Exhibit 10.18
 EXECUTION COPY
      Amendment Borrower Administrative Agent Credit Agreement
    Amendments to the Credit Agreement. Effective as of the date of satisfaction of the conditions
precedent set forth in Section 2 below, the parties hereto agree that the Credit Agreement is
hereby amended as follows:
 The following definitions are hereby added to Section 1.01 of the Credit Agreement in their
appropriate alphabetical order therein:
  2010 Restructuring Charge Add-Back means restructuring charges incurred by
the Borrower and its Subsidiaries in the second, third and fourth quarters of its
2010 fiscal year in an aggregate amount not to exceed $1,500,000.
 Project I Add-Back
 The definition of Consolidated EBITDA set forth in Section 1.01 of the Credit Agreement is
hereby amended to add the following sentence at the end thereof:




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Section 6.10(a) of the Credit Agreement is hereby restated in its entirety as follows:
 Maximum Total Leverage Ratio
 Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions
precedent that the Administrative Agent shall have received (i) counterparts of this Amendment duly
executed by the Borrower, the Required Lenders and the Administrative Agent, (ii) counterparts of
the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Subsidiary
Guarantors, and (iii) payment and/or reimbursement of the Administrative Agents and its
affiliates fees and expenses (including, to the extent invoiced on or prior to the date hereof,
fees and expenses of counsel for the Administrative Agent) in connection with this Amendment and
the other Loan Documents and payable by the Borrower pursuant to the Credit Agreement.
 Representations and Warranties of the Borrower. The Borrower hereby represents and warrants as
follows:
 This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding
obligations of the Borrower and are enforceable against the Borrower in accordance with their
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.
 As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default
shall have occurred and be continuing, and (ii) the representations and warranties of the Borrower
set forth in the Credit Agreement are true and correct, except for representations and warranties
made with reference solely to an earlier date in which case such representations and warranties
shall have been true and correct as of such earlier date.
 Reference to and Effect on the Credit Agreement.
 Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement
or any other Loan Document shall mean and be a reference to the Credit Agreement as amended
hereby.
 Each Loan Document and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are hereby ratified and
confirmed.
 Except with respect to the subject matter hereof, the execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the Loan
Documents or any other documents, instruments and agreements executed and/or delivered in
connection therewith.
 Governing Law. This Amendment shall be construed in accordance with and governed by the law of
the State of New York.
 Headings. Section headings in this Amendment are included herein for convenience of reference
only and shall not constitute a part of this Amendment for any other purpose.
 Counterparts. This Amendment may be executed by one or more of the parties hereto on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.




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KENDLE INTERNATIONAL INC.,
as the BorrowerBy:Name:Title:




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JPMORGAN CHASE BANK, N.A.,
individually as a Lender, as the Swingline Lender, as
the Issuing Bank and as Administrative AgentBy:Name:Title:




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EXHIBIT A
 Consent and Reaffirmation
 Credit Agreement Borrower Administrative Agent Amendment




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AAC CONSULTING GROUP, INC.
    
    ACER/EXCEL INC.By:
    
    
    
    By:Name:
    
    Name:Title:
    
    Title:KENDLE AMERICAS HOLDING INC.
    
    KENDLE AMERICAS INVESTMENT INC.By:
    
    
    
    By:Name:
    
    Name:Title:
    
    Title:KENDLE AMERICAS MANAGEMENT INC.
    
    KENDLE INTERNATIONAL CPU LLCBy:
    
    
    
    By:Name:
    
    Name:Title:
    
    Title:KENDLE DELAWARE LLC
    
    KENDLE NC LLCBy:
    
    
    
    By:Name:
    
    Name:Title:
    
    Title: