Borrowing Request” means a request by the Borrower for a Borrowing in accordance with
Section 2.03.

          “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City or Chicago are authorized or required by law to remain closed;
provided that, when used in connection with a Eurocurrency Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in deposits in the
currency in which such Eurocurrency Loan is denominated in the London interbank market.

          “Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

          “Change in Control” means (i) the membership of the Borrower’s Board of Directors
changes by more than 50% during any 12-month period, or the number of members on the Borrower’s
Board of Directors either increases or decreases by more than 50% during any 12 month period, or
(ii) any person or group or persons (within the meaning of Section 13(d) of the Securities Exchange
Act of 1934, as amended) shall obtain ownership or control in one or more series of transactions of
more than 35% of the common Equity Interests or 35% of the voting power of the Equity Interests of
the Borrower entitled to vote in the election of members of the Board of Directors of the Borrower.

          “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender
or by such Lender’s holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after the date of this
Agreement.

          “Code” means the Internal Revenue Code of 1986, as amended from time to time.

          “Collateral” means, collectively, the “Collateral” under and as defined in, and any
other assets upon which a Lien has been granted by, any of the Collateral Documents.

 

4

          “Collateral Documents” means, collectively, all pledge and security agreements and all
other agreements or documents granting or perfecting a Lien in favor of the Administrative Agent
for the benefit of the Lenders or otherwise providing support for the Secured Obligations at any
time, each in form and substance satisfactory to the Administrative Agent, and as amended or
modified from time to time.

          “Consolidated EBIT” means, with reference to any period, the net income (or loss) of
the Borrower and its Subsidiaries for such period, plus, to the extent deducted from revenues in
determining such net income, without duplication, (i) Consolidated Interest Expense, (ii) expense
for income taxes paid or accrued, (iii) extraordinary non-cash losses incurred other than in the
ordinary course of business, and (iv) losses incurred other than in the ordinary course of business
that are non-cash, non-operating and non-recurring, minus, to the extent included in such net
income, (a) extraordinary non-cash gains realized other than in the ordinary course of business,
and (b) gains realized other than in the ordinary course of business that are non-cash,
non-operating and non-recurring, all as determined in accordance with GAAP and calculated for the
Borrower and its Subsidiaries on a consolidated basis.

          “Consolidated EBITDA” means, with reference to any period, the Consolidated EBIT for
such period, plus, to the extent deducted from revenues in determining such Consolidated EBIT,
depreciation and amortization expense, all as determined in accordance with GAAP and calculated for
the Borrower and its Subsidiaries on a consolidated basis.

          “Consolidated Indebtedness” means at any time the Indebtedness of the Borrower and its
Subsidiaries calculated on a consolidated basis.

          “Consolidated Interest Expense” means, with reference to any period, the Interest
Expense of the Borrower and its Subsidiaries calculated on a consolidated basis for such period.

          “Consolidated Total Assets” means, as of any date, the total assets of the Borrower
and the consolidated Subsidiaries, determined in accordance with GAAP, as set forth on the
consolidated balance sheet of the Borrower as of such date.

          “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

          “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

          “Defaulting Lender” means any Lender with respect to which a Lender Default is in
effect.

          “Disclosed Matters” means the actions, suits and proceedings and the environmental
matters disclosed in Schedule 3.06 and Schedule 3.07.

          “Disqualified Stock” means any Equity Interest that, by its terms (or by the terms of
any security into which it is convertible or for which it is exchangeable), or upon the happening
of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or redeemable at the option of the holder thereof, in whole or in part.

          “Dollars” or “$” refers to lawful money of the United States of America.

 

5

          “Dollar Equivalent” means, on any date of determination (a) with respect to any amount
in Dollars, such amount, and (b) with respect to any amount in any Foreign Currency, the equivalent
in Dollars of such amount, determined by the Administrative Agent pursuant to Section 1.05 using
the Exchange Rate with respect to such Foreign Currency at the time in effect under the provisions
of such Section.

          “Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary.

          “Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

          “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

          “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

          “Equity Interests “ means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

          “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

          “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from the Borrower or any

 

6

ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination
that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the
meaning of Title IV of ERISA.

          “Eurocurrency”, when used in reference to any Term Loan or Borrowing, refers to
whether such Term Loan, or the Term Loans comprising such Borrowing, are bearing interest at a rate
determined by reference to the Adjusted LIBO Rate.

          “Event of Default” has the meaning assigned to such term in Article VII.

          “Exchange Rate” means on any day, for purposes of determining the Dollar Equivalent of
any currency other than Dollars, the rate at which such currency may be exchanged into Dollars at
the time of determination on such day on the Reuters Currency pages, if available, for such
currency. In the event that such rate does not appear on any Reuters Currency pages, the Exchange
Rate shall be determined by reference to such other publicly available service for displaying
exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the
absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the
spot rates of exchange of the Administrative Agent in the market where its foreign currency
exchange operations in respect of such currency are then being conducted, at or about such time as
the Administrative Agent shall elect after determining that such rates shall be the basis for
determining the Exchange Rate, on such date for the purchase of Dollars for delivery two Business
Days later; provided that if at the time of any such determination, for any reason, no such
spot rate is being quoted, the Administrative Agent may use any reasonable method it deems
appropriate to determine such rate, and such determination shall be conclusive absent manifest
error.

          “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, or any
other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United
States of America, or by the State of the United States of America or other jurisdiction under the
laws of which such recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes
imposed by the United States of America or any similar tax imposed by any other jurisdiction in
which the Borrower is located and (c) in the case of a Foreign Lender (other than an assignee
pursuant to a request by the Borrower under Section 2.16(b)), any withholding tax that is imposed
on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this
Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure
to comply with Section 2.14(e), except to the extent that such Foreign Lender (or its assignor, if
any) was entitled, at the time of designation of a new lending office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax pursuant to Section
2.14(a).

          “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

          “Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower or other officer acceptable to the Administrative Agent.

 

7

          “Fiscal Quarter” means (i) as of the Effective Date, each period of 13 weeks during a
Fiscal Year ending on a Saturday (with the first such Fiscal Quarter to commence on the first day
of such Fiscal Year) and (ii) upon and after such time, if any, as the Borrower adopts a Fiscal
Year as set forth in clause (ii) of the defined term “Fiscal Year”, any of the quarterly accounting
periods of the Borrower, ending on such dates of each year elected by the Borrower, provided that
such dates are reasonably acceptable to the Administrative Agent and do not result in the financial
covenants in Section 6.10 or 6.11 not being tested for more than three months.

          “Fiscal Year” means a (i) as of the Effective Date, any 52-week or 53-week period
beginning on the Sunday nearest to June 30 and ending on the Saturday nearest to the following June
30. References to a Fiscal Year with a number corresponding to any calendar year (e.g., “2008
Fiscal Year”) refer to the Fiscal Year ending on the Saturday nearest to the June 30 of such
calendar year and (ii) upon the election of the Borrower, any of the annual accounting periods of
the Borrower ending on any other date of each year elected by the Borrower, provided that such date
is reasonably acceptable to the Administrative Agent and does not result in the financial covenants
in Section 6.10 or 6.11 not being tested for more than three months.

          “Foreign Currency” means any currency other than Dollars.

          “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is located. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

          “Foreign Subsidiary” means any Subsidiary that is incorporated or organized under the
laws of any jurisdiction other than the United States of America, any State thereof or the District
of Columbia.

          “GAAP” means generally accepted accounting principles in the United States of America
(except with respect to businesses outside the United States acquired in Acquisitions for periods
prior to the date of the Acquisition).

          “Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

          “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase
or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds
for the purchase of) any security for the payment thereof, (b) to purchase or lease property,
securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof, (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to enable the primary
obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any
letter of credit or letter of guaranty issued to support such Indebtedness or obligation;
provided, that the term Guarantee shall not include endorsements for collection or deposit
in the ordinary course of business.

          “Guarantor” means each Person required to execute a Guaranty pursuant to Section 2.17.

 

8

          “Guaranty” means each guaranty or similar agreement executed by any of the Guarantors
and Guaranteeing the Obligations, as amended, supplemented or otherwise modified from time to time,
and in form and substance satisfactory to the Administrative Agent.

          “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

          “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or similar obligations, (b) all obligations of such Person evidenced by
bonds, debentures, acceptances, notes or similar instruments, (c) all obligations of such Person
upon which interest charges are customarily paid, (d) all obligations of such Person under
conditional sale or other title retention agreements relating to property acquired by such Person,
(e) all obligations of such Person in respect of the deferred purchase price of property or
services (excluding current accounts payable incurred in the ordinary course of business), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by
such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances, (k) all Off-Balance Sheet Liabilities of such Person, and (l) all
obligations under any Disqualified Stock of such Person. The Indebtedness of any Person shall
include the Indebtedness of any other entity (including any partnership in which such Person is a
general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of
such Indebtedness provide that such Person is not liable therefor.

          “Indemnified Taxes” means Taxes other than Excluded Taxes.

          “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the
Borrower that is not guaranteed by any other Person or subject to any other credit enhancement.

          “Information Memorandum” means the Confidential Information Memorandum dated March 13,
2008 relating to the Borrower and the Transactions.

          “Interest Coverage Ratio” means, as of the end of any Fiscal Quarter of the Borrower,
the ratio of Consolidated EBIT to Consolidated Interest Expense, as calculated for the four
consecutive Fiscal Quarters of the Borrower then ending.

          “Interest Election Request” means a request by the Borrower to convert or continue a
Borrowing in accordance with Section 2.05.

          “Interest Expense” means, with respect to any Person for any period, the gross
interest expense of such Person for such period on a consolidated basis, including without
limitation (i) the amortization of debt discounts, (ii) the amortization of all fees (including
fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to
the extent included in interest expense, (iii) the portion of any payments or accruals with respect
to Capital Lease Obligations allocable to interest expense and (iv) commissions, discounts, yield
and other fees and charges incurred in connection with the asset securitization or similar
transaction which are payable to any Person other than

 

9

the Borrower or a Wholly-Owned Subsidiary. For purposes of the foregoing, gross interest expense
shall be determined after giving effect to any net payments made or received by the Borrower and
the Subsidiaries with respect to Swap Agreements.

          “Interest Payment Date” means (a) with respect to any ABR Loan, the 15th
day of the month immediately following the last day of each March, June, September and December,
and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to
the Borrowing of which such Eurocurrency Loan is a part and, in the case of a Eurocurrency
Borrowing with an Interest Period of more than three months’ duration, each day prior to the last
day of such Interest Period that occurs at intervals of three months’ duration after the first day
of such Interest Period.

          “Interest Period” means (a) with respect to any Eurocurrency Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months (or, with the consent of each Lender, such
other period requested by the Borrower) thereafter, as the Borrower may elect, provided,
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency
Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period
pertaining to a Eurocurrency Borrowing that commences on the last Business Day of a calendar month
(or on a day for which there is no numerically corresponding day in the last calendar month of such
Interest Period) shall end on the last Business Day of the last calendar month of such Interest
Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such
Borrowing is made and thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing.

          “Israeli Acquisition Cash Secured Loan” means the loan in the amount of $400,000,000
made by Bank Hapoalim B.M. to Israeli Acquisition Co. that is (i) secured by cash deposited by
Perrigo International in an amount equal to the principal balance of such loan, (ii) non-recourse
to the Borrower or its Subsidiaries (other than with respect to such cash deposit and to the
limited extent described in the Israeli Acquisition Cash Secured Loan Documents delivered to the
Lender prior to the Effective Date) and (iii) on other terms and conditions reasonably satisfactory
to the Administrative Agent.

          “Israeli Acquisition Cash Secured Loan Documents” means all agreements, documents and
instruments executed in connection with Israeli Acquisition Cash Secured Loan.

          “Israeli Acquisition Co.” means Perrigo Israel Holdings Ltd., an Israeli company, and
a Wholly-Owned Subsidiary of Perrigo International.

          “JPMorgan” means JPMorgan Chase Bank, N.A., a national banking association, and its
successors.

          “Lender Addition and Acknowledgement Agreement” means an agreement in substantially
the form of Exhibit B hereto, with such changes thereto as approved by the Administrative Agent.

          “Lender Default” means (i) the refusal (which has not been retracted) of a Lender to
make available its portion of any Borrowing, or (ii) a Lender having notified in writing the
Borrower and/or the Administrative Agent that it does not intend to comply with its obligations
under Section 2.04.

          “Lenders” means the Persons (including their Applicable Lending Installations) listed
on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and

 

10

Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment
and Assumption. Unless the context otherwise requires, reference to any Lender includes such
Lender and its Applicable Lending Installations.

          “Leverage Ratio” means, as of the end of any Fiscal Quarter of the Borrower, the ratio
of (a) Consolidated Indebtedness at such time minus the amount of the Israeli Acquisition Cash
Secured Loan (to the extent it is secured with cash, provided that any amount thereof that is
recourse to the Borrower or any of its Subsidiaries (other than with respect to such cash deposit)
shall be included in Consolidated Indebtedness, with the amount thereof reasonably determined by
the Administrative Agent) to (b) Consolidated EBITDA, as calculated for the four consecutive
Fiscal Quarters of the Borrower then ending.

          “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period,
the rate appearing on Reuters Screen Page LIBOR01 (or on any successor or substitute page of
Reuters, or any successor to or substitute for Reuters, providing rate quotations comparable to
those currently provided on such page of Reuters, as determined by the Administrative Agent from
time to time for purposes of providing quotations of interest rates applicable to dollar deposits
in the London interbank market) at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period, as the rate for dollar deposits with a maturity
comparable to such Interest Period. In the event that such rate is not available at such time for
any reason, then the “LIBO Rate” with respect to such Eurodollar Borrowing for such
Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of the Administrative
Agent in immediately available funds in the London interbank market at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest Period.

          “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities; provided that the filing of
financing statements solely with respect to, or other lien or claim solely on, any interest in
accounts or notes receivable which are sold or otherwise transferred in a Permitted Securitization
Transaction shall not be considered a Lien and any purchase option, call or similar right of a
third party with respect to any Equity Interests of the Borrower are not controlled by this
Agreement.

          “Loan Documents” means this Agreement, each Guaranty, each Collateral Document, and
all other instruments, agreements or documents executed in connection herewith at any time.

          “Loan Party” means the Borrower or any Guarantor.

          “Margin Stock” means “margin stock” as defined in Regulations U and X of the Board as
from time to time in effect.

          “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations, prospects or condition, financial or otherwise, of the Borrower and its Subsidiaries
taken as a whole, (b) the ability of the Borrower to perform any of its obligations under any Loan
Document or (c) the rights of or benefits available to the Lenders under any Loan Document.

          “Material Indebtedness” means Indebtedness (other than the Term Loans), and/or Swap

 

11

Agreement Obligations of any one or more of the Borrower and its Subsidiaries in an aggregate
principal amount exceeding the Dollar Equivalent of $15,000,000.

          “Material Non-Guarantor Subsidiaries” means Agis and of all its subsidiaries and all
other Subsidiaries that are not Guarantors, excluding any Subsidiaries that are not Guarantors
(other than Agis and any of its subsidiaries) that would not constitute a Significant Subsidiary if
considered as one Subsidiary,

          “Maturity Date” means April 22, 2013.

          “Moody’s” means Moody’s Investors Service, Inc.

          “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

          “Obligations” means all unpaid principal of, accrued and unpaid interest and fees and
reimbursement obligations on the Term Loans, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations of the Borrower or any of them to the Lenders,
the Administrative Agent, any indemnified party or any of them arising under the Loan Documents.

          “Off-Balance Sheet Liability” of a Person means (i) any obligation under a sale and
leaseback transaction which is not a Capital Lease Obligation, (ii) any so-called “synthetic lease”
or “tax ownership operating lease” transaction entered into by such Person, (iii) the amount of
obligations outstanding under the legal documents entered into as part of any asset securitization
or similar transaction on any date of determination that would be characterized as principal if
such asset securitization or similar transaction (including without limitation any Permitted
Securitization Transaction) were structured as a secured lending transaction rather than as a
purchase or (iv) any other transaction (excluding operating leases for purposes of this clause
(iv)) which is the functional equivalent of or takes the place of borrowing but which does not
constitute a liability on the balance sheet of such Person; in all of the foregoing cases,
notwithstanding anything herein to the contrary, the outstanding amount of any Off-Balance Sheet
Liability shall be calculated based on the aggregate outstanding amount of obligations outstanding
under the legal documents entered into as part of any such transaction on any date of determination
that would be characterized as principal if such transaction were structured as a secured lending
transaction, whether or not shown as a liability on a consolidated balance sheet of such Person, in
a manner reasonably satisfactory to the Administrative Agent.

