Document:

Exhibit 4.3

 

 

Unless this certificate is presented by an authorized  representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

IBM CREDIT LLC

3.000% Note due 2023

 

CUSIP 44932HAH6

ISIN US44932HAH66

No.: R-

IBM CREDIT LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of $         (        MILLION DOLLARS), at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for that purpose, on February 6, 2023, in such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually in arrears on February 6 and August 6 of each year, commencing August 6, 2018, on said principal sum at said office or agency, in like coin or currency, at the rate of 3.000% per annum, from the February 6 or August 6 next preceding the date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been paid on the Notes (as defined on the reverse hereof), in which case from February 6, 2018, until payment of said principal sum has been made or duly provided for.  Notwithstanding the foregoing, if the date hereof is after the fifteenth calendar day preceding a February 6 or August 6, as the case may be, and before such February 6 or August 6, this Note shall bear interest from such February 6 or August 6; provided, however, that if the Company shall default in the payment of interest due on such February 6 or August 6, then this Note shall bear interest from the next preceding February 6 or August 6 to which interest has been paid, or, if no interest has been paid on the Notes, from February 6, 2018.  The interest so payable on February 6 or August 6 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the fifteenth calendar day preceding such February 6 or August 6, unless the Company shall default in the payment of interest due on such interest payment date, in which case such defaulted interest, at the option of the Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders of Notes not less than ten days preceding such special record date or may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed.  Payment of interest may, at the option of the Company, be made by check mailed to the registered address of the person entitled thereto.  Interest on this Note will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

[signatures follow]

 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 

	 	
IBM CREDIT LLC

	 
	 	 	 
	 	 	 	 
	
Dated: February 6, 2018

	
By: 

		 
	 	 		 
	 	 		 

 

	 	 	 	 
	
 

	
By: 

		 
	 	 		 
	 	 		 
	 	 	 	 

  

[signatures follow]

 

 

TRUSTEE’S CERTIFICATE

 OF AUTHENTICATION

This is one of the

Securities of the Series

designated herein issued

under the within-

mentioned Indenture.

 

 

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 

	
 

	 	 
	
By: 

	
	 	Authorized Signatory
	 	
	 	 

 

 

  

 

 

This security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (hereinafter called the “Securities”), of the series hereinafter specified, all issued or to be issued under an indenture dated as of September 8, 2017, duly executed and delivered by the Company to The Bank of New York Mellon Trust Company, N.A., a New York banking corporation, as trustee (hereinafter called the “Trustee”), between the Company and the Trustee, as trustee (hereinafter called the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the respective rights and duties thereunder of the Trustee, the Company and the holders of the Securities.  The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to different sinking, purchase or analogous funds, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided.  This Security is one of a series designated as the 3.000% Notes due 2023 of the Company (hereinafter called the “Notes”) issued under the Indenture.

The Notes may be redeemed, as a whole or in part, at the Company’s option, at any time or from time to time, upon mailing a notice of such redemption not less than 30 days nor more than 60 days prior to the date fixed for redemption to holders of the Notes at their last registered addresses, all as provided in the Indenture, at a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to the redemption date; or (ii) the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted, on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate, as defined below, plus 10 basis points, plus accrued and unpaid interest, if any, to the redemption date.

“Treasury Rate” means, with respect to any redemption date for the Notes: (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that if no maturity is within three months before or after the maturity date for the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month; or (ii) if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date.

 

  

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes.

“Independent Investment Banker” means one of the Reference Treasury Dealers, appointed by the Company.

“Comparable Treasury Price” means, with respect to any redemption date for the Notes: (i) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; or (ii) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all quotations obtained by the Company.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York City time on the third business day preceding such redemption date.

“Reference Treasury Dealer” means each of BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Santander Investment Securities Inc. and U.S. Bancorp Investments, Inc., or a Primary Treasury Dealer selected by any of them, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer, which we refer to as a “Primary Treasury Dealer,” IBM Credit will substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such redemption date.

On and after the redemption date, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company defaults in the payment of the redemption price and accrued interest. On or before the redemption date, the Company will deposit with a Paying Agent, or the Trustee, money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate.

