Document:

Cash Advance Agreement bet. Birks & Mayors Inc. & Montrovest B.V., dated 2/10/09

 Exhibit 4.64 
 CASH ADVANCE AGREEMENT 
 CASH ADVANCE AGREEMENT with effect as of February 10, 2009. 

 

			
	BETWEEN:	  	MONTROVEST B.V., a legal person incorporated under the laws of Netherlands;
		
		  	(the “Lender”)
		
	AND:	  	BIRKS & MAYORS INC., a legal person incorporated under the laws of Canada;
		
		  	(the “Borrower”)

 WHEREAS the Borrower wishes to borrow certain amounts from the Lender and the Lender has agreed to lend
such amounts to the Borrower, subject to and in accordance with the provisions hereof. 
 NOW THEREFORE, THE PARTIES HERETO HAVE AGREED AS FOLLOWS: 

 DEFINITIONS 
 In this Agreement,
capitalized terms not otherwise defined herein, shall have the following meaning: 
 “Management Subordination Agreement” means the
subordination and postponement agreement dated as of December 17, 2008, with, inter alia, the Borrower, the Lender, and each Senior Agent, as amended and in effect pursuant to the terms thereof from time to time. 
 “Revolving Credit Agreement” means the Amended and Restated Credit and Security Agreement dated as of December 17, 2008, with, inter alia,
the Borrower and Mayor’s Jewelers, Inc., as borrowers, and Bank of America, N.A., as administrative agent and collateral agent, Bank of America, N.A., as Canadian administrative agent and Canadian collateral agent and the financial institutions
party thereto from time to time as secured parties. 
 “Senior Agents” means, collectively, Bank of America, N.A., in its capacity as
administrative agent and collateral agent, and GB Merchant Partners, LLC, in its capacity as administrative agent. 

 “Senior Credit Agreements” means, collectively, the Revolving Credit Agreement and the Term Loan
Agreement, each as amended, amended and restated, supplemented, refinanced, replaced or otherwise modified and in effect from time to time. 
 “Senior Secured Parties” means, collectively, the secured parties under the Revolving Credit Agreement and the secured parties under the Term Loan Agreement. 
 “Term Loan Agreement” means the Term Loan and Security Agreement dated as of December 17, 2008, with, inter alia, the Borrower and Mayor’s Jewelers, Inc., as borrowers, GB Merchant
Partners, LLC, as administrative agent and collateral agent, and the financial institutions party thereto from time to time as secured parties. 
 ARTICLE 1 
 CASH ADVANCE 
  

	1.1	The Facility 

 Subject to the provisions
hereof, the Lender agrees to make available to the Borrower a cash advance in an amount of up to two million US dollars (US $2,000,000) (the “Cash Advance”) of the five million US dollars (US$5,000,000) (the “Private Placement
Investment”) that the Lender is prepared to invest by participating in a private placement arrangement described in Schedule 1 attached hereto (the “Private Placement”) based on the Borrower’s needs supported by a financial needs
analysis illustrating the Borrower’s need for the funds in order to maintain the positive excess availability required under the Senior Credit Agreements. 
 The Lender shall invest the remaining amounts of the Private Placement Investment upon execution of the Private Placement by the Borrower. 
  

	1.2	Purpose of the Cash Advance 

 The Cash
Advance advanced by the Lender to the Borrower in accordance with the provisions hereof shall be used for working capital needs and may be used by the Borrower to issue a letter of credit in an amount of one million CDN dollars (CDN$1,000,000) to
Investissement Québec as may be required by Investissement Québec for the granting of a ten million CDN dollars (CDN$10,000,000) loan to the Borrower. 
  

	1.3	Interest 

 The principal amount of the Cash
Advance which, at any time and from time to time, remains outstanding shall bear interest, calculated daily, on the daily balance of such Cash Advance, from the date hereof up to and including the day preceding the date of repayment, in full, at an
annual rate of 16%. 
  