          “Other Taxes” means any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder
or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement.

          “Participant” has the meaning set forth in Section 9.04.

          “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

          “Permitted Encumbrances” means:

     (a) Liens imposed by law for taxes, fees, assessments or other governmental charges
that are not delinquent or are being contested in compliance with Section 5.04;

     (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens

 

12

imposed by law, arising in the ordinary course of business and securing obligations that are
not overdue by more than 30 days or are being contested in compliance with Section 5.04;

     (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Article VII;

     (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations and do not materially detract from the value of the affected property
or interfere with the ordinary conduct of business of the Borrower or any Subsidiary; and

     (g) statutory and contractual Liens in favor of landlord on real property leased by the
Borrower or any Subsidiary; provided that, the Borrower or Subsidiary is current with
respect to payment of all rent and other amounts due to such landlord under any lease of
such real property, except where the failure to be current in payment would not,
individually or in the aggregate, be reasonably likely to result in a Material Adverse
Effect.

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

     “Permitted Investments” means:

     (a) direct obligations of, or obligations the principal of and interest on which are
unconditionally guaranteed by, the United States of America (or by any agency or
instrumentality thereof to the extent such obligations are backed by the full faith and
credit of the United States of America), in each case maturing within two years from the
date of acquisition thereof;

     (b) investments in commercial paper maturing within 270 days from the date of
acquisition thereof and having, at such date of acquisition, the highest or second highest
credit rating obtainable from S&P or from Moody’s;

     (c) investments in certificates of deposit, banker’s acceptances and time deposits
maturing within 180 days from the date of acquisition thereof issued or guaranteed by or
placed with, and money market deposit accounts issued or offered by, any domestic office of
the Administrative Agent or any other commercial bank organized under the laws of the United
States of America or any State thereof which has a combined capital and surplus and
undivided profits of not less than $500,000,000;

     (d) fully collateralized repurchase agreements and reverse repurchase agreements with a
term of not more than one year for securities described in clause (a) above and entered into
with a financial institution satisfying the criteria described in clause (c) above;

     (e) in the case of any Foreign Subsidiary, (i) marketable direct obligations issued by,
or unconditionally guaranteed by, the sovereign nation in which such Foreign Subsidiary is
organized and is conducting business or issued by any agency of such sovereign nation and

 

13

backed by the full faith and credit of such sovereign nation, in each case maturing
within one year from the date of acquisition, so long as the indebtedness of such sovereign
nation is rated at least A by S&P or A2 by Moody’s or carries an equivalent rating from a
comparable foreign rating agency or (ii) investments of the type and maturity described in
clauses (b) through (d) above of foreign obligors, which investments or obligors have
ratings described in such clauses or equivalent ratings from comparable foreign rating
agencies;

     (f) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7
under the Investment Company Act of 1940, (ii) are rated AAA by S&P or Aaa by Moody’s and
(iii) have portfolio assets of at least $5,000,000,000;

     (g) marketable direct obligations issued by any state of the United States or any
political subdivision of any such state or any public instrumentality thereof maturing
within one year from the date of acquisition thereof and, at the time of acquisition, having
one of the two highest ratings obtainable from either S&P or Moody’s;

     (h) repurchase obligations with a term of not more than 30 days underlying securities
of the types described in clause (a) above entered into with any bank meeting the
qualifications specified in clause (c) above;

     (i) “money market” preferred stock maturing within six months after issuance thereof or
municipal bonds in each case issued by a corporation organized under the laws of any state
of the United States, which has a rating of “A” or better by S&P or Moody’s or the
equivalent rating by any other nationally recognized rating agency;

     (j) tax exempt floating rate option tender bonds backed by letters of credit issued by
a national or state bank whose long-term unsecured debt has a rating of AA or better by S&P,
Aa2 or better by Moody’s or the equivalent rating by any other nationally recognized rating
agency; and

     (k) shares of any money market mutual fund rated as least AAA or the equivalent thereof
by S&P, at least Aaa or the equivalent thereof by Moody’s or any other mutual fund at least
95% of whose assets consist of the type specified in clauses (a) through (g) above.

          “Permitted Securitization Transaction” means any asset securitization transaction (i)
by a Securitization Entity, (ii) which is a sale or other transfer of an interest in accounts or
notes receivable, and (iii) which is otherwise permitted by the terms of this Agreement and any
other agreement binding on the Borrower or any of its Subsidiaries.

          “Perrigo International” means Perrigo International, Inc., a Michigan corporation, and
its successors.

          “Perrigo International Cash Secured Loan Guarantee” is defined in Section 6.01(e)(ii);

          “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

          “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

 

14

          “Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMorgan as its prime rate in effect at its principal office in Chicago; each change in the
Prime Rate shall be effective from and including the date such change is publicly announced as
being effective.

          “Register” has the meaning set forth in Section 9.04.

          “Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

          “Required Lenders” means, at any time, Lenders having Term Loans representing more
than 50% of the Aggregate Term Loans at such time; provided, however, that so long as there are
fewer than three Lenders (and any Lenders that are Affiliates shall be considered as one Lender for
purposes of this definition), “Required Lenders” shall mean all Lenders. Any Defaulting Lender and
its Term Loan shall be disregarded in determining Required Lenders at any time.

          “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Borrower or any
Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or
other right to acquire any such Equity Interests in the Borrower.

          “S&P” means Standard & Poor’s.

          “SEC” means the Securities and Exchange Commission or any Governmental Authority
succeeding to any or all of the functions of the Securities and Exchange Commission.

          “SEC Documents” means all reports, schedules, forms, statements and other documents
filed with the SEC by Borrower since January 1, 2005 and prior to the date of this Agreement.

          “Secured Obligations” means, collectively, (i) the Obligations, and (ii) the Swap
Agreement Obligations owing to one or more Lenders or their Affiliates.

          “Securitization Entity” means a wholly-owned Subsidiary of the Borrower that engages
in no activities other than Permitted Securitization Transactions and any necessary related
activities and owns no assets other than as required for Permitted Securitization Transactions and
no portion of the Indebtedness (contingent or otherwise) of which is guaranteed by the Borrower or
any Subsidiary of the Borrower or is recourse to or obligates the Borrower or any Subsidiary of the
Borrower in any way, other than pursuant to customary representations, warranties, covenants,
indemnities, performance guaranties and other obligations entered into in connection with a
Permitted Securitization Transaction.

          “Significant Subsidiary” means any one or more Subsidiaries which, if considered in
the aggregate as a single Subsidiary would be a “significant subsidiary” as defined in Rule 1-02 of
Regulation S-X under the Securities Exchange Act of 1934 , as amended.

          “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject (a)
with

 

15

respect to the Base CD Rate, for new negotiable nonpersonal time deposits in Dollars of over
$100,000 with maturities approximately equal to three months and (b) with respect to the Adjusted
LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such
Regulation D. Eurocurrency Loans shall be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration, exemptions or
offsets that may be available from time to time to any Lender under such Regulation D or any
comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.

          “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent.

          “Subsidiary” means any subsidiary of the Borrower.

          “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a
Swap Agreement.

          “Swap Agreement Obligations” means any and all obligations of the Borrower or any of
its Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising,
evidenced or acquired (including all renewals, extensions and modifications thereof and
substitutions therefor) owing to any Lender or any of its Affiliates under any and all Swap
Agreements.

          “Syndication Agent” means RBS Citizens, N.A., in its capacity as syndication agent for
the Lenders hereunder.

          “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

          “Term Loan Commitment” means, with respect to each Lender, the commitment of such
Lender to make a Term Loan, as such commitment may be reduced or increased from time to time
pursuant to prepayments, Section 2.06 or assignments by or to such Lender pursuant to Section 9.04.
The amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01 (as it may be
modified pursuant to Section 2.06), or in the Assignment and Assumption pursuant to which such
Lender shall have assumed its Term Loan Commitment, as applicable. After any Term Loan is made by
any Lender under its Term Loan Commitment, the related Term Loan Commitment of such Lender shall be
deemed equal to the outstanding principal amount of such Term Loan of such Lender. The initial
aggregate amount of the Lenders’ Term Loan Commitments is $125,000,000.

 

16

          “Term Loans” means the term loans extended by the Lenders to the Borrower pursuant to
Section 2.01 hereof.

          “Three-Month Secondary CD Rate” means, for any day, the secondary market rate for
three-month certificates of deposit reported as being in effect on such day (or, if such day is not
a Business Day, the next preceding Business Day) by the Board through the public information
telephone line of the Federal Reserve Bank of New York (which rate will, under the current
practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the
week following such day) or, if such rate is not so reported on such day or such next preceding
Business Day, the average of the secondary market quotations for three-month certificates of
deposit of major money center banks in New York City received at approximately 10:00 a.m., Chicago
time, on such day (or, if such day is not a Business Day, on the next preceding Business Day) by
the Administrative Agent from three negotiable certificate of deposit dealers of recognized
standing selected by it.

          “Transactions” means the execution, delivery and performance by the Loan Parties of
each Loan Document to which it is a party, the borrowing of Term Loans and the use of the proceeds
thereof and all transactions related thereto.

          “2005 Credit Agreement” means the Credit Agreement dated March 16, 2005 among the
Borrower, certain Foreign Subsidiary Borrowers parties thereto, the Lenders parties thereto,
JPMorgan Chase Bank, N.A., as Administrative Agent, and Bank Leumi USA, as Syndication 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.

          “Type”, when used in reference to the Term Loans or any portion thereof, refers to
whether the rate of interest on the Term Loans or portion thereof is determined by reference to the
Adjusted LIBO Rate or the Alternate Base Rate.

          “Wholly-Owned Subsidiary” means, as to any Person, a subsidiary all of the Equity
Interests of which (except directors’ qualifying Equity Interests) are at the time directly or
indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person.

          “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

          SECTION 1.02. Classification of Term Loans and Borrowings. For purposes of this
Agreement, Term Loans may be classified and referred to by Type (e.g., a “Eurocurrency
Loan”).

          SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision

 

17

hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

          SECTION 1.04. Accounting Terms; GAAP; Pro Forma Treatment. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall be construed in
accordance with GAAP, as in effect from time to time; provided that, if the Borrower
notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof
to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower
that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have
been withdrawn or such provision amended in accordance herewith. For purposes of calculating the
Leverage Ratio (as used in Section 6.10 and in determining the Applicable Rate) and the Interest
Coverage Ratio, any Acquisition or any sale or other disposition outside the ordinary course of
business by the Borrower or any of the Subsidiaries of any asset or group of related assets in one
or a series of related transactions, the net proceeds from which exceed $10,000,000, including the
incurrence of any Indebtedness and any related financing or other transactions in connection with
any of the foregoing, occurring during the period for which such ratios are calculated shall be
deemed to have occurred on the first day of the relevant period for which such ratios were
calculated on a pro forma basis acceptable to the Administrative Agent.

          SECTION 1.05. Foreign Currency Calculations. For purposes of any determination under
Section 6.01, 6.02, 6.04 or 6.09 or under Article VII, all amounts incurred, outstanding or
proposed to be incurred or outstanding in currencies other than Dollars shall be translated into
Dollars at the currency exchange rates in effect on the date of such determination;
provided that no Default shall arise as a result of any limitation set forth in Dollars in
Section 6.01 or 6.02 being exceeded solely as a result of changes in currency exchange rates from
those rates applicable at the time or times Indebtedness or Liens were initially consummated in
reliance on the exceptions under such Sections. For purposes of any determination under Section
6.04 or 6.09, the amount of each investment, asset disposition or other applicable transaction
denominated in a currency other than Dollars shall be translated into Dollars at the currency
exchange rate in effect on the date such investment, disposition or other transaction is
consummated. Such currency exchange rates shall be determined in good faith by the Borrower.

ARTICLE II

The Credits

          SECTION 2.01. Term Loan Commitments. Subject to the terms and conditions set forth
herein, each Lender agrees to make a Term Loan in Dollars to the Borrower on the Effective Date in
an aggregate principal amount equal to such Lender’s Term Loan Commitment on the Effective Date.
Additionally, in connection with any increase in the Term Loan Commitments under Section 2.06,
subject to the terms and conditions set forth herein, each Lender that has so agreed to increase
its Term Loan Commitment or become a Lender hereunder agrees to make a Term Loan in Dollars to the
Borrower on the date determined pursuant to Section 2.06 in an aggregate principal amount equal to
such Lender’s increase in its Term Loan Commitment or its new Term Loan Commitment determined
pursuant to Section 2.06. The sum of all Term Loans made by the Lenders is defined as the
Aggregate Term Loans.

 

18

          SECTION 2.02. Term Loans and Borrowings. (a) The failure of any Lender to make its
Term Loans required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Term Loan Commitments of the Lenders are several and no Lender
shall be responsible for any other Lender’s failure to make Term Loans as required hereunder.

     (b) Subject to Section 2.11, each portion of the Term Loans shall be comprised of ABR Loans
or Eurocurrency Loans as the Borrower may request in accordance herewith.

     (c) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to elect, convert or continue any Borrowing if the Interest Period requested with respect thereto
would end after the Maturity Date.

     (d) Notwithstanding any other provision of this Agreement, each Lender at its option may make
any ABR Loan or Eurocurrency Loan by causing any domestic or foreign office, branch or Affiliate of
such Lender (an “Applicable Lending Installation”) to make such Term Loan that has been designated
by such Lender to the Administrative Agent. All terms of this Agreement shall apply to any such
Applicable Lending Installation of such Lender and the Term Loans and any Notes issued hereunder
executed in connection herewith shall be deemed held by each Lender for the benefit of any such
Applicable Lending Installation. Each Lender may, by written notice to the Administrative Agent
and the Borrower, designate replacement or additional Applicable Lending Installations through
which Term Loans will be made by it and for whose account Term Loan payments are to be made. Each
Lender will promptly notify the Borrower and the Administrative Agent of any event of which it has
actual knowledge occurring after the date hereof which will entitle such Lender to compensation
pursuant to Section 2.12 and will designate a different Applicable Lending Installation if such
designation will avoid the need for, or reduce the amount of, such compensation and will not, in
the judgment of such Lender, be otherwise disadvantageous to such Lender or contrary to its
policies.

     SECTION 2.03. Requests for Term Loan Borrowings. To request the initial Term Loan
Borrowing to be made on the Effective Date or any subsequent Term Loan under Section 2.06 in
connection with an increase in the Aggregate Term Loan Commitments, the Borrower shall notify the
Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not
later than 2:00 p.m., Chicago time, three Business Days before the date of the proposed Borrowing
or (b) in the case of an ABR Borrowing, not later than 2:00 p.m., Chicago time, one Business Day
before the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by
the Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with Section 2.02:

     (i) the aggregate amount of the requested Borrowing;

     (ii) the date of such Borrowing, which shall be a Business Day; and

     (iii) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable
thereto, which shall be a period contemplated by clause (a) of the definition of the term “Interest
Period”; and

     If no election as to the Type of Term Loan Borrowing is specified, then the requested Term
Loan Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any
requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest
Period of one

 

19

month’s duration. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount
of such Lender’s Term Loan to be made as part of the requested Borrowing.

     SECTION 2.04. Funding of Borrowings. (a) Each Lender shall make each Term Loan to be
made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
by 12:00 noon, Chicago time, to the account of the Administrative Agent most recently designated by
it for such purpose by notice to the Lenders. The Administrative Agent will make such Term Loans
available to the Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower maintained with the Administrative Agent in such location determined by the
Administrative Agent.

     (b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative Agent
such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the
Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand (without duplication) such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of
such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation (in the
case of a Borrowing denominated in Dollars) or (ii) in the case of the Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such
amount shall constitute such Lender’s Term Loan included in such Borrowing.

