Document:

EX-4.1

   

  Exhibit 4.1

  Sustainable Incremental Facility Notice

  To: 	Skandinaviska Enskilda Banken AB (publ) as Agent

  From: 	Oatly Group AB (publ) (reg. no. 559081-1989) as the Company;

  	Oatly AB (reg. no. 556446-1043) as Original Borrower and Obligors’ Agent;

  Cereal Base CEBA Aktiebolag (reg. no. 556482-2988) as pledgor (the “Pledgor”); and

  the entities listed in the Schedule as Sustainable Incremental Facility Lenders (the “Sustainable Incremental Facility Lenders”)

  Dated: 	 23  June 2022

  Oatly Group AB (publ) – SEK 3,600,000,000 Sustainable Revolving Credit Facility Agreement
originally dated 14 April 2021 (as amended and restated by an amendment and restatement agreement dated 14 July 2021 and as further amended by an amendment letter dated 28 March 2022) (the “Agreement”)

  1.We refer to the Agreement. This is a Sustainable Incremental Facility Notice. This Sustainable Incremental Facility Notice shall take effect as a Sustainable Incremental Facility Notice for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in this Sustainable Incremental Facility Notice unless given a different meaning in this Sustainable Incremental Facility Notice.

  2.We refer to clause 8 (Establishment of Incremental Facilities) of the Agreement.

  3.We request the establishment of a Sustainable Incremental Facility with the following Sustainable Incremental Facility Terms:

  (a)Base Currency: SEK.

  (b)Optional Currencies: Same as for the Sustainable Revolving Facility.

  (c)Total Sustainable Incremental Facility Commitments: SEK 850,000,000.

  (d)Margin: Same as for the Sustainable Revolving Facility (for the avoidance of doubt, thereby also subject to the provisions of the definition of “Margin” set out in clause 1.1 (Definitions), clause 12.3 (Sustainability Adjustments) and clause 12.4 (Margin premium for Loans and Unpaid Sums in USD and GBP) of the Agreement).

  (e)Commitment fee: Same as for the Sustainable Revolving Facility (for the avoidance of doubt, commencing from and including the Establishment Date).

  (f)Borrower to which the Sustainable Incremental Facility is to be made available: Oatly AB.

  (g)Purpose(s) for which all amounts borrowed under the Sustainable Incremental Facility shall be applied pursuant to clause 3.1 (Purpose) of the Agreement: Same as for the Sustainable Revolving Facility.

  (h)Availability Period: Until the date falling one (1) month from the Termination Date applicable to the Sustainable Incremental Facility.

  (i)Sustainable Incremental Facility Conditions Precedent: 

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  (i)a duly executed copy of the Fee Letter relating to the Sustainable Incremental Facility; 

  (ii)a copy of the constitutional documents of the Company, the Original Borrower and the Pledgor;

  (iii)a copy of a resolution of the board of directors of the Original Borrower and the Pledgor;

  (A)approving the terms of, and the transactions contemplated by, this Sustainable Incremental Facility Notice and resolving that it execute, deliver and perform the Sustainable Incremental Facility Notice;

  (B)authorising a specified person or persons to execute this Sustainable Incremental Facility Notice on its behalf; and

  (C)authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Sustainable Incremental Facility Notice;

  (iv)a copy of a passport, identity card or driver’s license (each of which includes a copy of the signature) or a specimen of the signature of, in each case, each person that is authorised by the resolution referred to in paragraph (iii) above in relation to this Sustainable Incremental Facility Notice; and

  (v)a certificate of an authorised signatory of the Original Borrower and the Pledgor certifying that each copy document relating to it specified in paragraphs (ii) to (iv) above is a correct and complete copy of the original and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Sustainable Incremental Facility Notice. 

  (j)Termination Date: Same as for the Sustainable Revolving Facility as at the date of this letter.

  (k)Type of facility: Revolving credit facility.

  4.The proposed Establishment Date is the date falling two (2) Business Days after the date of this Sustainable Incremental Facility Notice. 

  5.The Agent acknowledges that the Majority Lenders have agreed to waive the 15 Business Days’ notice requirement set out in paragraph (a) of clause 8.2 (Delivery of a Sustainable Incremental Facility Notice) of the Agreement, provided that this Sustainable Incremental Facility Notice is duly completed and delivered to the Agent not later than 2 Business Days prior to the proposed Establishment Date specified in this Sustainable Incremental Facility Notice.

  6.The Company confirms that:

  (a)each of:

  (i)the Sustainable Incremental Facility Terms set out above;

  (ii)the Margin applicable to the Sustainable Incremental Facility; 

  (iii)the fees payable to any arranger of the Sustainable Incremental Facility; and

  (iv)the Termination Date,

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  comply with clause 8.5 (Restrictions on Sustainable Incremental Facility Terms and fees) of the Agreement;

  (c)the Sustainable Incremental Facility Lenders set out in this Sustainable Incremental Facility Notice comply with clause 8.1 (Sustainable Incremental Facility Lenders) of the Agreement; 

  (d)each condition specified in paragraph (e)(i) of clause 8.6 (Conditions to establishment) of the Agreement is satisfied on the date of this Sustainable Incremental Facility Notice; and

  (e)it has complied with the conditions specified in paragraph (a) and (where applicable) paragraph (b) of clause 8.6 (Conditions to establishment) of the Agreement.

  7.The Company, the Original Borrower and (with respect to paragraph (b) below only) the Pledgor confirm that:

  (a)the guarantee and indemnity contained in clause 21 (Guarantee and Indemnity) of the Agreement shall continue in full force and effect and extend to the liabilities and obligations of each of the Obligors under the Finance Documents (including, for the avoidance of doubt, the Sustainable Incremental Facility); and

  (b)each of the security interests created under any Transaction Security Documents shall continue in full force and effect as security for the payment or discharge of all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the relevant Obligor to the Secured Parties under the Finance Documents (including, for the avoidance of doubt, the Sustainable Incremental Facility),

  subject in each case to any limitations set out in the relevant Finance Documents.

  8.The Company undertakes that it shall, by no later than the date falling 14 days after the date of this Sustainable Incremental Facility Notice, deliver to the Agent:

  (a)a copy of a resolution of the board of directors of the Company;

  (i)ratifying the terms of, and the transactions contemplated by, this Sustainable Incremental Facility Notice and resolving that it execute, deliver and perform the Sustainable Incremental Facility Notice and the Fee Letter relating thereto;

  (ii)ratifying the execution of this Sustainable Incremental Facility Notice and the Fee Letter relating thereto on its behalf; and

  (iii)authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Sustainable Incremental Facility Notice and the Fee Letter relating thereto;

  (l)a copy of a passport, identity card or driver's license (each of which includes a copy of the signature) or a specimen of the signature of, in each case, each person that is authorised by the resolution referred to in paragraph (a) above in relation to this Sustainable Incremental Facility Notice and the Fee Letter relating hereto; and

  (m)a certificate of an authorised signatory of the Company certifying that each copy document relating to it specified in paragraphs (a) to (b) above is a correct and complete copy of the 

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  original and in full force and effect and has not been amended or superseded as at a date no earlier than the date of such certificate. 

  9.The Sustainable Incremental Facility Lenders will only be obliged to comply with Clause 5.4 (Lenders’ Participation) in relation to any Sustainable Incremental Facility Loan under the Sustainable Incremental Facility established pursuant to this Sustainable Incremental Facility Notice if, on or before the Utilisation Date for that Loan, the Company has notified the Agent that the Group has received, on or prior to 31 December 2022, additional capital (whether in the form of equity and/or debt, provided that the incurrence of any such debt is permitted under the Finance Documents) in an amount which is not less than USD 400,000,000 (or its equivalent in any other currency or currencies) (the “Capital Raise Notice”). If the Company has not delivered the Capital Raise Notice to the Agent on or prior to 31 December 2022, the Sustainable Incremental Facility Commitments established pursuant to this Sustainable Incremental Facility Notice shall be immediately cancelled and, without prejudice to any commitment fee in respect of the Sustainable Incremental Facility that has accrued up until (but excluding) such date, the commitment fee in respect of the Sustainable Incremental Facility shall cease to accrue and be payable.

  10.Each Sustainable Incremental Facility Lender agrees to assume and will assume all of the obligations corresponding to the Sustainable Incremental Facility Commitment set opposite its name in the Schedule as if it had been an Original Lender under the Agreement in respect of that Sustainable Incremental Facility Commitment.

  11.On the Establishment Date, each Sustainable Incremental Facility Lender becomes party to the relevant Finance Documents as a Lender.

  12.Each Sustainable Incremental Facility Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in clause 8.12 (Limitation of responsibility) of the Agreement.

  13.Each Sustainable Incremental Facility Lender undertakes towards the Company and the Agent to deliver a duly completed and executed Sustainable Incremental Facility Lender Certificate to the Agent as soon as possible after the date of this Sustainable Incremental Facility Notice and in any event no later than by the Establishment Date.

  14.This Sustainable Incremental Facility Notice is irrevocable and unconditional.

  15.Each Obligor and the Pledgor agrees and acknowledges that, save as expressly provided under the terms of this Sustainable Incremental Facility Notice, the Agreement and each other Finance Document remains and shall continue in full force and effect.

   

  16.This Sustainable Incremental Facility Notice may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Sustainable Incremental Facility Notice.

  17.This Sustainable Incremental Facility Notice and any non-contractual obligations arising out of or in connection with it are governed by English law.

  18.The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Sustainable Incremental Facility Notice (including a dispute relating to the existence, validity or termination of this Sustainable Incremental Facility Notice or any non-contractual obligations arising out of or in connection with this Sustainable Incremental Facility Notice) (a “Dispute”). The parties to this Sustainable Incremental Facility Notice (each being a “Party”) agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

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  19.This Sustainable Incremental Facility Notice has been entered into on the date stated at the beginning of this Sustainable Incremental Facility Notice.