 - 2 - 

	1.4	Payment of Interest 

 The interest payable in
accordance with Section 1.3 and calculated in the manner described therein shall be payable to the Lender monthly in arrears on the 1st business day of each calendar month to the extent permitted under Section 5.6. 
 ARTICLE 2 
 REPAYMENT

  

	2.1	Repayment of the Cash Advance 

 Subject to
the terms of Section 5.6 and each of the Senior Credit Agreements, the Borrower may repay the Cash Advance, in whole or in part, at any time and without any premium or penalty, upon notice of not less than seven (7) days. 
 The Cash Advance shall be converted into a convertible debenture upon the execution by the Borrower of the Private Placement. A fee of 7% of the
outstanding principal amount of the Borrower Obligations (as hereinafter defined) converted into a convertible debenture or Class A shares shall be paid to the Lender upon such conversion in accordance with the Management Subordination
Agreement. In the event that the Borrower Obligations are not converted into a convertible debenture or Class A shares of the Borrower, the Borrower Obligations will be repaid by the Borrower to the Lender, upon demand, upon terms and
conditions as may be agreed upon by the parties hereto and subject to the terms of the Senior Credit Agreements and s. 5.6 hereof. 
  

	2.2	Fees 

 No commitment fee or any other fee
with regard to the availability of the Cash Advance shall be payable by the Borrower in respect of the Cash Advance. 
  

	2.3	No Compensation or Counterclaim by Borrower 

 All payments by the Borrower to the Lender hereunder shall be made free and clear of and without any deduction for or on account of any compensation or counterclaim. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower hereby represents and warrants to the Lender that: 
  

	3.1	Incorporation 

 The Borrower is a corporation
duly incorporated and organized, validly existing and in good standing under all laws, ordinances, decrees, orders, rules, regulations and directives of governmental bodies, in each case having the force of law, and all applicable provisions of
treaties, as well as all ordinances and other decrees of tribunals and arbitrators (the “Laws”) of its jurisdiction of incorporation and of all jurisdictions in which it carries on business. The Borrower has the capacity and power,
whether corporate or otherwise, to hold its assets and carry on the business presently carried on by it or which it proposes to carry on hereafter in each jurisdiction where such business is carried on. 
  

 - 3 - 

	3.2	Authorization 

 The Borrower has the power
and has taken all necessary steps under the Law in order to be authorized to borrow hereunder and to execute and deliver and perform its obligations under this Agreement in accordance with the terms and conditions hereof has been duly executed and
delivered by duly authorized officers of the Borrower and is, and when executed and delivered in accordance with the terms thereof, shall be, a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms. 

 

	3.3	Compliance of this Agreement 

 The execution
and delivery of and performance of the obligations under this Agreement in accordance with its terms therein, do not require any consents or approvals, do not violate any Laws, do not conflict with, violate or constitute a breach under the
constating documents or by-laws of the Borrower or under any material agreements, contracts or deeds to which the Borrower is a party or binding upon it or its assets which have not been obtained. 
  

	3.4	Regulatory Approvals 

 The Borrower is not
required to obtain any consent, approval, authorization, permit or license, nor to effect any filing or registration with any federal, provincial or other regulatory authority in connection with the execution, delivery or performance of the Cash
Advance Agreement which has not been obtained. 
 ARTICLE 4 
 INDEMNITY 
  

	4.1	Indemnity 

 The Borrower shall at all times
protect, indemnify and hold harmless the Lender and its affiliates, directors, officers, agents and employees (collectively, the “Indemnified Parties”) from and against any losses, claims, damages, liabilities or other expenses
which arise out of or in connection with the Cash Advance or this Agreement, including those which may arise from or in respect of the failure of the Borrower to pay principal, interest, fees or any other amount hereunder when due, the exercise by
the Lender of its rights and recourses under this Agreement and at Law and any action, suit or proceeding (whether or not any Indemnified Party is a party or is subject thereto). 
  