     SECTION 2.05. Interest Elections. (a) Each Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall
have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower
may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the
case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this
Section. The Borrower may elect different options with respect to different portions of the
affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders
holding the Term Loans comprising such Borrowing, and the Term Loans comprising each such portion
shall be considered a separate Borrowing. Each portion of the Term Loan elected at any time to be
of the same Type shall be in an aggregate amount that is an integral multiple of the applicable
$1,000,000 and not less than $3,000,000. Borrowings of more than one Type may be outstanding at
the same time; provided that there shall not at any time be more than a total of ten Eurocurrency
Borrowings outstanding.

     (b) To make an election pursuant to this Section, the Borrower shall notify the
Administrative Agent of such election by telephone by the time that a Borrowing Request would be
required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from
such election to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent and signed by the Borrower.

     (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

 

20

(i) the Borrowing to which such Interest Election Request applies and, if different options
are being elected with respect to different portions thereof, the portions thereof to be
allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii) the effective date of the election made pursuant to such Interest Election Request,
which shall be a Business Day;

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurocurrency
Borrowing; and

(iv) if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by clause (a) of the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an
Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration.

     (d) Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender to which such Interest Election Request relates of the details thereof and
of such Lender’s portion of each resulting Borrowing.

     (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurocurrency Borrowing prior to the end of the Interest Period applicable thereto, then, unless
such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing
shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event
of Default has occurred and is continuing and the Administrative Agent, at the written request
(including a request through electronic means) of the Required Lenders, so notifies the Borrower,
then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to
or continued as a Eurocurrency Borrowing, and (ii) unless repaid, each Eurocurrency Borrowing shall
be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

          SECTION 2.06. Termination and Increases of Term Loan Commitments. (a) Unless
previously terminated, the Term Loan Commitments in effect on the Effective Date shall terminate at
5:00 p.m., Chicago time, on the Effective Date.

          (b) Subject to the conditions set forth below, the Borrower may, upon at least ten (10) days
(or such other period of time agreed to between the Administrative Agent and the Borrower) prior
written notice to the Administrative Agent, increase the Aggregate Term Loan Commitments from time
to time, either by designating a lender not theretofore a Lender to become a Lender (such
designation to be effective only with the prior written consent of the Administrative Agent which
shall not be unreasonably withheld) or by agreeing with an existing Lender that such Lender’s Term
Loan Commitment shall be increased (thus increasing the Aggregate Term Loan Commitments);
provided that:

     (i) no Default shall have occurred and be continuing hereunder as of the effective date
of such increase;

     (ii) the representations and warranties made by the Borrower and contained in Article
III shall be true and correct on and as of the effective date with the same effect as if
made on and as of such date (other than those representations and warranties that by their
terms speak
as of a particular date, which representations and warranties shall be true and
correct as of such particular date);

 

21

     (iii) the amount of such increase in the Aggregate Term Loan Commitments shall not be
less than $10,000,000, and shall not cause the Aggregate Term Loan Commitments to exceed
$200,000,000;

     (iv) The Borrower and the Lender or lender not theretofore a Lender, shall execute and
deliver to the Administrative Agent, a Lender Addition and Acknowledgement Agreement, in
form and substance satisfactory to the Administrative Agent and acknowledged by the
Administrative Agent and the Borrower;

     (v) no existing Lender shall be obligated in any way to increase its Term Loan
Commitment; and

     (vi) the Administrative Agent shall consent (which consent shall not be unreasonably
withheld) to such increase and the Borrower shall have complied with such other conditions
in connection with such increase as may be required by the Administrative Agent.

     (c) Upon the execution, delivery, acceptance and recording of the Lender Addition and
Acknowledgement Agreement, from and after the effective date specified in a Lender Addition and
Acknowledgement Agreement, such existing Lender shall have a Term Loan Commitment as therein set
forth or such other Lender shall become a Lender with a Term Loan Commitment as therein set forth
and all the rights and obligations of a Lender with such a Term Loan Commitment hereunder. Any
such new Term Loan Commitments shall terminate at 5:00 p.m., Chicago time, on the date any such
additional Term Loan is designated to be made thereunder.

     (d) Upon its receipt of a Lender Addition and Acknowledgement Agreement together with any note
or notes, if requested, subject to such addition and assumption and the written consent to such
addition and assumption, the Administrative Agent shall, if such Lender Addition and
Acknowledgement Agreement has been completed and the other conditions described in this Section
2.06 have been satisfied:

     (i) accept such Lender Addition and Acknowledgement Agreement;

     (ii) record the information contained therein in the Register; and

     (iii) give prompt notice thereof to the Lenders and the Borrower and deliver to the
Lenders a schedule reflecting the new Term Loan Commitments.

          SECTION 2.07. Repayment of Term Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Term Loan on the Maturity Date.

     (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Term Loan made by
such Lender, including the amounts of principal and interest payable and paid to such Lender from
time to time hereunder.

     (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Term Loan made hereunder, the Type thereof and the Interest Period (if any) applicable
thereto, (ii)

 

 

22

the amount of any principal or interest due and payable or to become due and payable
from the Borrower to each Lender hereunder and (iii) any amount received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

     (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the obligations recorded
therein; provided that the failure of any Lender or the Administrative Agent to maintain such
accounts or any error therein shall not in any manner affect the obligation of the Borrower to
repay the Term Loans in accordance with the terms of this Agreement.

     (e) Any Lender may request that Term Loans made by it be evidenced by a promissory note. In
such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note
payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) and in the form of Exhibit C hereto or such other form approved by the
Administrative Agent. Thereafter, the Term Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by
one or more promissory notes in such form payable to the order of the payee named therein (or, if
such promissory note is a registered note, to such payee and its registered assigns).

          SECTION 2.08. Prepayment of Term Loans. (a) The Borrower shall have the right at
any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice
in accordance with paragraph (b) of this Section.

     (b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy)
of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later
than 2:00 p.m., Chicago time, three Business Days before the date of prepayment, and (ii) in the
case of prepayment of an ABR Borrowing, not later than 2:00 p.m., Chicago time, one Business Day
before the date of prepayment. Each such notice shall be irrevocable and shall specify the
prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid.
Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent
shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall
be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type
as provided in Section 2.05. Each prepayment of a Borrowing shall be applied ratably to the Term
Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to
the extent required by Section 2.10.

          SECTION 2.09. Fees. The Borrower agrees to pay to the Administrative Agent for its
own account fees payable in the amounts and at the times separately agreed upon between the
Borrower and the Administrative Agent. Fees paid shall not be refundable under any circumstances.

          SECTION 2.10. Interest. (a) The portion of the Term Loans comprising each ABR
Borrowing shall bear interest at the Alternate Base Rate.

          (b) The portion of the Term Loans comprising each Eurocurrency Borrowing shall bear interest
at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable
Rate.

          (c) Notwithstanding the foregoing, if any principal of or interest on any Term Loan or any
fee or other amount payable by the Borrower hereunder is not paid when due (after the expiration of
any applicable grace or cure period), whether at stated maturity, upon acceleration or otherwise,
such overdue amount shall bear interest, after as well as before judgment, at a rate per annum
equal to (i) in the case of overdue principal of any Term Loan, 2% plus the rate otherwise
applicable to such Term Loan as
provided in the preceding paragraphs of this Section or (ii) in the
case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of
this Section.

 

 

23

          (d) Accrued interest on each Term Loan shall be payable in arrears on each Interest Payment
Date for such Term Loan; provided that (i) interest accrued pursuant to paragraph (c) of
this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any
Term Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date
of such repayment or prepayment and (iii) in the event of any conversion of any Eurocurrency Loan
prior to the end of the current Interest Period therefor, accrued interest on such Term Loan shall
be payable on the effective date of such conversion.

          (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is
based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO
Rate shall be determined by the Administrative Agent, and such determination shall be conclusive
absent manifest error.

          SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurocurrency Borrowing:

     (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or

     (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate
or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect
the cost to such Lenders of making or maintaining their Term Loans included in such Borrowing for
such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent
notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or
continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective and such Borrowing
shall be converted to or continued as on the last day of the Interest Period applicable thereto an
ABR Borrowing, and (ii) if any Borrowing Request or Interest Election Request requests a
Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing.

          SECTION 2.12. Increased Costs. (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or

     (ii) impose on any Lender or the London interbank market any other condition affecting
this Agreement or any Term Loan made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Term Loan) or
to

 

 

24

reduce the amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount
or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

          (b) If any Lender determines that any Change in Law regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender’s capital or on the capital of
such Lender’s holding company, if any, as a consequence of this Agreement or the Term Loans made by
such Lender to a level below that which such Lender or such Lender’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s policies and the
policies of such Lender’s holding company with respect to capital adequacy), then from time to time
the Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender or such Lender’s holding company for any such reduction suffered.

          (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate
such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of
this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.

          (d) Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender pursuant to this
Section for any increased costs or reductions incurred more than 270 days prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s intention to claim compensation therefor; provided
further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 270-day period referred to above shall be extended to include the period of
retroactive effect thereof.

          SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any
principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurocurrency Loan
other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice may be revoked under Section 2.08(b) and is
revoked in accordance therewith), or (d) the assignment of any Eurocurrency Loan other than on the
last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.16, then, in any such event, the Borrower shall compensate each Lender for
the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such
loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender
to be the excess, if any, of (i) the amount of interest which would have accrued on the principal
amount of such Eurocurrency Loan had such event not occurred, at the Adjusted LIBO Rate that would
have been applicable to such Eurocurrency Loan, for the period from the date of such event to the
last day of the then current Interest Period therefor (or, in the case of a failure to borrow,
convert or continue, for the period that would have been the Interest Period for such Eurocurrency
Loan), over (ii) the amount of interest which would accrue on such principal amount for such period
at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for Dollar deposits of a comparable amount and period from other banks in the eurodollar
market. A certificate of any Lender setting forth any amount or amounts that such Lender is
entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error.
The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days
after receipt thereof.

 

 

25

          SECTION 2.14. Taxes. (a) Any and all payments by or on account of any obligation of
the Borrower hereunder shall be made free and clear of and without deduction for any Indemnified
Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent or Lender receives an amount
equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall
make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

          (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

          (c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days
after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by
the Administrative Agent or such Lender on or with respect to any payment by or on account of any
obligation of the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or
asserted on or attributable to amounts payable under this Section) and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to the Borrower
by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error.

          (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

          (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which the Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
law, such properly completed and executed documentation prescribed by applicable law or reasonably
requested by the Borrower as will permit such payments to be made without withholding or at a
reduced rate.

          (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower
or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.14, it
shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section 2.14 with respect to the Taxes or Other
Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or
such Lender and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided, that the Borrower, upon the request of the
Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent or such Lender in the event the Administrative Agent or such Lender is
required to repay such refund to such Governmental Authority. This Section shall not be construed
to require the Administrative Agent or any Lender to make available its tax returns (or any other
information relating to its taxes which it deems confidential) to the Borrower
or any other Person.

 

 

26

          SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a)
Unless otherwise specified, the Borrower shall make each payment required to be made by it
hereunder (whether of principal, interest, fees or of amounts payable under Section 2.12, 2.13 or
2.14, or otherwise) prior to 1:00 p.m., Chicago time, on the date when due, in immediately
available funds, without set-off or counterclaim. Any amounts received after such time on any date
may, in the discretion of the Administrative Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be
made to the Administrative Agent to the applicable account designated to the Borrower by the Agent,
except that payments pursuant to Sections 2.12, 2.13, 2.14 and 9.05 shall be made directly to the
Persons entitled thereto. The Administrative Agent shall distribute any such payments received by
it for the account of any other Person to the appropriate recipient promptly following receipt
thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for
payment shall be extended to the next succeeding Business Day, and, in the case of any payment
accruing interest, interest thereon shall be payable for the period of such extension. All payments
hereunder shall be made in Dollars. Any payment required to be made by the Administrative Agent
hereunder shall be deemed to have been made by the time required if the Administrative Agent shall,
at or before such time, have taken the necessary steps to make such payment in accordance with the
regulations or operating procedures of the clearing or settlement system used by the Administrative
Agent to make such payment.

     (b) If at any time insufficient funds are received by and available to the Administrative
Agent from the Borrower to pay fully all amounts of principal, interest and fees then due from the
Borrower hereunder, such funds shall be applied (i) first, towards payment of interest and fees
then due from the Borrower hereunder, ratably among the parties entitled thereto in accordance with
the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal then due from the Borrower hereunder, ratably among the parties entitled thereto in
accordance with the amounts of principal then due to such parties.

     (c) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on its Term Loans resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Term Loans and
accrued interest thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the
Term Loans of other Lenders to the extent necessary so that the benefit of all such payments shall
be shared by the Lenders ratably in accordance with the aggregate amount of principal of and
accrued interest on its Term Loans; provided that (i) if any such participations are purchased and
all or any portion of the payment giving rise thereto is recovered, such participations shall be
rescinded and the purchase price restored to the extent of such recovery, without interest, and
(ii) the provisions of this paragraph (c) shall not be construed to apply to any payment made by
the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of
its Term Loans to any assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph (c) shall apply). The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law,
that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise
against the Borrower rights of set-off and counterclaim with respect to such participation as fully
as if such Lender were a direct creditor of the Borrower in the amount of such participation.

     (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that
the Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such
assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in
fact made such

 

 

27

payment, then each of the Lenders severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each
day from and including the date such amount is distributed to it to but excluding the date of
payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation (in the case of an amount denominated in Dollars).

     (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.04(b), 2.15(d) or 9.03(c), then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such
Sections until all such unsatisfied obligations are fully paid.

          SECTION 2.16. Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.12, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Term Loan hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or
2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

          (b) If any Lender requests compensation under Section 2.12, or if the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.14, or if any Lender defaults in its obligation to fund its Term Loan
hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all its interests,
rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Borrower shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Term Loan, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and
(iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12
or payments required to be made pursuant to Section 2.14, such assignment will result in a
reduction in such compensation or payments. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

          SECTION 2.17. Guaranties; Collateral. (a) To guarantee or secure, as the case may
be, the payment when due of the Secured Obligations, the Borrower shall cause each of the following
to execute and deliver Guaranties to the Administrative Agent: (i) all Domestic Subsidiaries of
the Borrower will Guarantee all Secured Obligations; and (ii) if it will not result in a material
tax consequence (as reasonably agreed upon by the Borrower and the Administrative Agent), all
Foreign Subsidiaries will Guarantee all Secured Obligations
to the extent they are legally permitted to do so. Notwithstanding the foregoing, Securitization
Entities shall not be required to be Guarantors.

 

 

28

     (b) If any Foreign Subsidiaries could not execute a Guaranty for all Secured Obligations
because that Guaranty would result in a material adverse tax consequence (as reasonably agreed upon
by the Borrower and the Administrative Agent), then the Administrative Agent reserves the right (i)
to require that 65% (or such greater amount that may be pledged without a material adverse tax
consequence) of the Equity Interests of such Foreign Subsidiaries that are owned directly by the
Borrower or a Domestic Subsidiary be pledged pursuant to Collateral Documents satisfactory to the
Administrative Agent and (ii) to require that 65% (or such greater amount that may be pledged
without a material adverse tax consequence, as reasonably agreed upon by the Borrower and the
Administrative Agent) of the Equity Interests of any other such Foreign Subsidiary be pledged
pursuant to Collateral Documents satisfactory to the Administrative Agent to the extent such pledge
is legally permitted and such pledge will not result in a material tax consequence (as reasonably
agreed upon by the Borrower and the Administrative Agent).

     (c) Notwithstanding the foregoing, the Borrower shall not be obligated to cause certain
Subsidiaries to deliver the Guaranties required under Section 2.17(a) above or cause the pledge of
the Equity Interests of certain Foreign Subsidiaries required under Section 2.17(b) to the extent
that all such Subsidiaries that have not delivered the Guaranties required under Section 2.17(a)
above and all such Foreign Subsidiaries that are required to have their Equity Interests pledged
under Section 2.17(b) have not had 65% or more of their Equity Interests pledged under Section
2.17(b) would not constitute a Significant Subsidiary if considered as one Subsidiary. In making
such determination under this Section 2.17(c), the assets or income of any Subsidiary shall be
determined using the consolidated assets and income of such Subsidiary and its subsidiaries.

