AKORN INC
NOTE ISSUED IN CONNECTION WITH THE AMENDMENT TO CREDIT AGREEMENT
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<TYPE>EX-10.7
<SEQUENCE>5
<FILENAME>c21347exv10w7.htm
<DESCRIPTION>NOTE ISSUED IN CONNECTION WITH THE AMENDMENT TO CREDIT AGREEMENT
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;10.7
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTE</B>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>*Replacement Note</B>*<BR>
October&nbsp;7, 2003<BR>
Chicago, Illinois<BR>
$15,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, for value received, promise, joint and severally, to pay to the order of
LaSalle Bank National Association (the &#147;<U>Lender</U>&#148;) at the principal office of LaSalle Bank
National Association (the &#147;<U>Administrative Agent</U>&#148;) in Chicago, Illinois the aggregate unpaid
amount of all Loans made to the undersigned by the Lender pursuant to the Credit Agreement referred
to below (as shown on the schedule attached hereto (and any continuation thereof) or in the records
of the Lender), such principal amount to be payable on the dates set forth in the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned further promise, joint and severally, to pay interest on the unpaid principal
amount of each Loan from the date of such Loan until such Loan is paid in full, payable at the
rate(s) and at the time(s) set forth in the Credit Agreement. Payments of both principal and
interest are to be made in lawful money of the United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note evidences indebtedness incurred under, and is subject to the terms and provisions
of, the Credit Agreement, dated as of October&nbsp;7, 2003 (as amended, restated, supplemented or
otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;; terms not otherwise defined
herein are used herein as defined in the Credit Agreement), among the undersigned, certain
financial institutions (including the Lender) and the Administrative Agent, to which Credit
Agreement reference is hereby made for a statement of the terms and provisions under which this
Note may or must be paid prior to its due date or its due date accelerated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note supersedes and replaces the Note (the &#147;Prior Note&#148;) previously issued by undersigned
under the Credit Agreement and evidences a continuation of and not a repayment and reborrowing,
termination or novation of, the indebtedness heretofore outstanding under the Prior Note.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is made under and governed by the laws of the State of Illinois applicable to
contracts made and to be performed entirely within such State.
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    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AKORN, INC., a Louisiana corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jeffrey A. Whitnell</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Chief Financial Officer, Treasurer<BR>
and Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AKORN (NEW JERSEY), INC., an Illinois
corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">s/ Jeffrey A. Whitnell</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Chief Financial Officer, Treasurer<BR>
and Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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