In case an Event of Default with respect to the Notes, as defined in the Indenture, shall have occurred and be continuing, the principal hereof together with interest accrued thereon, if any, may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

 

  

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding of all series to be affected (acting as one class), to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities of such series to be affected; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of the principal of, or any installment of principal of or interest on, or the currency of payment of, any Security; (ii) reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof; (iii) impair the right to institute suit for the enforcement of any such payment on or after the fixed maturity thereof (or, in the case of redemption, on or after the redemption date); (iv) reduce the percentage in principal amount of the outstanding Securities of any series, the consent of whose holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the Indenture; (v) change any obligation of the Company, with respect to outstanding Securities of a series, to maintain an office or agency in the places and for the purposes specified in the Indenture for such series; or (vi) modify any of the foregoing provisions or the provisions for the waiver of certain covenants and defaults, except to increase any applicable percentage of the aggregate principal amount of outstanding Securities the consent of the holders of which is required or to provide with respect to any particular series the right to condition the effectiveness of any supplemental indenture as to that series on the consent of the holders of a specified percentage of the aggregate principal amount of outstanding Securities of such series or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each outstanding Security affected thereby.  It is also provided in the Indenture that the holders of a majority in aggregate principal amount of the Securities of a series at the time outstanding may on behalf of the holders of all the Securities of such series waive any past default under the Indenture with respect to such series and its consequences, except a default in the payment of the principal of, premium, if any, or interest, if any, on any Security of such series or in respect of a covenant or provision which cannot be modified without the consent of the Holder of each outstanding Security of the series affected.  Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed.

 

 

 

 

The Indenture permits the Company to Discharge its obligations with respect to the Notes on the 91st day following the satisfaction of the conditions set forth in the Indenture, which include the deposit with the Trustee of money or U.S. Government Obligations or a combination thereof sufficient to pay and discharge each installment of principal of (including premium, if any, on) and interest, if any, on the outstanding Notes.

If the Company shall, in accordance with Section 901 of the Indenture, consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, the successor shall succeed to, and be substituted for, the Person named as the “Company” on the face of this Note, all on the terms set forth in the Indenture.

The Notes are issuable in registered form without coupons in denominations of $100,000 and any integral multiple of $1,000 in excess thereof.  In the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for an equal aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City and State of New York.

Upon due presentation for registration of transfer of this Note at the office or agency of the Company for such registration in the Borough of Manhattan, The City and State of New York, or any other office or agency designated by the Company for such purpose, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith.

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee and any agent of the Company or the Trustee may deem and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue) for the purpose of receiving payment of the principal of, premium, if any, and interest on this Note, as herein provided, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be affected by any notice of the contrary.  All payments made to or upon the order of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Note.

No recourse for the payment of the principal of, premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

Unless otherwise defined in this Note, all terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.EX-10.1

 Exhibit 10.1 

WAIVER 
 THIS WAIVER (this
“Waiver”) is made as of February         , 2018 
 AMONG: 

BIOAMBER SARNIA INC. 
 as
Borrower 
 -and- 
 THE
LENDERS PARTY HERETO 
 -and- 

COMERICA BANK 
 as Agent

 BACKGROUND 
 WHEREAS pursuant
to a loan agreement dated as of June 20, 2014, as amended by a waiver and first amending agreement dated May 12, 2015, a waiver, consent and second amending agreement dated August 9, 2016, a waiver and third amending agreement dated
September 26, 2017, and a waiver and fourth amending agreement dated January 25, 2018 (the “WFAA”), among the parties hereto, the Secured Parties agreed to make certain credit facilities available to the Borrower for the
purposes set forth therein on and subject to the terms and conditions set forth therein (collectively, the “Loan Agreement”); 

AND WHEREAS the Borrower has requested that the Secured Parties waive compliance with the covenants and agreements set out in
Section 9.3.35 of the Loan Agreement (as set out in Section 3.1(f) of the WFAA) and the Secured Parties are prepared to grant such waiver on and subject to the terms and conditions set out in this Agreement. 

NOW THEREFORE in consideration of the mutual obligations contained herein and for other consideration, the receipt and sufficiency of
which are acknowledged, the parties agree as follows: 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	Definitions 

 Unless otherwise defined herein, words and expressions defined or given
extended meanings in the Loan Agreement are used with the same respective defined or extended meanings in this Waiver. 

	1.2	Reference to Agreements 

 Each reference in this Waiver to any agreement or document
(including this Waiver and any other defined term that is an agreement) shall be construed so as to include such agreement or document (including any attached schedules, appendices and exhibits) and each change thereto made at or before the time in
question. 
  

	1.3	Headings, etc. 

 The division of this Waiver into Articles, Sections and Subsections and
the insertion of headings are for the convenience of reference only and shall not affect the construction or interpretation of this Waiver. The terms “this Waiver”, “hereof’, “hereunder” and similar
expressions refer to this Waiver and not to any particular Article, Section, Subsection, paragraph, subparagraph, clause or other portion of this Waiver. 
  