     (d) The Borrower agrees that it will promptly notify the Administrative Agent if any
additional Guaranties or pledges of the Equity Interests of Foreign Subsidiaries are required at
any time by the terms of Sections 2.17(a), (b) and (c) above (whether due to the formation or
acquisition of any Subsidiary, any increase in the assets or income of any Subsidiary or due to any
other reason that would require additional Guaranties or pledges of the Equity Interests of Foreign
Subsidiaries under the terms of Sections 2.17(a), (b) and (c) above). The Borrower agrees that it
will and will promptly cause each such Subsidiary to execute and deliver, promptly following the
date that such Subsidiary becomes subject to the requirements of this clause (d), such additional
Guaranties or Collateral Documents and other agreements, documents and instruments, each in form
and substance satisfactory to the Administrative Agent, sufficient to grant to the Administrative
Agent, for the benefit of the Lenders and the Administrative Agent, the Guaranties and Liens
required by this Agreement and the Collateral Documents. The Borrower shall deliver, and cause
each such Subsidiary to deliver, to the Administrative Agent all such certificates, legal opinions,
share certificates and stock powers, lien searches, organizational and other charter documents,
resolutions and other documents and agreements as the Administrative Agent may request in
connection therewith.

ARTICLE III

Representations and Warranties

          In order to induce the Lenders and the Administrative Agent to enter into this Agreement, the
Borrower represents and warrants to each Lender and the Administrative Agent, that the following
statements are true, correct and complete:

          SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is
duly organized, validly existing and in good standing (or, if applicable in a foreign jurisdiction,
enjoys the equivalent status under the laws of any jurisdiction of organization outside the United
States) under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its
business as now conducted and, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, is qualified to do
business in, and is in good
standing in, every jurisdiction where such qualification is required.

 

 

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          SECTION 3.02. Authorization; Enforceability. The Transactions are within each Loan
Party’s corporate powers and have been duly authorized by all necessary corporate, stockholder,
shareholder and other action. Each Loan Document has been duly executed and delivered by each Loan
Party party thereto and assuming due execution and delivery by all parties other than the Loan
Parties, constitutes a legal, valid and binding obligation of each Loan Party, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

          SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect,
(b) will not violate any applicable law or regulation or the charter, by-laws or other
organizational documents of the Borrower or any of its Subsidiaries or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement
or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give
rise to a right thereunder to require any payment to be made by the Borrower or any of its
Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries, except to the extent such violation or default or Lien, could
not, in the case of subparts (c) or (d) reasonably be expected to result in a Material Adverse
Effect.

          SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has
heretofore furnished to the Lenders its consolidated balance sheet and statements of income,
stockholders equity and cash flows (i) as of and for the Fiscal Year ended June 30, 2007, reported
on by BDO Siedman, independent public accountants, and (ii) as of and for the Fiscal Quarter and
the portion of the Fiscal Year ended December 29, 2007, certified by its chief financial officer.
Such financial statements present fairly, in all material respects, the financial position and
results of operations and cash flows of the Borrower and its consolidated Subsidiaries as of such
dates and for such periods in accordance with GAAP, except as may be indicated in the notes thereto
and subject to year-end audit adjustments and the absence of footnotes in the case of the
statements referred to in clause (ii) above.

          (b) Since June 30, 2007, there has been no material adverse change in the business, assets,
operations, prospects or condition, financial or otherwise, of the Borrower and its Subsidiaries,
taken as a whole.

          SECTION 3.05. Properties. (a) Each of the Borrower and its Subsidiaries has good
title to, or valid leasehold interests in, all its real and personal property material to its
business, except where such failure to have good title or valid leasehold interests could not
reasonably be expected to result in a Material Adverse Effect. None of the assets of the Borrower
or any of its Subsidiaries is subject to any Lien other than Liens permitted under Section 6.02.

          (b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property material to its business, and the
use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other
Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries
(i) as to which

 

 

30

there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect (other than the Disclosed Matters and as set forth in the SEC Documents)
or (ii) that involve this Agreement or the Transactions.

          (b) Except as set forth in the SEC Documents and the Disclosed Matters and except with
respect to any other matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, neither the Borrower nor any of its Subsidiaries
(i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any
permit, license or other approval required under any Environmental Law, (ii) has become subject to
any Environmental Liability, (iii) has received notice of any claim with respect to any
Environmental Liability or (iv) knows of any basis for any Environmental Liability.

          (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

          SECTION 3.07. Compliance with Laws and Agreements. Except as set forth in the SEC
Documents and the Disclosed Matters, each of the Borrower and its Subsidiaries is in compliance
with all laws, regulations and orders of any Governmental Authority applicable to it or its
property and all indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

          SECTION 3.08. Investment Company Status. Neither the Borrower nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

          SECTION 3.09. Taxes. Except as set forth in the Disclosed Matters, each of the
Borrower and its Subsidiaries has timely (after taking into account all available extensions) filed
or caused to be filed all Tax returns and reports required to have been filed and has paid or
caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary,
as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure
to do so could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. Each of
the Borrower, the Subsidiaries and the ERISA Affiliates is in compliance with the applicable
provisions of ERISA and the provisions of the Code relating to Plans and the regulations and
published interpretations thereunder and any similar applicable non-U.S. law, except for such
noncompliance that could not reasonably be expected to have a Material Adverse Effect. The excess
of the present value of all benefit liabilities under each Plan of the Borrower, the Subsidiaries
and the ERISA Affiliates (based on those assumptions used to fund such Plan), as of the last annual
valuation date applicable thereto for which a valuation is available, over the value of the assets
of such Plan could not reasonably be expected to have a Material Adverse Effect, and the excess of
the present value of all benefit liabilities of all underfunded Plans (based on those assumptions
used to fund each such Plan) as of the last annual valuation dates
applicable thereto for which valuations are available, over the value of the assets of all such
underfunded Plans could not reasonably be expected to have a Material Adverse Effect. Each of the
Borrower and the Subsidiaries is in compliance (i) with all applicable provisions of law and all
applicable regulations and

 

 

31

published interpretations thereunder with respect to any employee
pension benefit plan or other employee benefit plan governed by the laws of a jurisdiction other
than the United States and (ii) with the terms of any such plan, except, in each case, for such
noncompliance that could not reasonably be expected to have a Material Adverse Effect.

          SECTION 3.11. Disclosure. The Borrower has disclosed to the Lenders all agreements,
instruments and corporate or other restrictions known to the Borrower to which it or any of its
Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate,
could reasonably be expected to result in a Material Adverse Effect. Neither the Information
Memorandum nor any of the other reports, financial statements, certificates or other information
furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection
with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading in any material respect; provided that, with respect to projected
financial information, the Borrower represents only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time.

          SECTION 3.12 Use of Term Loans. The Borrower will use the proceeds of the Term Loans
for refinancing existing indebtedness, working capital, its general corporate purposes (including
the repurchase of Equity Interests of the Borrower) and Acquisitions. Neither the Borrower nor any
of its Subsidiaries extends or maintains, in the ordinary course of business, credit for the
purpose, whether immediate, incidental, or ultimate, of buying or carrying Margin Stock, and no
part of the proceeds of any Term Loan will be used in any manner that is in violation of any
applicable law or regulation (including without limitation Regulations U or X of the Board). After
applying the proceeds of each Term Loan, Margin Stock will not constitute more than 25% of the
value of the assets (either of the Borrower alone or of the Borrower and its Subsidiaries on a
consolidated basis) that are subject to any provisions of this Agreement that may cause the Term
Loans to be deemed secured, directly or indirectly, by Margin Stock.

          SECTION 3.13 Labor Matters. There are no labor controversies pending or, to the best
of the Borrower’s knowledge, threatened against the Borrower or any Subsidiary, which could
reasonably be expected to have a Material Adverse Effect.

ARTICLE IV

Conditions

          SECTION 4.01. Effective Date. The obligations of the Lenders to make Term Loans
hereunder shall not become effective until the date on which each of the following conditions is
satisfied (or waived in accordance with Section 9.02):

     (a) The Administrative Agent (or its counsel) shall have received from each Lender and
Loan Party hereto either (i) a counterpart of each Loan Document to which it is a party
signed on behalf of such party or (ii) written evidence satisfactory to the Administrative
Agent (which may include telecopy transmission of a signed signature page) that such party
has signed a counterpart of each such Loan Document; provided that any Collateral Documents
relating to any pledges of 65% of the Equity Interests of any Foreign Subsidiaries that may
be required by the
Administrative Agent hereunder may be delivered within such reasonable time after the
Effective Date as agreed to by the Administrative Agent.

 

 

32

     (b) The Administrative Agent shall have received the favorable written opinion
(addressed to the Administrative Agent and the Lenders and dated the Effective Date) of
counsel for the Borrower and the Guarantors substantially in the form of Exhibit D and
covering such other matters relating to the Borrower and the Guarantors, this Agreement or
the Transactions as the Required Lenders shall reasonably request and the favorable written
opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date)
of such foreign counsel or counsels for the Borrower and the Guarantors with respect to such
matters relating to the Collateral Documents as the Administrative Agent may reasonably
request, provided that such opinions of foreign counsel may be delivered within such
reasonable time after the Effective Date as agreed to by the Administrative Agent. The
Borrower hereby requests such counsels to deliver such opinions.

     (c) The Administrative Agent shall have received such documents and certificates as
the Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of the Loan Parties, the authorization of the Transactions and
any other legal matters relating to the Loan Parties, the Loan Documents or the
Transactions, all in form and substance satisfactory to the Administrative Agent and its
counsel.

     (d) The Administrative Agent shall have received all fees and other amounts due and
payable on or prior to the Effective Date, including, to the extent invoiced by the relevant
Person, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or
paid by the Borrower hereunder on the Effective Date.

     (e) The Administrative Agent shall have received a certificate from a Financial Officer
concerning the solvency and other appropriate factual information with respect to the
Borrower and its Subsidiaries in form and substance satisfactory to the Administrative
Agent with respect to solvency.

     (f) All legal (including tax implications) and regulatory matters shall be reasonably
satisfactory to the Administrative Agent and all due diligence reviews of all litigation of
the Borrower and its Subsidiaries.

     (g) A Fifth Amendment to the 2005 Credit Agreement in form satisfactory to the
Administrative Agent shall have been executed by all parties thereto and effective
simultaneously with this Agreement.

     (h) The Loan Parties shall have delivered such other documents as the Administrative
Agent, any Lender or their respective counsel may have reasonably requested.

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Term Loans hereunder shall not become effective unless each of the foregoing
conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., Chicago
time, on April 22, 2008 (and, in the event such conditions are not so satisfied or waived, the Term
Loan Commitments shall terminate at such time).

 

 

33

ARTICLE V

Affirmative Covenants

          Until the Term Loan Commitments have expired or been terminated and the principal of and
interest on each Term Loan and all fees payable hereunder shall have been paid in full, the
Borrower covenants and agrees with the Lenders that:

          SECTION 5.01. Financial Statements; Ratings Change and Other Information. The
Borrower will furnish to the Administrative Agent:

     (a) within 90 days (or such earlier date as the Borrower may be required to file its
applicable annual report on Form 10-K by the rules and regulations of the SEC) after the end
of each Fiscal Year of the Borrower, its audited consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such
year, setting forth in each case in comparative form the figures for the previous Fiscal
Year, all reported on by BDO Siedman or other independent public accountants of recognized
national standing (without a “going concern” or like qualification or exception and without
any qualification or exception as to the scope of such audit) to the effect that such
consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied (except as may be indicated
in the notes thereto);

     (b) within 45 days (or such earlier date as the Borrower may be required to file its
applicable quarterly report on Form 10-Q by the rules and regulations of the SEC) after the
end of each of the first three Fiscal Quarters of each Fiscal Year of the Borrower, its
consolidated balance sheet and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such Fiscal Quarter and the then elapsed portion of the
Fiscal Year, setting forth in each case in comparative form the figures for the
corresponding period or periods of (or, in the case of the balance sheet, as of the end of)
the previous Fiscal Year, all certified by one of its Financial Officers as presenting
fairly in all material respects the financial condition and results of operations of the
Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied, subject to normal year-end audit adjustments and the absence of
footnotes;

     (c) concurrently with any delivery of financial statements under clause (a) or (b)
above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably
detailed calculations demonstrating compliance with Sections 6.10 and 6.11 and (iii) stating
whether any change in GAAP or in the application thereof has occurred since the date of the
audited financial statements referred to in Section 3.04 and, if any such change has
occurred, specifying the effect of such change on the financial statements accompanying such
certificate;

     (d) concurrently with any delivery of financial statements under clause (a) above, a
certificate of the accounting firm that reported on such financial statements stating
whether they obtained knowledge during the course of their examination of such financial
statements of any Default (which certificate may be limited to the extent required by
accounting rules or guidelines);

     (e) promptly after Moody’s or S&P shall have announced a change in the rating
established or deemed to have been established for the Index Debt, written notice of such
rating change; and

 

 

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     (f) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Borrower or any Subsidiary, or
compliance with the terms of this Agreement, as the Administrative Agent or any Lender may
reasonably request.

          SECTION 5.02. Notices of Material Events. The Borrower will furnish to the
Administrative Agent prompt written notice of the following:

     (a) the occurrence of any Default;

     (b) the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate
thereof that, if adversely determined, could reasonably be expected to result in a Material
Adverse Effect;

     (c) the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, could reasonably be expected to result in liability of the
Borrower and its Subsidiaries in an aggregate amount exceeding $5,000,000; and

     (d) any other development that results in, or could reasonably be expected to result
in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

          SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each
of its Subsidiaries to, do or cause to be done all things reasonably necessary to preserve, renew
and keep in full force and effect its legal existence and the rights, licenses, permits, privileges
and franchises material to the conduct of its business; provided that the foregoing shall
not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

          SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its
Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in
a Material Adverse Effect before the same shall become delinquent or in default, except where (a)
the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in
accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably
be expected to result in a Material Adverse Effect.

          SECTION 5.05. Maintenance of Properties; Insurance; Accounts. The Borrower will, and
will cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct
of its business in good working order and condition, ordinary wear and tear excepted (except for
disposition of assets permitted under this Agreement), and (b) maintain, with financially sound and
reputable insurance companies, insurance in such amounts and against such risks as are customarily
maintained by companies engaged in the same or similar businesses operating in the same or similar
locations. The Borrower will, and will cause each of its Subsidiaries to, to maintain its bank
accounts and other deposits with such financial institutions so as to preclude the possibility that
Bank Hapoalim B.M. could exercise any rights of set-off or similar right with respect to such
accounts and other deposits and apply the proceeds thereof to the Israeli Acquisition Cash Secured
Loan, other than with respect to the permitted cash deposit
securing the Israeli Acquisition Cash Secured Loan equal to the principal balance of Israeli
Acquisition Cash Secured Loan.

 

 

35

          SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will
cause each of its Subsidiaries to, keep proper books of record and account in which full, true and
correct entries are made of all dealings and transactions in relation to its business and
activities. The Borrower will, and will cause each of its Subsidiaries to, permit any
representatives designated by the Administrative Agent, upon reasonable prior notice, to visit and
inspect its properties, to examine and make extracts from its books and records, and to discuss its
affairs, finances and condition with its officers and independent accountants, all at such
reasonable times and as often as reasonably requested. The Borrower will take all action required
by the Administrative Agent to permit the Administrative Agent and the Lenders to rely on its
annual audit. Except as specified in the definitions of Fiscal Quarters and Fiscal Year, the
Borrower will not change its Fiscal Quarters or Fiscal Year.

          SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 5.08. Use of Proceeds. The proceeds of the Term Loans will be used only for
general corporate purposes (including the repurchase of Equity Interests of the Borrower) of the
Borrower and its Subsidiaries in the ordinary course of business. No part of the proceeds of any
Term Loan will be used, whether directly or indirectly, for any purpose or in any manner that
entails a violation of any of the Regulations of the Board, including Regulations T, U and X.