 - 4 - 

 ARTICLE 5 
 MISCELLANEOUS 
  

	5.1	Notice 

 Any notice or other communication
required or permitted to be given by the terms of this Agreement, shall be in writing and be effectively given if delivered personally, sent by courier service, sent by registered mail, or sent by facsimile, or other means of electronic
communication and confirmed through receipt of electronic or other written confirmation that the notice has been received by the other party. 
 Notice to the Borrower shall be given to: 
 c/o Birks & Mayors Inc. 
 1240 Phillips Square 
 Montreal, Quebec,
Canada M3B 3H4 
 Attention: Group VP, Finance and Group VP, Legal Affairs 
 Telephone: (514) 397-2572; (514) 397-2509 
 Telecopier: (514) 397-2472; (514) 397-2537 
 Notice to the Lender shall be given to: 
 Montrovest B.V. 
 Spoorsingel 11 

2871 TT Schoonhoven 
 P.O. Box 513, 2870 AH
Schoonhoven 
 THE NETHERLANDS 
 Attention: Managing Director 
 Telephone: (31) 182-386070 
 Telecopier: (31) 182-387570 
 or to such
other individuals as either party may designate in writing from time to time. If received after 4:00 p.m. on a business day, notice shall be deemed to have been received on the next business day. Any notice sent by registered mail shall be
deemed to be received within three (3) business days. 
  

	5.2	Payments 

 All payments to the Lender
contemplated hereunder shall, unless the Borrower receives written instructions to the contrary from the Lender, be made at the address for the Lender set forth in Section 5.1. 
  

	5.3	Amendment and Waiver 

 The rights and
recourses of the Lender under this Agreement are cumulative and do not exclude any other rights and recourses which the Lender might have, and no omission or delay on the part of the Lender in the exercise of any right shall have the effect of
operating as a waiver of such right, and the partial or sole exercise of a right or power will not prevent the Lender from exercising thereafter any other right or power. 
  

 - 5 - 

	5.4	Benefit of Agreement 

 This Agreement shall
be binding upon and enure to the benefit of each party hereto and its successors and permitted assigns. This agreement may be assigned by the Lender without the Borrower’s consent, provided that the assignee thereof agrees to be bound by the
terms of Section 5.6 pursuant to documentation satisfactory to each Senior Agent. The Borrower may not assign this Agreement without the prior written consent of the Lender. 
  

	5.5	Further Assurances 

 The Borrower covenants
and agrees that, at the request of the Lender, the Borrower will at any time and from time to time execute and deliver such further and other documents and instruments and do all acts and things as the Lender in its absolute discretion requires in
order to evidence the indebtedness of the Borrower under this Agreement or otherwise. 
  

	5.6	Subordination 

 Notwithstanding anything to
the contrary contained herein or in any other document executed and delivered in connection with this Cash Advance Agreement, each of the parties hereto acknowledges, agrees and covenants that all of the Borrower’s indebtedness and other
obligations hereunder and under any other documents or instruments executed and delivered in connection herewith or pursuant to the terms hereof or thereof (the “Borrower Obligations”) shall at all times remain inferior and junior
and shall be subordinated in full to all present and future indebtedness, liabilities and obligations of the Borrower to the Senior Agents and the Senior Secured Parties under the Senior Credit Agreements and any other documents creating or
evidencing the hypothecs or other security granted or to be granted to the Senior Agents and the Senior Secured Parties as security for the obligations under the Senior Credit Agreements and any other agreement, document or instrument ancillary or
accessory thereto, as amended, supplemented or replaced from time to time, in capital, interest, fees and accessories including interest on overdue interest, fees and accessories (the “Senior Indebtedness”) and that payment of the
Borrower Obligations, in whole or in part, whether in principal, interest, fees, accessories or otherwise, whether at maturity, before maturity or upon default, shall be postponed to the indefeasible payment of the Senior Indebtedness in full in
cash unless otherwise allowed by the Senior Agents through an amendment to the Senior Credit Agreements or otherwise. In addition, the Borrower Obligations shall at all times remain unsecured. This provision is intended for the benefit of, and each
of the Senior Agents are third party beneficiaries of this provision, and may be enforced by, each of the Senior Agents and Senior Secured Parties, as third parties beneficiaries of this provision. This Agreement may not be amended, waived or
otherwise modified without the prior written consent of each Senior Agent. 
  