	1.4	Grammatical Variations 

 In this Waiver, unless the context otherwise requires,
(a) words and expressions (including words and expressions (capitalized or not) defined, given extended meanings or incorporated by reference herein) in the singular include the plural and vice versa (the necessary changes being made to fit the
context), (b) words in one gender include all genders and (c) grammatical variations of words and expressions (capitalized or not) which are defined, given extended meanings or incorporated by reference in this Waiver shall be construed in like
manner. 
 ARTICLE 2 

WAIVER 
  

	2.1	Waiver 

 Subject to Article 3 and the other terms and conditions in this Waiver, the
Secured Parties party hereto, constituting the Agent and all of the Lenders, hereby waive (the “February 2018 Waiver”) compliance by the Borrower with the covenants and agreements set out in Section 9.3.35 of the Loan
Agreement (as set out in Section 3.1(f) of the WFAA). 
 The February 2018 Waiver is only in respect of those matters expressly
referred to in this Section 2.1 and shall not in any way be construed as a consent to, or a waiver of, any other condition, matter or provision relating to, or contained in, the Loan Agreement or any other Secured Document. 

 

	2.2	Validity 

 The February 2018 Waiver shall be void and of no force or effect if any of the
conditions set forth in Article 3 are not satisfied, fulfilled or otherwise met to the satisfaction of all of the Secured Parties, in which event the Secured Parties shall be deemed never to have given the February 2018 Waiver. 

  
 2 

 ARTICLE 3 

CONDITIONS TO WAIVER 
  

	3.1	Conditions Precedent 

 The February 2018 Waiver shall not become effective unless the
Agent confirms in writing (the “Effective Date”) to the Borrower and the Secured Parties that the conditions precedent set forth in this Section 3.1 have been satisfied, fulfilled or otherwise met to the satisfaction of all of
the Secured Parties: 
  

	 	(a)	the Agent receives a duly executed original (or facsimile or pdf copy) of this Waiver signed by each party hereto; 

  

	 	(b)	this Waiver shall be contemplated by and the subject of the opinions to be delivered by the Borrower to the Secured Parties in connection with the transactions contemplated by the WFAA, as the Agent, in its judgment,
may require; 

  

	 	(b)	the Borrower obtains and delivers to the Secured Parties the consent (the “Mitsui Consent”) of Mitsui & Co., Ltd. (“Mitsui”), which Mitsui Consent (i) shall be delivered
concurrent with the Mitsui consent contemplated by Section 4.1 of the WFAA by no later than February 9, 2018, and (ii) shall be contemplated in and the subject of any opinions delivered by Mitsui to the Secured Parties in connection
with the transactions contemplated by the WFAA, as the Agent, in its judgment, may require; 

  

	 	(c)	by not later than 2:00 pm on February 9, 2018, the Borrower shall have delivered to the Secured Parties an extended cash flow projection (the “2018 Cash Flow Projection”) which sets out the cash
flow projections for the Borrower and BioAmber (compiled both individually and on a consolidated basis) from February 9, 2018, to the end of December 2018, reviewed by the Secured Parties’ Consultant with respect to the reasonableness of
the underlying assumptions, and which shall be (i) accompanied by detailed line item descriptions and documentation supporting the disbursements and assumptions contained therein, (ii) in substantially the same form and on the same basis
as the Initial Cash Flow Projection attached as Schedule “A” to the WFAA, and (iii) in form and substance satisfactory to the Secured Parties; and 

  

	 	(c)	the Borrower delivers to the Agent such other agreements, documents and instruments as the Agent may, in its judgment, require. 

  

	3.2	Termination Events 

 The failure of the Borrower to satisfy, fulfill or otherwise meet
to the satisfaction of all of the Secured Parties each of the conditions noted in this Section 3.2 shall constitute a termination event (each a “Termination Event”) and upon the occurrence of a Termination Event the 2018 Waiver
shall be void and of no force or effect and the Secured Parties shall be deemed never to have given the February 2018 Waiver: 

  
 3 

 3.2.1 On or before March 15, 2018, the Borrower shall have raised cash in an amount sufficient to
enable it to maintain its ordinary course operations until June 30, 2018, as demonstrated to the Secured Parties in the Weekly Cash Flow Projection contemplated by Section 9.1.1(l) of the Loan Agreement (as set out in Section 3.1(c)
of the WFAA), which Weekly Cash Flow Projection is to be delivered on March 15, 2018 and otherwise in accordance with the provisions of the Loan Agreement and the WFAA; 