          SECTION 5.09 Additional Covenants. If at any time the Borrower or any of its
Subsidiaries shall enter into or be a party to any instrument or agreement, including all such
instruments or agreements in existence as of the date hereof and all such instruments or agreements
entered into after the date hereof, relating to or amending any provisions applicable to any of its
Indebtedness which in the aggregate, together with any related Indebtedness, exceeds $20,000,000,
which includes covenants or defaults not substantially provided for in this Agreement or more
favorable to the lender or lenders thereunder than those provided for in this Agreement, then the
Borrower shall promptly so advise the Administrative Agent and the Lenders. Thereupon, if the
Administrative Agent or the Required Lenders shall request, upon notice to the Borrower, the
Administrative Agent and the Lenders shall enter into an amendment to this Agreement or an
additional agreement (as the Administrative Agent may request), providing for substantially the
same covenants and defaults as those provided for in such instrument or agreement to the extent
required and as may be selected by the Administrative Agent.

ARTICLE VI

Negative Covenants

          Until the Term Loan Commitments have expired or terminated and the principal of and interest
on each Term Loan and all fees payable hereunder have been paid in full, the Borrower covenants and
agrees with the Lenders that:

          SECTION 6.01. Indebtedness. The Borrower will not, and will not permit any
Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

          (a) Indebtedness created hereunder;

          (b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and
extensions, renewals and replacements of any such Indebtedness that do not increase the
outstanding principal amount thereof;

 

 

36

     (c) Indebtedness resulting from loans permitted by Section 6.04(d);

     (d) Indebtedness pursuant to Permitted Securitization Transactions provided that the
aggregate outstanding principal amount of the Indebtedness under all Permitted
Securitization Transactions shall not exceed $150,000,000;

     (e) The Israeli Acquisition Cash Secured Loan, provided that (i) the outstanding
principal amount thereof does not exceed $400,000,000, (ii) it is secured solely by cash
deposited by Perrigo International in an amount not to exceed the outstanding principal
amount thereof, (iii) other than the direct obligation of Israeli Acquisition Co. for the
Israeli Acquisition Cash Secured Loan and the Guarantee of Perrigo International thereof
(the “Perrigo International Cash Secured Loan Guarantee”), neither the Borrower nor any of
its Subsidiaries is liable, directly or indirectly, pursuant to a Guarantee or otherwise,
thereunder, (iv) the direct obligation of Israeli Acquisition Co. for the Israeli
Acquisition Cash Secured Loan and the Perrigo International Cash Secured Loan Guarantee is
non-recourse to Israeli Acquisition Co. and Perrigo International (other than with respect
to such cash deposit described in clause (ii) above and to the limited extent described in
the Perrigo International Cash Secured Loan Documents delivered to the Lenders prior to the
Effective Date) and (v) it is on other terms and conditions reasonably satisfactory to the
Administrative Agent;

     (f) Indebtedness under the 2005 Credit Agreement, provided that the aggregate principal
amount outstanding thereunder (including all loans, letters of credit and other advances
thereunder) shall not exceed $450,000,000; 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.

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 five percent (5%) of Consolidated Total Assets in the aggregate at any
time outstanding.

          SECTION 6.02. Liens. The Borrower will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

     (a) Permitted Encumbrances;

     (b) Liens on any property or asset of the Borrower or any Subsidiary existing on the
date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not
apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien
shall secure only those obligations which it secures on the date hereof and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount
thereof;

     (c) Liens on any asset existing at the time of the purchase or other acquisition
thereof by the Borrower or any Subsidiary, provided that (i) any such Lien was not created
in contemplation of such purchase or other acquisition and does not extend to any asset
other than the asset so purchased or otherwise acquired and proceeds thereof, (ii) such
purchase or other

 

 

37

acquisition thereof and the Indebtedness secured by any such Lien is
otherwise permitted hereunder, (iii) the aggregate outstanding principal amount of the
Indebtedness secured thereby does not exceed $50,000,000 at any time and such Liens are
terminated within 60 days after the purchase or other acquisition of the related asset by
the Borrower or any Subsidiary;

     (d) Precautionary UCC filings with respect to operating leases of the Borrower or any
Domestic Subsidiary;

     (e) Liens on assets of Subsidiaries solely in favor of the Borrower or a Guarantor as
secured party and securing Indebtedness owing by a Subsidiary to the Borrower or a
Guarantor;

     (f) Liens existing on cash deposited by Perrigo International in an amount not to
exceed the outstanding principal amount of the Israeli Acquisition Cash Secured Loan
existing on the date hereof under the Israeli Acquisition Cash Secured Loan Documents to
secure the Israeli Acquisition Cash Secured Loan;

     (g) Liens on the Collateral securing, on a pro rata basis, the Secured Obligations
hereunder, the “Secured Obligations” as defined in the 2005 Credit 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 the 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); and

     (h) Liens not otherwise permitted by this Section 6.02 securing Indebtedness not in
excess of $30,000,000 in aggregate principal amount outstanding at any time, provided that
the aggregate amount of all Indebtedness secured by Liens granted by Material Non-Guarantor
Subsidiaries, other than Liens permitted under Section 6.02(b) or (f) above, shall not
exceed $5,000,000.

          SECTION 6.03. Fundamental Changes. The Borrower will not, and will not permit any
Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge
into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and
immediately after giving effect thereto no Default shall have occurred and be continuing (i) any
Person may merge into the Borrower in a transaction in which the Borrower is the surviving
corporation, (ii) any Person may merge into any Subsidiary in a transaction in which the surviving
entity is a Subsidiary, (iii) any Subsidiary may sell, transfer, lease or otherwise dispose of its
assets to the Borrower or to another Subsidiary and (iv) any Subsidiary may liquidate or dissolve
if the Borrower determines in good faith that such liquidation or dissolution is in the best
interests of the Borrower and is not materially disadvantageous to the Lenders; provided
that any such merger involving a Person that is not a Wholly-Owned Subsidiary immediately prior to
such merger shall not be permitted unless also permitted by Section 6.04.

          SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. The
Borrower will not, and will not permit any of its Subsidiaries to, purchase, hold or acquire
(including pursuant to any merger with any Person that was not a Wholly-Owned Subsidiary prior to
such merger)
any Equity Interests, evidences of indebtedness or other securities (including any option, warrant
or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances
to, Guarantee any obligations of, or make or permit to exist any investment or any other interest
in, any other Person, or make any Acquisition, except:

 

 

38

          (a) Permitted Investments;

          (b) Investments, loans and advances existing on the date hereof and set forth in Schedule 6.04
and extensions, renewals and replacements thereof that do not increase the outstanding amount
thereof;

          (c) Investments in a Securitization Entity in connection with Permitted Securitization
Transactions and in an aggregate outstanding amount acceptable to the Administrative Agent and
required to consummate the Permitted Securitization Transactions plus accounts or notes receivable
permitted to be transferred to a Securitization Entity in connection with Permitted Securitization
Transactions;

          (d) Investments, loans or advances made by (i) the Borrower or any Subsidiary to the Borrower
or any Domestic Subsidiary that is a Guarantor or (ii) any Foreign Subsidiary that is not a
Guarantor to any Subsidiary;

          (e) Acquisitions, provided that: (i) before and after giving pro forma effect thereto (as of
the end of the most recently ended Fiscal Quarter of the Borrower), no Default exists or would be
caused thereby and (ii) if such Acquisition involves the acquisition of Equity Interests, the
consummation of such Acquisition has been recommended by the Board of Directors and management of
the target of such Acquisition;

          (f) The Perrigo International Cash Secured Loan Guarantee, provided that the Perrigo
International Cash Secured Loan Guarantee is non-recourse to Perrigo International, other than with
respect to the cash deposit described in Section 6.01(e)(ii) and to the limited extent described
in the Perrigo International Cash Secured Loan Guarantee delivered to the Lenders prior to the
Effective Date; and

          (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);

          (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.

          SECTION 6.05. Swap Agreements. The Borrower will not, and will not permit any of its
Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or
mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in
respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating rate to another floating rate or otherwise) with respect to any
interest-bearing liability or investment of the Borrower or any Subsidiary.

          SECTION 6.06. Restricted Payments. The Borrower will not, and will not permit any of
its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment, except (a) the Borrower may declare and pay dividends with respect to its
Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may
declare and pay dividends

 

 

39

ratably with respect to their Equity Interests, and (c) the Borrower may
make Restricted Payments with respect to its Equity Interests so long as no Default exists or would
be caused thereby.

          SECTION 6.07. Transactions with Affiliates. The Borrower will not, and will not
permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or
purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices
and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be
obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among
the Borrower and its Wholly-Owned Subsidiaries not involving any other Affiliate and (c) any
Restricted Payment permitted by Section 6.06.

          SECTION 6.08. Restrictive Agreements. The Borrower will not, and will not permit any
of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement
or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the
Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect
to any shares of its Equity Interests or to make or repay loans or advances to the Borrower or any
other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary;
provided that (i) the foregoing shall not apply to restrictions and conditions imposed by
law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions
existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or
renewal of, or any amendment or modification expanding the scope of, any such restriction or
condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained
in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions
and conditions apply only to the Subsidiary that is to be sold and such sale is permitted
hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed
by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions
or conditions apply only to the property or assets securing such Indebtedness, and (v) clause (a)
of the foregoing shall not apply to customary provisions in leases restricting the assignment
thereof.

          SECTION 6.09. Disposition of Assets; Etc. The Borrower will not, and will not permit
any of its Subsidiaries to, sell, lease, license, transfer, assign or otherwise dispose of any of
its business, assets, rights, revenues or property, real, personal or mixed, tangible or
intangible, whether in one or a series of transactions, other than inventory sold in the ordinary
course of business upon customary credit terms, sales of scrap or obsolete material or equipment,
the lapse of intellectual property of the Borrower or any of its Subsidiaries that is no longer
useful or material to their business and sales of fixed assets the proceeds of which are used to
purchase other property of a similar nature of at least equivalent value within 180 days of such
sale, provided, however, that this Section 6.09 shall not (a) prohibit any sale or
other transfer of an interest in accounts or notes receivable to a Securitization Entity pursuant
to a Permitted Securitization
Transaction allowed by the terms of this Agreement, (b) prohibit any sale or other transfer of any
asset of the Borrower or any Subsidiary to the Borrower or any Domestic Subsidiary that is a
Guarantor and (c) prohibit any such sale, lease, license, transfer, assignment or other disposition
if in any Fiscal Year of the Borrower, the aggregate book value (disregarding any write-downs of
such book value other than ordinary depreciation and amortization) of all of the business, assets,
rights, revenues and property disposed of shall be less than 10% of the aggregate book value of the
Consolidated Total Assets as of the end of the immediately preceding Fiscal Year and the business,
assets, rights, revenues and property disposed of shall be responsible for less than 10% of the
consolidated net sales and net income of the Borrower and its Subsidiaries for the immediately
preceding Fiscal Year, and if immediately after any such transaction, no Default shall exist or
shall have occurred and be continuing.

          SECTION 6.10. Leverage Ratio. The Borrower will not permit the Leverage Ratio to
exceed 3.0 to 1.0 as of the end of any Fiscal Quarter.

 

 

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          SECTION 6.11. Interest Coverage Ratio. The Borrower will not permit the Interest
Coverage Ratio to be less than 3.0 to 1.0 as of the end of any Fiscal Quarter.

ARTICLE VII

Events of Default

          If any of the following events (“Events of Default”) shall occur:

     (a) the Borrower shall fail to pay any principal of any Term Loan when and as the same
shall become due and payable, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise;

     (b) the Borrower shall fail to pay any interest on any Term Loan or any fee or any
other amount (other than an amount referred to in clause (a) of this Article) payable under
this Agreement, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of three Business Days;

     (c) any representation or warranty made or deemed made by or on behalf of the Borrower
or any Subsidiary in or in connection with this Agreement, any other Loan Document or any
amendment or modification hereof or waiver hereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, shall prove to have
been incorrect in any material respect when made or deemed made;

     (d) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.01, 5.02, 5.03 (with respect to the Borrower’s existence), 5.06 (with
respect to inspection rights) or 5.08 or in Article VI;

     (e) the Borrower or any other Loan Party shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement (other than those specified in clause
(a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue
unremedied for a period of 30 days after notice thereof from the Administrative Agent to the
Borrower (which notice will be given at the request of any Lender);

     (f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal
or interest and regardless of amount) in respect of any Material Indebtedness, when and as
the same shall become due and payable (after giving effect to any applicable grace periods);

     (g) any event or condition occurs that results in any Material Indebtedness becoming
due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or
any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness;

     (h) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or
any

 

 

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Subsidiary or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed for 60
days or an order or decree approving or ordering any of the foregoing shall be entered;

     (i) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for
or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Subsidiary or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition filed against
it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing;

     (j) the Borrower or any Subsidiary shall become unable, admit in writing its inability
or fail generally to pay its debts as they become due;

     (k) one or more judgments for the payment of money in an aggregate Dollar Equivalent
amount in excess of $10,000,000 shall be rendered against the Borrower, any Subsidiary or
any combination thereof and the same shall remain undischarged for a period of 30
consecutive days during which execution shall not be effectively stayed, or any action shall
be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or
any Subsidiary to enforce any such judgment;

     (l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events that have occurred, could reasonably be
expected to result in a Material Adverse Effect;

     (m) Any Loan Document shall fail to remain in full force or effect or provide the Lien
or Guarantee intended to be provided, or any action shall be taken to discontinue or to
assert the invalidity or unenforceability of any Loan Document, or the Borrower or any other
Loan Party shall deny that it has any further liability under any Loan Document to which it
is a party, or shall give notice to such effect;

     (n) if the Israeli Acquisition Cash Secured Loan is paid down from any source, the cash
deposited securing the Israeli Acquisition Cash Secured Loan shall fail to be reduced by the
amount of such payment; or

     (o) a Change in Control shall occur;

then, and in every such event (other than an event with respect to the Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Term Loan Commitments, and thereupon the Term Loan Commitments shall terminate
immediately, and (ii) declare the Term Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared
to be due and payable), and thereupon the principal of the Term Loans so declared to be due and
payable, together with accrued interest thereon and all fees and

 

 

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other obligations of the Borrower
accrued hereunder, shall become due and payable immediately, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any
event with respect to the Borrower described in clause (h) or (i) of this Article, the Term Loan
Commitments shall automatically terminate and the principal of the Term Loans then outstanding,
together with accrued interest thereon and all fees and other obligations of the Borrower accrued
hereunder, shall automatically become due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower.

ARTICLE VIII

The Administrative Agent

          Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof, together with such actions and
powers as are reasonably incidental thereto.

          The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

          The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby that the Administrative Agent is required to exercise in writing as
directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set
forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or
not taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided
in Section 9.02) or in the absence of its own gross negligence or wilful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Default unless and until written
notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i)
any statement, warranty or representation made in or in connection with this Agreement, (ii) the
contents of any certificate, report or other document delivered hereunder or in connection
herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of
this Agreement or any other agreement, instrument or document (including without limitation the
creation, perfection or priority of Liens on the Collateral or the existence of the Collateral), or
(v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent.

          The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other

 

 

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writing believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying
thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

          The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

          Subject to the appointment and acceptance of a successor Administrative Agent as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the
Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation
with the Borrower, to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,
on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an
office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and
become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article
and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while it was acting as Administrative Agent.

          Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it shall from time to time
deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any related agreement or any document furnished hereunder or thereunder.

          The Lender identified or designated in this Agreement as the Syndication Agent shall not have
any right, power, obligation, liability, responsibility or duty under this Agreement other than
those applicable to all Lenders as such.

ARTICLE IX

Miscellaneous

          SECTION 9.01. Notices. (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and
other

 

 

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communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

     (i) if to the Borrower, to it at 515 Eastern Avenue, Allegan, Michigan, 49101,
Attention of James R. Ondersma, treasurer (Telecopy No. (269) 673-1234; e-mail:
jondersma@perrigo.com);

     (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency
Services Group, 10 S. Dearborn St., Floor 7, Chicago, Illinois, 60603-2003, Attention of
Lisa Smith (Telephone No.: 312-732-7941; Telecopy No. 312-385-7096;
lisa.1.smith@jpmchase.com); and

     (iii) if to any other Lender, to it at its address (or telecopy number) set forth in
its Administrative Questionnaire.

          (b) Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the
Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications.

          (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

          SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative
Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by the Borrower therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of a Term Loan shall not be construed as a
waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had
notice or knowledge of such Default at the time.

          (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower and the Required
Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders;
provided that no such agreement shall (i) increase the Term Loan Commitment of any Lender
without the written consent of such Lender directly affected thereby, (ii) reduce the principal
amount of any Term Loan or reduce the rate of interest thereon, or reduce any fees payable
hereunder, without the written consent of each Lender directly affected thereby, (iii) postpone the
scheduled date of payment of the principal amount of any Term Loan, or any interest thereon, or any
fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the
scheduled date of expiration of any Term Loan Commitment, without the written consent of each
Lender directly affected thereby, (iv)

 

 

45

change Section 2.15(b) or (c) in a manner that would alter
the pro rata sharing of payments required thereby, without the written consent of each Lender
directly affected thereby, (v) release any material Guarantor from its obligations under any
Guaranty or release all or substantially all of the Collateral, except to the extent permitted
hereunder (whether pursuant to any sale or other transfer of the relevant Guarantor or Collateral
permitted hereunder or as otherwise permitted hereunder) or with the consent of all the Lenders, or
(vi) change any of the provisions of this Section or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to waive, amend or
modify any rights hereunder or make any determination or grant any consent hereunder, without the
written consent of each Lender directly affected thereby; provided further that no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent without the prior written consent of the Administrative Agent.

          (c) If, in connection with any proposed amendment, waiver or consent requiring the consent of
“each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained,
but the consent of other necessary Lenders is not obtained (any such Lender whose consent is
necessary but not obtained being referred to herein as a “Non-Consenting Lender”), then the
Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement,
provided that, concurrently with such replacement, (i) another bank or other entity which
is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such
date, to purchase for cash the Term Loans and other Obligations due to the Non-Consenting Lender
pursuant to an Assignment and Assumption and to become a Lender for all purposes under this
Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of such
date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower shall
pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) all
interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the
Borrower hereunder to and including the date of termination, including without limitation payments
due to such Non-Consenting Lender under Sections 2.12 and 2.14, and (2) an amount, if any, equal to
the payment which would have been due to such Lender on the day of such replacement under Section
2.13 had the Term Loans of such Non-Consenting Lender been prepaid on such date rather than sold to
the replacement Lender.

          SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i)
all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent in
connection with the syndication of the credit facility provided for herein, the preparation and
administration of this Agreement or any amendments, modifications or waivers of the provisions
hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and
(ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender,
including the reasonable fees, charges and
disbursements of any counsel for the Administrative Agent or any Lender, in connection with the
enforcement or protection of its rights in connection with this Agreement, including its rights
under this Section, or in connection with the Term Loans made hereunder, including all such
reasonable out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Term Loans.

          (b) The Borrower shall indemnify the Administrative Agent and each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all liabilities, Taxes, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
or nature whatsoever which may be imposed on, incurred by or asserted against it, including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the
performance by the parties hereto of their respective

 

 

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obligations hereunder or the consummation of
the Transactions or any other transactions contemplated hereby, (ii) any Term Loan or the use of
the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on
or from any property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether any
Indemnitee is a party thereto, or in any other way relating to or arising out of this Agreement or
any other Term Loan Document or any action taken or omitted by it under this Agreement or any other
Loan Document; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses are determined by
a court of competent jurisdiction by final and nonappealable judgment to have resulted from the
gross negligence or wilful misconduct of such Indemnitee.

          (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to
pay to the Administrative Agent such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent
in its capacity as such.

          (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Term Loan or the use of the proceeds thereof.

          (e) All amounts due under this Section shall be payable promptly after written demand
therefor.

          SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of
their rights or obligations hereunder without the prior written consent of each Lender (and any
attempted assignment or transfer by the Borrower without such consent shall be null and void), and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person, Participants (to the extent provided in paragraph (c) of this Section)
and, to the extent expressly contemplated hereby, the
Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

          (b)(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Term Loan Commitment and the Term Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld) of:

          (A) the Borrower, provided that no consent of the Borrower shall be required
for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of
Default has occurred and is continuing, any other assignee; and

          (B) the Administrative Agent, provided that no consent of the Administrative
Agent shall be required for an assignment of all or any portion of a Term Loan to a Lender,
an
Affiliate of a Lender or an Approved Fund.

 

 

47

     (ii) Assignments shall be subject to the following additional conditions:

     (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an
assignment of the entire remaining amount of the assigning Lender’s Term Loan Commitment or
Term Loans, the amount of the Term Loan Commitment or Term Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent) shall not be less
than $5,000,000 or, in the case of a Term Loan, $1,000,000, unless each of the Borrower and
the Administrative Agent otherwise consent, provided that no such consent of the
Borrower shall be required if an Event of Default has occurred and is continuing;

     (B) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement; 

     (C) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500; and

     (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire.

     For the purposes of this Section 9.04(b), the term “Approved Fund” has the following
meaning:

          “Approved Fund” means any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

          (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering
all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease
to be a party hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a
sale by such Lender of a participation in such rights and obligations in accordance with paragraph
(c) of this Section.

          (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the Term Loan
Commitment of, and principal amount of the Term Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be
conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Borrower and any Lender, at any reasonable time and from time to
time upon reasonable prior notice.

 

 

48

          (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b) of this Section and any written consent to such assignment required by paragraph (b) of this
Section, the Administrative Agent shall accept such Assignment and Assumption and record the
information contained therein in the Register; provided that if either the assigning Lender
or the assignee shall have failed to make any payment required to be made by it pursuant to Section
2.04(b), 2.15(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such
Assignment and Assumption and record the information therein in the Register unless and until such
payment shall have been made in full, together with all accrued interest thereon. No assignment
shall be effective for purposes of this Agreement unless it has been recorded in the Register as
provided in this paragraph.

          (c)(i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Term Loan Commitment and the Term Loans owing to it); provided that (A) such Lender’s
obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to
any amendment, modification or waiver described in the first proviso to Section 9.02(b) that
affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b)
of this Section. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject
to Section 2.15(c) as though it were a Lender.

          (ii) A Participant shall not be entitled to receive any greater payment under Section 2.12 or
2.14 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall
not be entitled to the benefits of Section 2.14 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 2.14(e) as though it were a Lender.

          (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such
pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

          SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Borrower herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other
parties hereto and

 

 

49

shall survive the execution and delivery of this Agreement and the making of any
Term Loans, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Term Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and
so long as the Term Loan Commitments have not expired or terminated. The provisions of Sections
2.12, 2.13, 2.14 and 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Term
Loans, or the termination of this Agreement or any provision hereof.

          SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement.

          SECTION 9.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

          SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against
any of and all the obligations of the Borrower now or hereafter existing under this Agreement held
by such Lender, irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such obligations may be
unmatured; provided that the rights under this Section shall not apply to the cash deposit securing
the Israeli Acquisition Cash Secured Loan. The rights of each Lender under this Section are in
addition to other rights and remedies (including other rights of setoff) which such Lender may
have.

          SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of Michigan.

          (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of any Court of the State of Michigan and any court of the United
States District Court sitting in Michigan, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of
any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such Michigan
State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto
agrees that a final judgment

 

 

50

in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Administrative Agent or any Lender may
otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or
its properties in the courts of any jurisdiction.

          (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

          (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party
to this Agreement to serve process in any other manner permitted by law.

          SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

          SECTION 9.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

          SECTION 9.12. Confidentiality. Each of the Administrative Agent and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information
confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other
party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit,
action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject
to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g)
with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the
Administrative Agent or any Lender on a nonconfidential basis from a source other than the
Borrower. For the purposes of this Section, “Information” means all information received
from the Borrower relating to the Borrower or any of its Subsidiaries or their business, other than
any such information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by the Borrower. Any Person required to maintain the
confidentiality of

 

 

51

Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

     SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Term Loan, together with all fees,
charges and other amounts which are treated as interest on such Term Loan under applicable law
(collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding
such Term Loan in accordance with applicable law, the rate of interest payable in respect of such
Term Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the
Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in
respect of such Term Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Term Loans or
periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount,
together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall
have been received by such Lender.

     SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”)
hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to
obtain, verify and record information that identifies the Borrower, which information includes the
name and address of the Borrower and other information that will allow such Lender to identify the
Borrower in accordance with the Act.

 

 

52

     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 L. Brown
 	 
	 	 	Name:  	Judy L. Brown 	 
	 	 	Title:  	EVP & CFO 	 

 

 

	 	 	 	 	 

53

	 	 	 	 	 
	 	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 	 

 

 

	 	 	 	 	 

54

	 	 	 	 	 
	 	RBS CITIZENS, N.A., as a Lender and as Syndication

Agent

 	 
	 	By:  	/s/  André A. Nazareth
 	 
	 	 	Name:  	André A. Nazareth 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

55

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.

 	 
	 	By:  	/s/ Daniel R. Van Aken
 	 
	 	 	Name:  	Daniel R. Van Aken 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

56

	 	 	 	 	 
	 	FIFTH THIRD BANK

 	 
	 	By:  	/s/  Brian Jelinski
 	 
	 	 	Name:  	Brian Jelinski 	 
	 	 	Title:  	AVP 	 

 

 

	 	 	 	 	 

57

	 	 	 	 	 
	 	FIRST HAWAIIAN BANK

 	 
	 	By:  	/s/  Dawn Hofmann
 	 
	 	 	Name:  	Dawn Hofmann 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

58

	 	 	 	 	 
	 	HSBC BANK USA, N.A

 	 
	 	By:  	/s/  Melissa A. Morris
 	 
	 	 	Name:  	Melissa A. Morris 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

Schedule 2.01 — Term Loan Commitments

	 	 	 	 	 	 	 	 	 
	Lender	 	Title	 	Term Loan Commitment	 
	JPMorgan Chase Bank, N.A.
	 	Administrative Agent	 	$	20,000,000	 
	RBS Citizens, N.A.
	 	Syndication Agent	 	$	40,000,000	 
	Wells Fargo Bank, N.A.
	 	 	 	 	 	$	20,000,000	 
	Fifth Third Bank
	 	 	 	 	 	$	15,000,000	 
	First Hawaiian Bank
	 	 	 	 	 	$	15,000,000	 
	HSBC Bank USA, N.A.
	 	 	 	 	 	$	15,000,000	 
	 
	 	 	 	 	 	 	 
	Total
	 	 	 	 	 	$	125,000,000	 

 

 

Schedule 3.06

Disclosed Matters (Litigation and Environmental Matters)

     None.

 

 

Schedule 3.07

Disclosed Matters (Compliance with Laws and Agreements)

     None.

 

 

Schedule 6.01

Existing Indebtedness

	1.	 	Loan Agreement, dated December 3, 2003, between Agis and Bank Leumi Trust Company, originally
in the amount of NIS 180 million, having a present balance of NIS 120 million due 2009.

 

 

Schedule 6.02

Existing Liens

	1.	 	See attached UCC lien summary.
	 
	2.	 	Agis: (i) general floating lien (State of Israel), November 1997, (ii) lien on all fixed
assets (State of Israel), August 1983.
	 
	3.	 	Chemagis Ltd.: general floating lien (State of Israel), April 1989.
	 
	4.	 	Careline (Pharmagis) Ltd.: general floating liens (State of Israel), January 1986 and
January 1990.
	 
	5.	 	Agis Distribution and Marketing (1989) Ltd.: general floating lien on all proceeds from
sales of Agis’s products (Agis), June 1994.

The liens in favor of the State of Israel were created for Agis participation in the Investment
Center of the State of Israel.

 

 

UCC SEARCH SCHEDULE

DEBTOR: PERRIGO COMPANY

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	 	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Secured Party	 	Date	 	Date)	 	Description
	MICHIGAN
	 	THRU	 	NOVEON, INC.	 	2004136712-2 7/7/04	 	Termination: 200720065-4 12/21/07	 	CONSIGNMENT INVENTORY (NOVEON)
	SOS/
	 	3/30/08	 	 	 	 	 	 	 	 
	UCC DIVISION

	 	 	 	United Rentals	 	2006017644-7 1/27/06	 	Termination: 2006041501-5 3/8/06	 	Equipment purchase
	 
	 	 	 	(North America),	 	 	 	 	 	 
	 
	 	 	 	Inc.	 	 	 	 	 	 
	 
	 	 	 	J.R. Automation	 	2006067081-3 4/13/06	 	Termination: 2006196190-0	 	Specific Equipment
	 
	 	 	 	Technologies,	 	 	 	11/24/06	 	Pursuant to MI Special Tool Lien Act
	 
	 	 	 	LLC	 	 	 	 	 	 
	 
	 	 	 	J.R. Automation	 	2006135379-7 8/4/06	 	Termination: 2006135379-7 8/4/06	 	Specific Equipment
	 
	 	 	 	Technologies,	 	 	 	 	 	Pursuant to MI Special Tool Lien Act
	 
	 	 	 	LLC	 	 	 	 	 	 

DEBTOR: L. PERRIGO COMPANY

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	MICHIGAN SOS/
	 	THRU 3/2/05	 	Alpha Financial	 	C309569	 	C500861	 	Equipment Lease
	UCC DIVISION
	 	 	 	Group, Inc.	 	01/17/90	 	07/22/91	 	assignment
	 
	 
	 	 	 	ASSIGNEE:	 	 	 	C500862	 	assignment
	 
	 	 	 	DELTA CAPITAL	 	 	 	07/22/91	 	continuation
	 
	 	 	 	IV, INC.	 	 	 	C912282	 	continuation
	 
	 
	 	 	 	ASSIGNEE:	 	 	 	12/02/94	 	continuation
	 
	 	 	 	COMERICA	 	 	 	D551788	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	BANK	 	D381074	 	08/09/99	 	 
	 
	 	 	 	 	 	06/01/98	 	2004157300-4	 	 
	 
	 	 	 	 	 	 	 	08/06/04	 	 
	 
	 	 	 	gte leasing	 	 	 	2003002561-8	 	equipment lease
	 
	 	 	 	corporation	 	 	 	01/03/03	 	continuation
	 
	 	 	 	 	 	 	 	2007014577-3	 	Termination
	 
	 	 	 	 	 	 	 	1/26/07	 	Termination
	 
	 	 	 	 	 	 	 	2007014584-8	 	 
	 
	 	 	 	 	 	 	 	1/26/07	 	 
	 
	 	 	 	gte leasing	 	D406256	 	2003027099-6	 	equipment lease
	 
	 	 	 	corporation	 	08/03/98	 	02/10/03	 	continuation
	 
	 	 	 	 	 	 	 	2007014514-1	 	Termination
	 
	 	 	 	 	 	 	 	1/26/07	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003062388-2	 	 	 	 
	 
	 	 	 	 	 	04/02/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003077751-0	 	 	 	 
	 
	 	 	 	 	 	04/23/03	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2003080535-7	 	 	 	 
	 
	 	 	 	 	 	04/28/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003105858-1	 	 	 	 
	 
	 	 	 	 	 	06/03/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150167-1	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150168-3	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150169-5	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150170-8	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150171-0	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150172-2	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150175-8	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003150191-2	 	 	 	 
	 
	 	 	 	 	 	08/05/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003160608-9	 	 	 	 
	 
	 	 	 	 	 	08/21/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2003160619-2	 	 	 	 
	 
	 	 	 	 	 	08/21/03	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	crown lift trucks
	 
	 	 	 	inc.	 	2003189828-8	 	 	 	 
	 
	 	 	 	 	 	10/06/03	 	 	 	 
	 
	 	 	 	nmhg financial	 	 	 	 	 	equipment lease
	 
	 	 	 	services, inc.	 	2003199489-0	 	 	 	 
	 
	 	 	 	 	 	10/20/03	 	 	 	 
	 
	 	 	 	verizon credit	 	 	 	 	 	in lieu statement
	 
	 	 	 	inc.	 	2003210386-8	 	 	 	relating to equipment
	 
	 	 	 	 	 	11/03/03	 	 	 	lease
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2003223100-9	 	 	 	 
	 