 - 6 - 

	5.7	Currency 

 Unless the contrary is indicated,
all amounts referred to herein are expressed in US dollars. 
  

	5.8	Applicable Law 

 This Agreement, its
interpretation and its application shall be governed by the Laws of the Province of Québec. The parties hereto irrevocably attorn to the jurisdiction of the Courts of the Province of Québec sitting in Montreal. 
  

	5.9	Language 

 The parties acknowledge that they
have required that the present agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto be drawn up in English. Les parties reconnaissent avoir
exigé la rédaction en anglais de la présente convention ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées, directement ou indirectement, relativement ou
à la suite de la présente convention. 
  

	5.10	Entire Agreement 

 This Agreement together
with all documents to be delivered in conjunction herewith constitutes the entire agreement by and among the parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether
oral or written, of the parties. 
 [Signature page follows] 
  

 - 7 - 

 IN WITNESS WHEREOF, the parties hereto have signed this agreement as of the date first hereinabove mentioned.

  

			
	MONTROVEST B.V.
		
	By:	 	 /s/  Filippo Recami

	Name:	 	Filippo Recami
	Title:	 	Managing Director
	
	BIRKS & MAYORS INC.
		
	By:	 	 /s/ Michael Rabinovitch

	Name:	 	Michael Rabinovitch
	Title:	 	Senior VP and CFO
		
	By:	 	 /s/ Marco Pasteris

	Name:	 	Marco Pasteris
	Title:	 	Group VP, Finance and Treasurer

  

 - 8 -Cash Advance Agreement bet. Birks & Mayors Inc. & Montrovest B.V., dated 5/21/09

 Exhibit 4.65 
 EXECUTION VERSION 
 CASH ADVANCE AGREEMENT 
 CASH ADVANCE AGREEMENT with effect as of May 21, 2009. 
  

			
	BETWEEN:	  	MONTROVEST B.V., a legal person incorporated under the laws of Netherlands;
		
		  	(the “Lender”)
		
	AND:	  	BIRKS & MAYORS INC., a legal person incorporated under the laws of Canada;
		
		  	(the “Borrower”)

 WHEREAS the Lender and the Borrower entered into a Cash Advance Agreement with an effective date of
February 10, 2009 for a cash advance of US$2 million (the “Initial Cash Advance Agreement”); 
 AND WHEREAS the Borrower wishes to
borrow a further three million one hundred United States dollars from the Lender and the Lender has agreed to lend such amount to the Borrower, subject to and in accordance with the provisions hereof. 
 NOW THEREFORE, THE PARTIES HERETO HAVE AGREED AS FOLLOWS: 
 DEFINITIONS 
 In this Agreement, capitalized terms not otherwise defined herein, shall have the following meaning: 
 “Management Subordination Agreement” means the subordination and postponement agreement dated as of December 17, 2008, with, inter alia, the
Borrower, the Lender, and each Senior Agent, as amended and in effect pursuant to the terms thereof from time to time. 
 “Postponement and
Subordination Agreement” means the postponement and subordination agreement dated as of May 21, 2009, with, inter alia, the Borrower, the Lender, and each Senior Agent, as amended and in effect pursuant to the terms thereof from
time to time. 
 “Revolving Credit Agreement” means the Amended and Restated Credit and Security Agreement dated as of December 17,
2008 (as amended, amended and restated, supplemented, refinanced, replaced or otherwise modified and in effect from time to time), with, inter alia, the Borrower and Mayor’s Jewelers, Inc., as borrowers, and Bank of America, N.A., as
administrative agent and collateral agent, Bank of America, N.A., as Canadian administrative agent and Canadian collateral agent and the financial institutions party thereto from time to time as secured parties. 