3.2.2 Commencing on February 9, 2018, and on each and every week thereafter, in connection with the delivery of the Weekly Cash Flow Projections
contemplated by section 9.1.1(l) of the Loan Agreement (as set out in Section 3.1(c) of the WFAA) the Borrower shall provide to the Secured Parties detailed line item descriptions of each and every disbursement contained in such Weekly Cash
Flow Projection; 
 3.2.3 By not later than June 30, 2018, the Borrower shall have closed a Transaction (as defined below) acceptable to the
Secured Parties in all respects. For the purposes of this Waiver, “Transaction” means (i) an equity financing, refinancing or other investment or addition of capital, (ii) a joint venture, partnership, merger or other
business combination, (iii) an asset sale, or, (iv) any combination the above. 
 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES 
  

	4.1	Representations and Warranties of the Borrower 

 The Borrower represents and warrants to
and in favour of each of the Secured Parties as follows: 
 4.1.1 The representations and warranties made by it to the Secured Parties under Article
8 of the Loan Agreement are true, accurate and complete in all material respects (except to the extent any such representation or warranty is already qualified by materiality, in which case it must be true and correct in all respects) as if they
were made both on the date of execution and delivery hereof and on the Effective Date with references therein to the Transaction Documents or a Transaction Document shall be construed so as to include this Waiver, and such representations and
warranties are hereby so repeated, it being understood that to the extent such representations and warranties relate solely to a specifically identified earlier date they need only be true and correct as of such earlier date. 

4.1.2 No Default or Event of Default shall have occurred and is continuing (except for Defaults and Events of Default described in the WFFA) or will
result from giving effect to the February 2018 Waiver. 
 4.1.3 All of the representations and warranties contained in this Article 4 are true and
correct on and as of the date of execution and delivery hereof and on the Effective Date. 

  
 4 

 ARTICLE 5 

CONFIRMATIONS AND COVENANTS OF THE BORROWER 
  

	5.1	Confirmations 

 5.1.1 This Waiver is not intended by the parties to, and shall not constitute, a
payment, discharge, satisfaction or novation of any obligation of the Borrower to the Secured Parties, including the whole or any item or part of the Secured Obligations. 

5.1.2 The Borrower ratifies and confirms its Secured Obligations and confirms and agrees that its Secured Obligations continue in full force and effect
without amendment, restatement, supplement, variation, novation or other change, except to the extent expressly waived herein, and is binding upon it. 

5.1.3 The execution, delivery and effectiveness of this Waiver shall not in any manner whatsoever reduce, release, discharge, impair or otherwise
prejudice or change the rights of the Secured Parties, including the whole or any item or part of the Secured Obligations, arising under, by reason of or otherwise in respect of any Secured Documents to which the Borrower is a party, except to the
extent expressly set out herein. 
 5.1.4 The execution, delivery and effectiveness of this Waiver shall not, except as previously provided herein,
operate as or in any way be construed as a consent to, or a waiver of, any other matter or provision relating to, or contained in, the Loan Agreement or any other Secured Document to which the Borrower is a party. 

5.1.5 The Borrower confirms and agrees that the postponements and other obligations expressed to be binding on it under or pursuant to the Loan
Agreement and other Secured Documents to which the Borrower is a party be unaffected by and shall be binding upon the Borrower and continue in full force and effect, inter alia, securing the Secured Obligations of the Borrower, and the entry into
effect of this Waiver shall not in any manner whatsoever reduce, release, discharge, terminate, impair or otherwise prejudice or change the rights of the Secured Parties arising under, by reason of or otherwise in respect of such postponements and
other obligations constituted by the Loan Agreement and other Secured Documents to which the Borrower is a party. 
 5.1.6 The Borrower confirms and
agrees that the Liens, postponements and subordinations expressed to be granted by the Borrower in favour of the Secured Parties under the Loan Agreement and other Secured Documents to which the Borrower is a party as security for the Secured
Obligations (the “Existing Security”) shall be binding upon it and the Collateral (as defined in each Secured Document to which the Borrower is a party) and shall be unaffected by and shall continue in full force and effect
notwithstanding this Waiver, and the execution and delivery of this Waiver shall not in any manner whatsoever reduce, release, discharge, terminate, impair or otherwise prejudice or change the rights of the Secured Parties arising under, by reason
of or otherwise in respect of the Loan Agreement and other Secured Documents to which the Borrower is a party. 
 5.1.7 The Borrower ratifies and
confirms its obligations under the Loan Agreement and other Secured Documents to which the Borrower is a party and agrees that its obligations under the Loan Agreement and other Secured Documents to which the Borrower is a party continue in full
force and effect without change and is binding upon the Borrower. 