	 	 	 	 	 	11/20/03	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020174-1	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020179-1	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020206-0	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020207-2	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020208-4	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020209-6	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004020210-9	 	 	 	 
	 
	 	 	 	 	 	01/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004064128-6	 	 	 	 
	 
	 	 	 	 	 	03/29/04	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004064152-7	 	 	 	 
	 
	 	 	 	 	 	03/29/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004069697-6	 	 	 	 
	 
	 	 	 	 	 	04/06/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080001-8	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080008-2	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080009-4	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080010-7	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080012-1	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080026-0	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080027-2	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080028-4	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080029-6	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080030-9	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	crown lift trucks
	 
	 	 	 	company	 	2004080031-1	 	 	 	 
	 
	 	 	 	 	 	04/19/04	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2004103711-1	 	 	 	 
	 
	 	 	 	 	 	05/20/04	 	 	 	 
	 
	 	 	 	crown credit	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2004127249-8	 	 	 	 
	 
	 	 	 	 	 	06/23/04	 	 	 	 
	 
	 	 	 	de lage	 	 	 	 	 	equipment lease
	 
	 	 	 	landen	 	2004132126-5	 	 	 	 
	 
	 	 	 	financial	 	06/29/04	 	 	 	 
	 
	 	 	 	services	 	 	 	 	 	 
	 
	 	 	 	ervin leaseing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2004133885-4	 	 	 	 
	 
	 	 	 	 	 	07/01/04	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2004180343-3	 	 	 	 
	 
	 	 	 	 	 	09/13/04	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2004199626-4	 	 	 	 
	 
	 	 	 	 	 	10/11/04	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2004209966-7	 	 	 	 
	 
	 	 	 	 	 	10/27/04	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2004249616-4	 	 	 	 
	 
	 	 	 	 	 	12/27/04	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005001964-5	 	 	 	 
	 
	 	 	 	 	 	01/04/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005001973-4	 	 	 	 
	 
	 	 	 	 	 	01/04/05	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2005028518-1	 	 	 	 
	 
	 	 	 	 	 	02/11/05	 	 	 	 
	 
	 	 	 	data sales co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	inc.	 	2005033829-7	 	 	 	 
	 
	 	 	 	 	 	02/22/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005040598-5	 	 	 	 
	 
	 	 	 	 	 	3/04/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005040599-7	 	 	 	 
	 
	 	 	 	 	 	3/4/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005058280-2	 	 	 	 
	 
	 	 	 	#DC2H-474	 	3/31/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005074391-7	 	 	 	 
	 
	 	 	 	#DC2H-474	 	4/25/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005078649-8	 	 	 	 
	 
	 	 	 	 	 	5/02/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005078650-1	 	 	 	 
	 
	 	 	 	 	 	5/02/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005084801-0	 	 	 	 
	 
	 	 	 	#DC2H-474	 	5/9/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005104723-9	 	 	 	 
	 
	 	 	 	#DC2H-474	 	6/9/05	 	 	 	 
	 
	 	 	 	Toyota Motor	 	 	 	 	 	equipment lease
	 
	 	 	 	Credit	 	2005105083-2	 	 	 	 
	 
	 	 	 	Corporation	 	6/10/05	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	Toyota Motor	 	 	 	 	 	equipment lease
	 
	 	 	 	Credit	 	2005105148-0	 	 	 	 
	 
	 	 	 	Corporation	 	6/10/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005113921-0	 	 	 	 
	 
	 	 	 	 	 	6/24/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005113922-2	 	 	 	 
	 
	 	 	 	 	 	6/24/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005113923-4	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005126558-4	 	 	 	 
	 
	 	 	 	#DC2H-474	 	7/14/05	 	 	 	 
	 
	 	 	 	Toyota Motor	 	 	 	 	 	equipment lease
	 
	 	 	 	Credit	 	2005142121-9	 	 	 	 
	 
	 	 	 	Corporation	 	8/10/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005151475-9	 	 	 	 
	 
	 	 	 	#DC2H-474	 	8/26/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2005193573-7	 	 	 	 
	 
	 	 	 	#DC2H-474	 	11/07/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2005201600-7	 	 	 	 
	 
	 	 	 	 	 	11/21/05	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	2006032128-2	 	equipment lease
	 
	 	 	 	company	 	2005201601-9	 	2/22/06	 	Amendment
	 
	 	 	 	 	 	11/21/05	 	 	 	 
	 
	 	 	 	IBM Credit	 	 	 	 	 	Equipment Lease
	 
	 	 	 	LLC	 	2005209401-3	 	 	 	 
	 
	 	 	 	 	 	12/6/05	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2006001969-7	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/3/06	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2006073427-5	 	 	 	 
	 
	 	 	 	#DC2H-474	 	4/21/06	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2006074040-6	 	 	 	 
	 
	 	 	 	 	 	4/24/06	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2006106201-7	 	 	 	 
	 
	 	 	 	 	 	6/14/06	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2006152211-6	 	 	 	 
	 
	 	 	 	 	 	9/25/06	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	IBM Credit	 	 	 	 	 	Equipment Lease
	 
	 	 	 	LLC	 	2006181697-7	 	 	 	 
	 
	 	 	 	 	 	10/27/06	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2006194534-8	 	 	 	 
	 
	 	 	 	#DC2H-474	 	11/20/06	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2006211485-5	 	 	 	 
	 
	 	 	 	#DC2H-474	 	12/21/06	 	 	 	 
	 
	 	 	 	IBM Credit	 	 	 	 	 	equipment lease
	 
	 	 	 	LLC	 	2007000266-8	 	 	 	 
	 
	 	 	 	 	 	1/2/07	 	 	 	 
	 
	 	 	 	IBM Credit	 	 	 	 	 	equipment lease
	 
	 	 	 	LLC	 	2007006498-5	 	 	 	 
	 
	 	 	 	 	 	1/11/07	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2007016102-0	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/29/07	 	 	 	 
	 
	 	 	 	ervin leasing	 	 	 	 	 	equipment lease
	 
	 	 	 	company	 	2007016580-2	 	 	 	 
	 
	 	 	 	 	 	1/30/07	 	 	 	 
	 
	 	 	 	Toyota Motor	 	 	 	 	 	equipment lease
	 
	 	 	 	Credit	 	2007023917-5	 	 	 	 
	 
	 	 	 	Corporation	 	2/12/07	 	 	 	 
	 
	 	 	 	Industrial	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Leasing	 	2007032582-6	 	 	 	 
	 
	 	 	 	 	 	2/28/07	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2007059850-6	 	 	 	 
	 
	 	 	 	#DC2H-474	 	4/16/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007060943-6	 	 	 	 
	 
	 	 	 	 	 	4/18/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007060944-8	 	 	 	 
	 
	 	 	 	 	 	4/18/07	 	 	 	 
	 
	 	 	 	Citicorp	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Leasing, Inc.	 	2007062719-3	 	 	 	 
	 
	 	 	 	 	 	4/20/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007071472-0	 	 	 	 
	 
	 	 	 	 	 	5/4/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007071473-2	 	 	 	 
	 
	 	 	 	 	 	5/4/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007071474-4	 	 	 	 
	 
	 	 	 	 	 	5/4/07	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	Ervin Leasing	 	200708063-6	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	5/22/07	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2007087769-7	 	 	 	 
	 
	 	 	 	#DC2H-474	 	6/1/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007088994-5	 	 	 	 
	 
	 	 	 	 	 	6/5/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007097169-7	 	 	 	 
	 
	 	 	 	 	 	6/19/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007097174-8	 	 	 	 
	 
	 	 	 	 	 	6/19/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	2008019241-9	 	Equipment Lease
	 
	 	 	 	Company	 	2007097175-0	 	2/5/08	 	Amendment
	 
	 	 	 	 	 	6/19/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007097176-2	 	 	 	 
	 
	 	 	 	 	 	6/19/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company 	 	2007106686-5	 	 	 	 
	 
	 	 	 	 	 	7/5/07	 	 	 	 
	 
	 	 	 	Ervin leasing	 	 	 	 	 	equipment Lease
	 
	 	 	 	Company	 	2007119075-5	 	 	 	 
	 
	 	 	 	 	 	7/30/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007119076-7	 	 	 	 
	 
	 	 	 	 	 	7/30/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007119077-9	 	 	 	 
	 
	 	 	 	 	 	7/30/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007119078-1	 	 	 	 
	 
	 	 	 	 	 	7/30/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007119079-3	 	 	 	 
	 
	 	 	 	 	 	7/30/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007120540-5	 	 	 	 
	 
	 	 	 	 	 	8/1/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007120541-7	 	 	 	 
	 
	 	 	 	 	 	8/1/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007120542-9	 	 	 	 
	 
	 	 	 	 	 	8/1/07	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2007127187-2	 	 	 	 
	 
	 	 	 	#DC2H-474	 	8/13/07	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007128274-8	 	 	 	 
	 
	 	 	 	 	 	8/15/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007152452-6	 	 	 	 
	 
	 	 	 	 	 	9/28/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment lease
	 
	 	 	 	Company	 	2007158958-4	 	 	 	 
	 
	 	 	 	 	 	10/10/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	equipment Lease
	 
	 	 	 	Company	 	2007158969-7	 	 	 	 
	 
	 	 	 	 	 	10/10/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007165781-8	 	 	 	 
	 
	 	 	 	 	 	10/23/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007165782-0	 	 	 	 
	 
	 	 	 	 	 	10/23/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007165787-0	 	 	 	 
	 
	 	 	 	 	 	10/23/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2007165788-2	 	 	 	 
	 
	 	 	 	 	 	10/23/07	 	 	 	 
	 
	 	 	 	Industrial	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Leasing, inc.	 	2007174884-7	 	 	 	 
	 
	 	 	 	 	 	11/8/07	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment lease
	 
	 	 	 	Company	 	2008003235-8	 	 	 	 
	 
	 	 	 	 	 	1/7/08	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2008009690-8	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/17/08	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2008009691-0	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/17/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008010858-7	 	 	 	 
	 
	 	 	 	 	 	1/22/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008010859-9	 	 	 	 
	 
	 	 	 	 	 	1/22/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008010860-2	 	 	 	 
	 
	 	 	 	 	 	1/22/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008010861-4	 	 	 	 
	 
	 	 	 	 	 	1/22/08	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2008011511-4	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/22/08	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2008015289-5	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/28/08	 	 	 	 
	 
	 	 	 	Data Sales Co.,	 	 	 	 	 	equipment lease
	 
	 	 	 	Charter	 	2008015290-8	 	 	 	 
	 
	 	 	 	#DC2H-474	 	1/28/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008028720-6	 	 	 	 
	 
	 	 	 	 	 	2/22/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment lease
	 
	 	 	 	Company	 	2008028723-2	 	 	 	 
	 
	 	 	 	 	 	2/22/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	20080428334-5	 	 	 	 
	 
	 	 	 	 	 	3/19/08	 	 	 	 
	 
	 	 	 	Ervin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008042835-7	 	 	 	 
	 
	 	 	 	 	 	3/19/08	 	 	 	 
	 
	 	 	 	Erwin Leasing	 	 	 	 	 	Equipment Lease
	 
	 	 	 	Company	 	2008042836-9	 	 	 	 
	 
	 	 	 	 	 	3/19/08	 	 	 	 

DEBTOR: PERRIGO COMPANY OF SOUTH CARLONIA

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	MICHIGAN SOS/
	 	THRU	 	RAYMOND LEASING	 	 	 	N/A	 	SPECIFIC EQUIPMENT
	UCC DIVISION
	 	3/30/08	 	CORPORATION	 	2005128388-5	 	 	 	 
	 
	 	 	 	 	 	7/18/05	 	 	 	 
	 
	 	 	 	RAYMOND LEASING	 	 	 	N/A	 	SPECIFIC EQUIPMENT
	 
	 	 	 	CORPORATION	 	2066037846-9	 	 	 	 
	 
	 	 	 	 	 	3/1/06	 	 	 	 
	 
	 	 	 	Crown Credit	 	 	 	N/A	 	SPECIFIC EQUIPMENT
	 
	 	 	 	Company	 	2006090313-5	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	 
	 	 	 	Park National	 	5/17/06	 	N/A	 	Equipment Lease
	 
	 	 	 	Bank	 	2007146446-5	 	 	 	 
	 
	 	 	 	Vision	 	9/18/07	 	 	 	 
	 
	 	 	 	Financial Group,	 	 	 	 	 	 
	 
	 	 	 	Inc.	 	 	 	 	 	 
	 
	 	 	 	Park National	 	 	 	N/A	 	Equipment Lease
	 
	 	 	 	Bank	 	2007170359-0	 	 	 	 
	 
	 	 	 	Vision	 	10/30/07	 	 	 	 
	 
	 	 	 	Financial Group,	 	 	 	 	 	 
	 
	 	 	 	Inc.	 	 	 	 	 	 

DEBTOR: PERRIGO PHARMACEUTICALS COMPANY

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	 	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Secured Party	 	Date	 	Date)	 	Description
	MICHIGAN SOS/
	 	THRU	 	[NO RECORD]	 	N/A	 	N/A	 	N/A
	UCC DIVISION
	 	3/30/08	 	 	 	 	 	 	 	 

DEBTOR: PERRIGO INTERNATIONAL, INC.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File	 	 
	and Index	 	Periods	 	Secured	 	and File	 	No. and File	 	Collateral
	Searched	 	Covered	 	Party	 	Date	 	Date)	 	Description
	MICHIGAN SOS/
	 	THRU	 	Bank Hapoalim	 	 	 	N/A	 	All Debtor’s
	UCC DIVISION
	 	3/30/08	 	B.M.	 	2005046482-6	 	 	 	Right, Title AND
	 
	 	 	 	 	 	3/15/05	 	 	 	Interest IN Deposit
	 
	 	 	 	 	 	 	 	 	 	Account No.
	 
	 	 	 	 	 	 	 	 	 	01068717.
	 
	 	 	 	JPMorgan Chase	 	 	 	N/A	 	Stock pledge
	 
	 	 	 	Bank, N.A., as	 	2005047985-3	 	 	 	 
	 
	 	 	 	Agent	 	3/17/05	 	 	 	 

 

 

DEBTOR: PERRIGO INTERNATIONAL HOLDINGS, INC.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Initial	 	Amendments	 	 
	Jurisdiction	 	 	 	 	 	File No.	 	(with File No.	 	 
	and Index	 	Periods	 	 	 	and File	 	 and File	 	Collateral
	Searched	 	Covered	 	Secured Party	 	Date	 	Date)	 	Description
	MICHIGAN SOS/
	 	THRU	 	NO LIENS OF	 	N/A	 	N/A	 	N/A
	UCC DIVISION
	 	3/30/08	 	RECORD	 	 	 	 	 	 

 

 

Schedule 6.04

Investments

	1.	 	Investment by Chemagis Ltd. in InfraServ Gmbl-1 & Co. Wiesbaden KG (7% ownership).
	 
	2.	 	Meditor Pharmaceuticals Ltd. 18.95% ownership. In addition, Agis holds convertible
debentures that can be converted into shares that will increase the holding to 23.57% (with
full dilution 21.45%).
	 
	3.	 	Investment by Agis in Danagis Ltd. (50% ownership interest).
	 
	4.	 	Perrigo International, Inc. has a 49.9% ownership interest in Zibo Xinhua-Perrigo
Pharmaceutical Company Ltd.
	 
	5.	 	Perrigo New York, Inc. for an ownership interest of less than 5% of Summit Insurance Ltd.,
Cayman Islands.
	 
	6.	 	Agis has an investment in collateralized debt obligations totaling approximately $900,000.
	 
	7.	 	Agis has an investment in auction rate securities totalling approximately $14.6 million.
	 
	8.	 	Loan from Perrigo LLC to Perrigo UK Finco of $42,150,000.
	 
	9.	 	Loan from the Borrower to Perrigo UK Finco of $12.9 million.
	 
	10.	 	Loan from L. Perrigo Company to Tower Laboratories Ltd. in an initial loan amount of $1.5
million, due in 2012. Current balance is $1.2 million.
	 