 “Senior Agents” means, collectively, Bank of America, N.A., in its capacity as administrative agent and
collateral agent, and GB Merchant Partners, LLC, in its capacity as administrative agent. 
 “Senior Credit Agreements” means, collectively,
the Revolving Credit Agreement and the Term Loan Agreement, each as amended, amended and restated, supplemented, refinanced, replaced or otherwise modified and in effect from time to time. 
 “Senior Secured Parties” means, collectively, the secured parties under the Revolving Credit Agreement and the secured parties under the Term Loan
Agreement. 
 “Term Loan Agreement” means the Term Loan and Security Agreement dated as of December 17, 2008 (as amended, amended and
restated, supplemented, refinanced, replaced or otherwise modified and in effect from time to time), with, inter alia, the Borrower and Mayor’s Jewelers, Inc., as borrowers, GB Merchant Partners, LLC, as administrative agent and
collateral agent, and the financial institutions party thereto from time to time as secured parties. 
 ARTICLE 1 
 CASH ADVANCE 
  

	1.1	The Facility 

 Subject to the provisions
hereof, the Lender agrees to make available to the Borrower a second cash advance in an amount of three million one hundred United States dollars (US $3,000,100) (the “Second Cash Advance”) based on the Borrower’s needs
supported by a financial needs analysis illustrating the Borrower’s need for the funds in order to maintain the positive excess availability required under the Senior Credit Agreements. The Second Cash Advance, together with the US$2 million
advanced on or about February 13, 2009 pursuant to the Initial Cash Advance Agreement, will amount to a total of five million one hundred United States dollars (US$5,000,100) of cash advances (the “Investment”). 
  

	1.2	Purpose of the Cash Advance 

 The Second Cash
Advance advanced by the Lender to the Borrower in accordance with the provisions hereof shall be used for working capital needs. 
  

	1.3	Interest 

 The principal amount of the Second
Cash Advance which, at any time and from time to time, remains outstanding shall bear interest, calculated daily, on the daily balance of such Second Cash Advance, from the date hereof up to and including the day preceding the date of repayment, in
full, at an annual rate of 16% net of withholding taxes. 
  

 - 2 - 

	1.4	Payment of Interest 

 The interest payable in
accordance with Section 1.3 and calculated in the manner described therein shall be payable to the Lender monthly in arrears on the 1st business day of each calendar month to the extent permitted under Section 5.6. 
 ARTICLE 2 
 REPAYMENT

  

	2.1	Repayment of the Cash Advance 

 Subject to
the terms of Section 5.6 and each of the Senior Credit Agreements, the Borrower may repay the Second Cash Advance, in whole or in part, at any time and without any premium or penalty, upon notice of not less than seven (7) days.

 The Investment, including the Second Cash Advance, shall be converted into a convertible debenture or Class A voting shares upon the
execution by the Borrower of the private placement described in Schedule 1 attached hereto. A fee of 7% of the outstanding principal amount of the Borrower Obligations (as hereinafter defined) converted into a convertible debenture or Class A
shares shall be paid to the Lender upon such conversion subject to the Management Subordination Agreement and the Postponement and Subordination Agreement. In the event that the Borrower Obligations are not converted into a convertible debenture or
Class A shares of the Borrower, the Borrower Obligations will be repaid by the Borrower to the Lender, upon demand, upon terms and conditions as may be agreed upon by the parties hereto and subject to the terms of the Senior Credit Agreements
and Section 5.6 hereof. 
  

	2.2	Fees 

 No commitment fee or any other fee
with regard to the availability of the Second Cash Advance shall be payable by the Borrower in respect of the Second Cash Advance. 
  

	2.3	No Compensation or Counterclaim by Borrower 

 All payments by the Borrower to the Lender hereunder shall be made free and clear of and without any deduction for or on account of any compensation or counterclaim. 
  

 - 3 - 

 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 The Borrower hereby represents and warrants to the Lender that:

  

	3.1	Incorporation 

 The Borrower is a corporation
duly incorporated and organized, validly existing and in good standing under all laws, ordinances, decrees, orders, rules, regulations and directives of governmental bodies, in each case having the force of law, and all applicable provisions of
treaties, as well as all ordinances and other decrees of tribunals and arbitrators (the “Laws”) of its jurisdiction of incorporation and of all jurisdictions in which it carries on business. The Borrower has the capacity and power,
whether corporate or otherwise, to hold its assets and carry on the business presently carried on by it or which it proposes to carry on hereafter in each jurisdiction where such business is carried on. 
  