  
 5 

 5.1.8 The Borrower ratifies and confirms the Loan Agreement and other Secured Documents to which the
Borrower is a party and its Existing Security and confirms and agrees that its Existing Security continues in full force and effect without change, and each of the Loan Agreement and other Secured Documents to which the Borrower is a party and the
Existing Security is binding upon the Collateral (as defined in each applicable Secured Document to which the Borrower is a party), and continues to secure the obligations expressed to be secured thereby. 

5.1.9 The Borrower hereby confirms that it has no claim for set-off, counter-claim or damages on any basis
whatsoever against the Agent or any of the Secured Parties and the Borrower hereby releases and forever discharges the Agent and each of the Secured Parties, and the Agent’s and each of the Secured Parties’ employees, officers, directors,
agents and advisors and their representatives and successors from any and all manner of actions, causes of actions, suits, contracts, claims, demands, damages, costs and expenses of any nature or kind whatsoever, whether known or unknown, suspected
or unsuspected whether at law or in equity, which the Borrower ever had or now have or which the Borrower or its administrators, officers, agents, successors and assigns hereafter can, shall or may have or by reason of any cause, matter or thing
whatsoever existing up to the present time and relating to this Waiver, the Loan Agreement, the other Loan Documents, the Secured Obligations, the Guarantees, the Sponsors Security Documents, or the Agent’s or the Secured Parties’ actions,
errors or omissions with regard thereto. 
 ARTICLE 6 

GENERAL 
  

	6.1	Further Assurances 

 The Borrower shall, at its own expense, do, make, execute or deliver
all such further acts, documents and things in connection with this Waiver as the Agent may reasonably require for the purpose of giving effect to this Waiver, all promptly following the request of the Agent. 

 

	6.2	Fees & Expenses 

 The Borrower shall promptly following the request by the
Agent, reimburse the Agent and the Lenders on a full indemnity basis for all reasonable out-of-pocket fees, costs and expenses incurred by the Agent and the Lenders
(including fees, costs and expenses of Lenders’ Counsel) in connection with this Waiver and the transactions contemplated herein. 
  

	6.3	Benefit & Burden 

 This Waiver shall enure to the benefit of and be binding upon
the parties hereto, their respective successors and each assignee of some or all of the rights or obligations of the parties under the Loan Documents permitted by Section 12.10 of the Loan Agreement. 

  
 6 

	6.4	Loan Document 

 This Waiver shall constitute a Loan Document. 

 

	6.5	Counterparts 

 This Waiver may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Waiver to produce or account for more than one such counterpart.
Transmission of a copy of an executed signature page of this Waiver by facsimile or e-mail in pdf format by one party hereto to each other party hereto, shall be as effective as delivery of an original
manually executed counterpart hereof to each other party hereto. 
  

	6.6	Governing Law 

 This Waiver shall be governed by, and construed and interpreted in
accordance with, the laws in force in the Province of Ontario, including the federal laws of Canada applicable therein, but excluding choice of law rules. Such choice of law shall, however, be without prejudice to or limitation of any other rights
available to the Secured Parties under the laws of any jurisdiction where the Borrower or its property may be located. 
 [The Remainder
of this Page is Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed 

 

			
	BIOAMBER SARNIA INC.
		
	By:	 	  

	 	 	Name:
	 	 	Title:

  
 SIGNATURE PAGE TO WAIVER

 
			
	COMERICA BANK, as Agent
		
	By:	 	  

	 	 	Name:
	 	 	Title:
		
	By:	 	  

	 	 	Name:
	 	 	Title:

  
 SIGNATURE PAGE TO WAIVER

 
			
	COMERICA BANK, as Lender
		
	By:	 	  

	 	 	Name:
	 	 	Title:
		
	By:	 	  

	 	 	Name:
	 	 	Title:

  
 SIGNATURE PAGE TO WAIVER

 
			
	EXPORT DEVELOPMENT CANADA, as Lender
		
	By:	 	  

	 	 	Name:
	 	 	Title:
		
	By:	 	  

	 	 	Name:
	 	 	Title:

  
 SIGNATURE PAGE TO WAIVER

 
			
	FARM CREDIT CANADA, as Lender
		
	By:	 	  

	 	 	Name:
	 	 	Title:
		
	By:	 	  

	 	 	Name:
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]