	11.	 	Loan from L. Perrigo Company to American Softgel Products in an amount of $4.0 million, due
in 2011.

 

 

Schedule 6.08

Existing Restrictions

     None.

 

 

Exhibit A — Assignment and Assumption

ASSIGNMENT AND ASSUMPTION

          This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the meanings given to them in the Term Loan Agreement identified
below (as amended, the “Term Loan Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

          For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Term Loan Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Term Loan Agreement and any other
documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the
Assignor under the respective facilities identified below (including any guarantees included in
such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against
any Person, whether known or unknown, arising under or in connection with the Term Loan Agreement,
any other documents or instruments delivered pursuant thereto or the loan transactions governed
thereby or in any way based on or related to any of the foregoing, including contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to
the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein
collectively as the “Assigned Interest”). Such sale and assignment is without recourse to
the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.

	 	 	 	 	 	 	 
	1.

	 	Assignor:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	2.

	 	Assignee:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	 	 	[and is an Affiliate/Approved Fund of                     ]
	 
	 	 	 	 	 	 
	3.

	 	Borrower(s):	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	4.	 	Administrative Agent:	 	JPMorgan Chase Bank, N.A., as the administrative agent under the Term Loan Agreement
	 
	 	 	 	 	 	 
	5.	 	Term Loan Agreement:	 	The Term Loan Agreement dated as of April 22, 2008 among Perrigo Company, the Lenders parties
thereto, JPMorgan Chase Bank, N.A., as Administrative Agent

 

 

6. Assigned Interest:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	 	 	 	Percentage Assigned of
	 	 	Term Loan	 	Amount of Term Loan	 	Term Loan
	 	 	Commitment/Term	 	Commitment/Term	 	Commitment/Term
	Facility Assigned	 	Loans for all Lenders	 	Loans Assigned	 	Loan
	 

	 	 	$	 	 	 	$	 	 	 	%	 
	 

	 	 	$	 	 	 	$	 	 	 	%	 
	 

	 	 	$	 	 	 	$	 	 	 	%	 

Effective Date:                      ___, 20___[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

	 	 	 	 	 	 	 
	 	 	ASSIGNOR	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNOR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 
	 	 
Title:
	 	 
	 
	 	 	 	 	 	 
	 	 	ASSIGNEE	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF ASSIGNEE]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 
	 	 
Title:
	 	 

2

 

	 	 	 	 	 
	Consented to and Accepted:	 	 
	 
	 	 	 	 
	JPMORGAN CHASE BANK, N.A., as
Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 
Title:
	 	 
	 
	 	 	 	 
	Consented to:	 	 
	 
	 	 	 	 
	[NAME OF RELEVANT PARTY]	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	

	 	 
Title:
	 	 

3

 

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

          1. Representations and Warranties.

          1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Term Loan Agreement or
any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Loan Document.

          1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Term Loan Agreement, (ii) it satisfies the requirements, if any, specified in the Term Loan
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and
become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of
the Term Loan Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall
have the obligations of a Lender thereunder, (iv) it has received a copy of the Term Loan
Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis
and decision independently and without reliance on the Administrative Agent or any other Lender,
and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation
required to be delivered by it pursuant to the terms of the Term Loan Agreement, duly completed and
executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on
the Administrative Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

          2. Payments. From and after the Effective Date, the Administrative Agent shall
make all payments in respect of the Assigned Interest (including payments of principal, interest,
fees and other amounts) to the Assignor for amounts which have accrued to but excluding the
Effective Date and to the Assignee for amounts which have accrued from and after the Effective
Date.

          3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of Michigan.

 

 

Exhibit B — Lender Addition and Acknowledgement Agreement

LENDER ADDITION AND ACKNOWLEDGEMENT AGREEMENT

Dated:                     , 20___

     Reference is made to the Term Loan Agreement (as amended or modified from time to time, the
“Term Loan Agreement”), dated as of April 22, 2008, is among Perrigo Company, the Lenders party
hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent. Capitalized terms which are defined in
the Term Loan Agreement and which are used herein without definition shall have the same meanings
herein as in the Term Loan Agreement.

     The Borrower and                                          (the “[New or Current] Lender”) agree as follows:

     1. Subject to Section 2.06 of the Term Loan Agreement and this Lender Addition and
Acknowledgement Agreement, the Borrower hereby increases the Aggregate Term Loan Commitments from
$                     to $                     (such increase shall be in increments of $10,000,000 and shall not
cause the Aggregate Term Loan Commitment to exceed $200,000,000). This Lender Addition and
Acknowledgement Agreement is entered into pursuant to, and authorized by, Section 2.06 of the Term
Loan Agreement.

     2. The parties hereto acknowledge and agree that, as of the date hereof and after giving
effect to this Lender Addition and Acknowledgment Agreement, the Aggregate Term Loan Commitment and
the Term Loan Commitment of each Lender under the Term Loan Agreement, including without
limitation, the [New or Current] Lender, are set forth on Schedule 2.01 hereto, and that Schedule
2.01 hereto replaces Schedule 2.01 to the Term Loan Agreement as of the Closing Date.

     3. [If requested by the Current Lender, the Current Lender attaches the notes delivered to it
under the Term Loan Agreement and requests that the Borrower exchange such notes for new notes in
the amount of its revised Term Loan Commitment][ If requested by the New Lender, the New Lender
requests that the Borrower issue notes in the amount of its Term Loan Commitment.]

     4. The [New or Current] Lender (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Lender Addition and
Acknowledgment Agreement and to consummate the transactions contemplated hereby and to become a
Lender under the Term Loan Agreement, (ii) it satisfies the requirements, if any, specified in the
Term Loan Agreement that are required to be satisfied by it in order to execute and perform this
Lender Addition and Acknowledgment Agreement and become a Lender, (iii) from and after the Closing
Date, it shall be bound by the provisions of the Term Loan Agreement as a Lender thereunder and, to
the extent specified herein, shall have the obligations of a Lender thereunder, (iv) it has
received a copy of the Term Loan Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Lender Addition and Acknowledgment Agreement on the basis of which it has made such analysis
and decision independently and without reliance on the Administrative Agent or any other Lender,
and (v) if it is a Foreign Lender, attached to this Lender Addition and Acknowledgment Agreement is
any documentation required to be delivered by it pursuant to the terms of the Term Loan Agreement,
duly completed and executed by it;

 

 

and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent or
any other Lender, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Loan
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by
the terms of the Loan Documents are required to be performed by it as a Lender.

     5. The effective date for this Lender Addition and Acknowledgement Agreement shall be
                     (the “Closing Date”). Following the execution of this Lender Addition and Acknowledgement
Agreement, it will be delivered to the Administrative Agent for the consent of the Administrative
Agent and acceptance and recording in the Register.

     6. Upon such consents, acceptance and recording, from and after the Closing Date, the [New or
Current] Lender shall be a party to the Term Loan Agreement and the other Loan Documents to which
Lenders are parties and to the extent provided in this Lender Addition and Acknowledgement
Agreement, have the rights and obligations of a Lender under each such agreement.

     7. Upon such consents, acceptance and recording, from and after the Closing Date, the
Administrative Agent shall make all payments in respect of the interest assigned hereby (including
payments of principal, interest, fees and other amounts) to the [New or Current] Lender.

     8. The Borrower represents and warrants to the Administrative Agent and the Lenders that (a)
no Default shall have occurred and be continuing hereunder as of the Closing Date; and (b) the
representations and warranties made by the Borrower and contained in Article III of the Term Loan
Agreement are true and correct in all material respects on and as of the Closing Date with the same
effect as if made on and as of such date (other than those representations and warranties that by
their terms speak as of a particular date, which representations and warranties shall be true and
correct in all material respects as of such particular date).

     9. Except as expressly amended hereby, the Borrower agrees that the Term Loan Agreement and
the other Loan Documents are ratified and confirmed and shall remain in full force and effect, and
that it has no set off, counterclaim, or defense with respect to any of the foregoing.

     10. This Lender Addition and Acknowledgment Agreement shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Lender Addition
and Acknowledgment Agreement may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Lender
Addition and Acknowledgment Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Lender Addition and Acknowledgment Agreement. This Lender Addition
and Acknowledgment Agreement shall be governed by, and construed in accordance with, the law of the
State of Michigan.

	 	 	 	 	 	 	 
	 	 	PERRIGO COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

2

 

	 	 	 	 	 	 	 
	 	 	[CURRENT LENDER OR NEW LENDER]	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Acknowledged and Consented to:	 	 
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

3

 

Exhibit C —  Form of Note

NOTE

[Date]                     

                                             , a                                     (the “Borrower”), promises to pay to the order
of                                         (the “Lender”) the aggregate unpaid principal amount of the Term Loan
made by the Lender to the Borrower pursuant to the Term Loan Agreement (as hereinafter defined), in
immediately available funds at the office of JPMorgan Chase Bank, N.A.,, as Administrative Agent,
designated in the Term Loan Agreement, together with interest on the unpaid principal amount hereof
at the rates and on the dates set forth in the Term Loan Agreement. The Borrower shall pay the
principal of and accrued and unpaid interest on the Term Loan in the amounts and at the times
required under the Term Loan Agreement.

     The Lender shall, and is hereby authorized to record in accordance with its usual practice,
the date and amount of each Term Loan and the date and amount of each principal payment hereunder.

     This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Term
Loan Agreement dated as of April 22, 2008 (the “Term Loan Agreement”) by and among Perrigo Company,
a Michigan corporation (the “Borrower”), the Lenders (together with their respective successors and
assigns, the “Lenders”), and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity,
the “Administrative Agent”), to which Term Loan Agreement reference is hereby made for a statement
of the terms and conditions governing this Note, including the terms and conditions under which
this Note may be prepaid or its maturity date accelerated. This Note is secured and/or guaranteed
as more specifically described in the Term Loan Agreement and other Loan Documents, and reference
is made thereto for a statement of the terms and provisions thereof. Capitalized terms used herein
and not otherwise defined herein are used with the meanings attributed to them in the Term Loan
Agreement.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Print	 	Name:	 	 	 	 
	 

	 	Title:
	 	 	 	 

	 	 
	 	 	 	 	 	 	 

4

 

Exhibit D

OPINION OF COUNSEL FOR THE BORROWER

[Effective Date]                     

April 23, 2008

JPMorgan Chase Bank, N.A., as Administrative

Agent, and the Lenders party to the

Term Loan Agreement referred to below

Ladies and Gentlemen:

     We have acted as counsel for Perrigo Company, a Michigan corporation (the “Borrower”) and the
Domestic Subsidiaries that are Guarantors in connection with the Term Loan Agreement dated as of
the date hereof (the “Term Loan Agreement”) among the Borrower, the Lenders party thereto, and
JPMorgan Chase Bank, N.A., as Administrative Agent. This opinion is being rendered to you at the
request of the Borrower pursuant to Section 4.01(b) of the Term Loan Agreement.

     For purposes of this opinion, we have examined an executed copy of the Term Loan Agreement and
the Guaranty dated as of the date hereof executed by the Guarantors (together with the Term Loan
Agreement, the “Credit Documents”). We have also examined such other documents and instruments
concerning the Borrower and the Domestic Subsidiaries that are Guarantors (collectively, the
“Obligors”) and have made such further investigation as we have deemed necessary or appropriate in
connection with this opinion. The law covered by the opinions expressed herein is limited to the
federal law of the United States and the law of the state of Michigan.

     In forming the basis for our opinion as follows, we have assumed the authenticity of all
documents submitted to us as originals and the conformity to originals of all documents submitted
to us as copies. In rendering the opinions expressed in paragraph 2 below, we have further assumed
that the Credit Documents constitute the respective legal, valid and binding obligations of all
parties thereto other than the Obligors. We have relied, to the extent that we have deemed such
reliance proper, upon factual representations made by the Obligors in the Credit Documents with
respect to the accuracy of factual matters contained therein with respect to it and its
Subsidiaries, which we have not independently established. Except as otherwise indicated in this
opinion, capitalized terms are defined or used as set forth in the Term Loan Agreement. As used
herein, the phrase “to the best of our knowledge” means inquiry of an executive officer of the
Obligors and the actual knowledge of attorneys in our firm primarily responsible for the provision
of legal services to the Obligors.

     Based upon and subject to the foregoing, we are of the opinion, as of the date hereof, that:

     1. Each Obligor (a) is a corporation duly organized, validly existing and in good standing
under the laws of the state of Michigan, (b) has all requisite power and authority to carry on its
business as now conducted, and (c) except where the failure to do so, individually or in the
aggregate, could not

 

 

reasonably be expected to result in a Material Adverse Effect, is qualified to do business in,
and is in good standing in, every jurisdiction where such qualification is required.

     2. The Credit Documents (a) have been duly authorized by proper corporate action on the part
of each Obligor, (b) have been duly executed and delivered by each Obligor, and (c) constitute the
valid and binding obligations of each Obligor, enforceable against each Obligor in accordance with
their respective terms, except as the enforceability thereof may be limited by (i) applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws relating to
or affecting the rights of creditors generally, (ii) general principles of equity, and (iii)
limitations imposed by applicable law on the enforceability of purported waivers of rights and
defenses.

     3. The execution, delivery, and performance by each Obligor of the Credit Documents to which
it is a party and compliance with the terms and provisions thereof do not and will not (a) violate
any provision of the articles of incorporation or bylaws of each Obligor, (b) violate any
applicable law, rule, or regulation, (c) to the best of our knowledge, violate any order, writ,
injunction, or decree of any Michigan or federal Governmental Authority or arbitral award
applicable to each Obligor, or (d) to the best of our knowledge, result in a breach of, constitute
a default under, require any consent under, or result in the acceleration or require prepayment of
any indebtedness pursuant to the terms of any agreement or instrument to which each Obligor is a
party or by which it is bound, or result in the creation or imposition of any Lien or other
encumbrance upon any property of each Obligor pursuant to the terms of any such agreement or
instrument.

     4. To the best of our knowledge and except for the Disclosed Matters, there is no action,
suit, or proceeding pending against or overtly threatened against or affecting, the Borrower or any
of its Subsidiaries before any arbitrator or Governmental Authority in which an adverse decision
could reasonably be expected to have a Material Adverse Effect or which in any manner draws into
question the validity or enforceability of the Credit Documents.

     5. No authorization, consent, or approval of, or filing or registration with, any Michigan or
federal Governmental Authority is required for the execution, delivery, or performance by each
Obligor of the Credit Documents or for the validity or enforceability thereof against each Obligor.

     6. Neither the Borrower nor any of its Subsidiaries is (a) an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding” company”
as defined in, or subject to regulation under, the Public Utility Holding Company Act of 1935.

     7. Assuming that the Borrower will comply with the provisions of the Term Loan Agreement
relating to the use of proceeds, the making of Term Loans under the Term Loan Agreement will not
violate the Regulations of the Board, including Regulations U and X.

     8. The provisions of the Collateral Documents are sufficient to create in favor of the
Administrative Agent a valid security interest in all right, title and interest of Perrigo
International, Inc. in the collateral described in the Collateral Documents to the extent a
security interest may be created in such items and types of collateral under Article 9 of the UCC
as in effect on the date hereof. Upon the due filing of the Uniform Commercial Code financing
statements attached hereto as Exhibit A with the Secretary of State of the State of
Michigan, the Administrative Agent will have a perfected security interest in all right, title and
interest of Perrigo International, Inc. in those items and types of collateral described in the
Collateral Documents in which a security interest may be perfected by the due filing of a financing
statement in the State of Michigan under the UCC. Based on the assumption that the Administrative
Agent has taken delivery and is retaining possession in Michigan of the stock certificates
evidencing the Equity Interests described on Exhibit B (the “Pledged Stock”), together with
the properly

2

 

executed stock powers described on Exhibit C, and that the Administrative Agent has
taken delivery of such Pledged Stock and stock powers and its security interest in good faith
without notice of any adverse claim within the meaning of the UCC, there has been created under the
Security Agreement, and there has been granted to the Administrative Agent, a valid and perfected
security interest in the Pledged Stock, free of any adverse claims as defined in the UCC.

     Any permitted assignee of any Lender may also rely on this opinion; provided, however, that
nothing herein shall be construed as requiring us to update or supplement this opinion.

Very truly yours,

3

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