	3.2	Authorization 

 The Borrower has the power
and has taken all necessary steps under the Law in order to be authorized to borrow hereunder and to execute and deliver and perform its obligations under this Agreement in accordance with the terms and conditions hereof has been duly executed and
delivered by duly authorized officers of the Borrower and is, and when executed and delivered in accordance with the terms thereof, shall be, a legal, valid and binding obligation of the Borrower enforceable in accordance with its terms. 

 

	3.3	Compliance of this Agreement 

 The execution
and delivery of and performance of the obligations under this Agreement in accordance with its terms therein, do not require any consents or approvals, do not violate any Laws, do not conflict with, violate or constitute a breach under the
constating documents or by-laws of the Borrower or under any material agreements, contracts or deeds to which the Borrower is a party or binding upon it or its assets which have not been obtained. 
  

	3.4	Regulatory Approvals 

 The Borrower is not
required to obtain any consent, approval, authorization, permit or license, nor to effect any filing or registration with any federal, provincial or other regulatory authority in connection with the execution, delivery or performance of this
Agreement which has not been obtained. 
  

 - 4 - 

 ARTICLE 4 
 INDEMNITY 
  

	4.1	Indemnity 

 The Borrower shall at all times
protect, indemnify and hold harmless the Lender and its affiliates, directors, officers, agents and employees (collectively, the “Indemnified Parties”) from and against any losses, claims, damages, liabilities or other expenses
which arise out of or in connection with the Second Cash Advance or this Agreement, including those which may arise from or in respect of the failure of the Borrower to pay principal, interest, fees or any other amount hereunder when due, the
exercise by the Lender of its rights and recourses under this Agreement and at Law and any action, suit or proceeding (whether or not any Indemnified Party is a party or is subject thereto). 
 ARTICLE 5 
 MISCELLANEOUS 
  

	5.1	Notice 

 Any notice or other communication
required or permitted to be given by the terms of this Agreement, shall be in writing and be effectively given if delivered personally, sent by courier service, sent by registered mail, or sent by facsimile, or other means of electronic
communication and confirmed through receipt of electronic or other written confirmation that the notice has been received by the other party. 
 Notice to the Borrower shall be given to: 
 c/o Birks & Mayors Inc. 
 1240 Phillips Square 
 Montreal, Quebec,
Canada M3B 3H4 
 Attention: Group VP, Finance and Group VP, Legal Affairs 
 Telephone: (514) 397-2572; (514) 397-2509 
 Telecopier: (514) 397-2472; (514) 397-2537 
 Notice to the Lender shall be given to: 
 Montrovest B.V. 
 Spoorsingel 11 

2871 TT Schoonhoven 
 P.O. Box 513, 2870 AH
Schoonhoven 
 THE NETHERLANDS 
 Attention: Managing Director 
 Telephone: (31) 182-386070 
 Telecopier: (31) 182-387570 
  

 - 5 - 

 or to such other individuals as either party may designate in writing from time to time. If received
after 4:00 p.m. on a business day, notice shall be deemed to have been received on the next business day. Any notice sent by registered mail shall be deemed to be received within three (3) business days. 
  

	5.2	Payments 

 All payments to the Lender
contemplated hereunder shall, unless the Borrower receives written instructions to the contrary from the Lender, be made at the address for the Lender set forth in Section 5.1. 
  

	5.3	Amendment and Waiver 

 The rights and
recourses of the Lender under this Agreement are cumulative and do not exclude any other rights and recourses which the Lender might have, and no omission or delay on the part of the Lender in the exercise of any right shall have the effect of
operating as a waiver of such right, and the partial or sole exercise of a right or power will not prevent the Lender from exercising thereafter any other right or power. 
  

	5.4	Benefit of Agreement 

 This Agreement shall
be binding upon and enure to the benefit of each party hereto and its successors and permitted assigns. This agreement may be assigned by the Lender without the Borrower’s consent, provided that the assignee thereof agrees to be bound by the
terms of Section 5.6 pursuant to documentation satisfactory to each Senior Agent. The Borrower may not assign this Agreement without the prior written consent of the Lender. 
  

	5.5	Further Assurances 

 The Borrower covenants
and agrees that, at the request of the Lender, the Borrower will at any time and from time to time execute and deliver such further and other documents and instruments and do all acts and things as the Lender in its absolute discretion requires in
order to evidence the indebtedness of the Borrower under this Agreement or otherwise. 
  

	5.6	Subordination 

 Notwithstanding anything to
the contrary contained herein or in any other document executed and delivered in connection with this Agreement but subject at all times to the Postponement and Subordination Agreement, each of the parties hereto acknowledges, agrees and covenants
that all of the Borrower’s indebtedness and other obligations hereunder and under any other documents or instruments executed and delivered in connection herewith or pursuant to the terms hereof or thereof (the “Borrower
Obligations”) shall at all times remain inferior and junior and shall be subordinated in full to all present and future 

  

 - 6 - 

 
indebtedness, liabilities and obligations of the Borrower to the Senior Agents and the Senior Secured Parties under the Senior Credit Agreements and any
other documents creating or evidencing the hypothecs or other security granted or to be granted to the Senior Agents and the Senior Secured Parties as security for the obligations under the Senior Credit Agreements and any other agreement, document
or instrument ancillary or accessory thereto, as amended, supplemented or replaced from time to time, in capital, interest, fees and accessories including interest on overdue interest, fees and accessories (the “Senior
Indebtedness”) and that payment of the Borrower Obligations, in whole or in part, whether in principal, interest, fees, accessories or otherwise, whether at maturity, before maturity or upon default, shall be postponed to the indefeasible
payment of the Senior Indebtedness in full in cash unless otherwise allowed by the Postponement and Subordination Agreement or the written authorization of the Senior Agents. In addition, the Borrower Obligations shall at all times remain unsecured.
This provision is intended for the benefit of, and each of the Senior Agents are third party beneficiaries of this provision, and may be enforced by, each of the Senior Agents and Senior Secured Parties, as third parties beneficiaries of this
provision. This Agreement may not be amended, waived or otherwise modified without the prior written consent of each Senior Agent. 
  

	5.7	Currency 

 Unless the contrary is indicated,
all amounts referred to herein are expressed in US dollars. 
  

	5.8	Applicable Law 

 This Agreement, its
interpretation and its application shall be governed by the Laws of the Province of Québec. The parties hereto irrevocably attorn to the jurisdiction of the Courts of the Province of Québec sitting in Montreal. 
  

	5.9	Language 

 The parties acknowledge that they
have required that the present agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto be drawn up in English. Les parties reconnaissent avoir
exigé la rédaction en anglais de la présente convention ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées, directement ou indirectement, relativement ou
à la suite de la présente convention. 
  

	5.10	Entire Agreement 

 This Agreement together
with all documents to be delivered in conjunction herewith constitutes the entire agreement by and among the parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether
oral or written, of the parties. 
  

 - 7 - 

	5.11	Counterparts 

 This Agreement may be executed
in counterparts, each of which taken together shall constitute one instrument. This Agreement may be executed and delivered by facsimile or electronic communication, and it shall have the same force and effect as manually signed originals. Any party
hereto may require confirmation by a manually-signed original, but failure to request or deliver same shall not limit the effectiveness of any such facsimile signature or signature received by electronic communication. 
 [Signature page follows] 
  

 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have signed this agreement as of the date first hereinabove mentioned.

  

			
	MONTROVEST B.V.
		
	By:	 	 /s/ Filippo Recami

	Name:	 	Filippo Recami
	Title:	 	Managing Director
		
	By:	 	 /s/ Antonie De Ruiter

	Name:	 	Antonie De Ruiter
	Title:	 	Managing Director
	
	BIRKS & MAYORS INC.
		
	By:	 	 /s/ Michael Rabinovitch

	Name:	 	Michael Rabinovitch
	Title:	 	Senior VP and CFO
		
	By:	 	 /s/ Marco Pasteris

	Name:	 	Marco Pasteris
	Title:	 	Group VP, Finance and Treasurer

  

 - 9 -

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