  The Schedule

  		
	Name of Sustainable Incremental Facility Lender
	Sustainable Incremental Facility Commitment

	Morgan Stanley Senior Funding, Inc
	SEK 328,250,000

	J.P. Morgan SE
	SEK 231,500,000

	BNP Paribas SA, Bankfilial Sverige
	SEK 96,750,000

	Nordea Bank Abp, filial i Sverige
	SEK 96,750,000

	Coöperatieve Rabobank U.A.
	SEK 96,750,000

	 
	Total: SEK 850,000,000

   

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  OATLY GROUP AB (PUBL)

  as the Company

   

  /s/ Toni Petersson		

  Name: Toni Petersson

  Capacity: Authorised signatory

   

   

  OATLY AB

  as Original Borrower and Obligors’ Agent

   

  /s/ Toni Petersson		

  Name: Toni Petersson

  Capacity: Authorised signatory

   

   

   

  CEREAL BASE CEBA AKTIEBOLAG

  as Pledgor

   

  	/s/ Toni Petersson		

  Name: Toni Petersson

  Capacity: Authorised signatory

   

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  Morgan Stanley Senior Funding, Inc

  /s/ Michael King									

  By: Michael King, Vice President		By:

   

  J.P. Morgan SE

  	/s/ Nia Douglas					/s/ Lea Marie Burek			

  By: Nia Douglas, Executive Director		By: Lea Marie Burek, Vice President

   

  BNP Paribas SA, Bankfilial Sverige

  /s/ Sebastian Frisk				/s/ Tanguy Bret				

  By: Sebastian Frisk				By: Tanguy Bret, COO Nordic Region

   

  Nordea Bank Abp, filial i Sverige

  	/s/ Einar Erici					/s/ Oskar Hjärpe			

  By: Einar Erici, Director			By: Oskar Hjärpe, Senior Legal Counsel

   

  Coöperatieve Rabobank U.A.

  	/s/ B. Fransen					/s/ P.V. Heck				

  By: B. Fransen, Executive Director, Proxy AB	By: P.V. Heck, Director, Proxy B

   

   

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  This document is accepted as a Sustainable Incremental Facility Notice for the purposes of the Agreement by the Agent and the Establishment Date is confirmed as           28 June           2022.

  SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

   

  	/s/ Penny Neville-Park				/s/ Andrew Moore			

  By: Penny Neville-Park				By: Andrew Moore

   

  EMEA 138285255EX-4.35

 Exhibit 4.35 

AMENDMENT NO. 5 TO THE CREDIT AGREEMENT 

THIS AMENDMENT NO. 5 TO THE CREDIT AGREEMENT is made as of August 31, 2021, by and among the lenders identified on the signature
pages hereof (each of such lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, an Ontario corporation, as
administrative agent for each member of the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”) and BIRKS GROUP INC. and together with each other
Person organized under the laws of Canada or a province thereof that joins under the Credit Agreement as a “Borrower” in accordance with the terms of the Credit Agreement after the date hereof (each, a “Borrower” and all
references herein to “Borrower” shall include each such additional Borrower who so joins). 
 WHEREAS the Borrower and the
Agent (as successor to Wells Fargo Canada Corporation in its capacity as agent and the Lender signatory thereto) are parties to a Credit Agreement dated as of October 23, 2017 and Amendment No. 1 to Revolving Credit Agreement dated as of
June 29, 2018, Amendment No. 2 to the Credit Agreement dated as of April 18, 2019, Amendment No. 3 to the Credit Agreement dated as of December 20, 2019 and Amendment No. 4 to the Credit Agreement dated as of
July 2, 2020 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”); 

AND WHEREAS the Borrower is proposing to obtain an additional $4,300,000 term loan from Investissement Québec (the
“Additional Quebec Subordinated Debt”) pursuant to paragraph (i)(B) of the Quebec Subordinated Debt Documents (as defined herein); 

AND WHEREAS the Borrower has previously obtained a $10,000,000 term loan from Investissement Québec pursuant to paragraph (i)(A)
of the Quebec Subordinated Debt Documents; 
 AND WHEREAS in connection with the Credit Agreement the Borrower, Investissement
Québec, the Agent and the Term Loan Agent have agreed to enter into the Quebec Subordination Agreement (as defined herein), pursuant to which (a) all Quebec Subordinated Debt (as defined herein) owing by the Borrower to Investissement
Quebec is subordinate to all Indebtedness owing by the Borrower to the Agent and the Lender Group pursuant to or in connection with the Loan Documents and (b) the Quebec Subordinated Security (as defined herein) securing the Quebec Subordinated
Debt shall be subordinated to the security constituted by the Loan Documents, in each case on the terms set out in the Quebec Subordination Agreement; 

AND WHEREAS the Borrower has requested certain amendments to the Credit Agreement in connection with the incurrence of the Additional
Quebec Subordinated Debt and entry into the Quebec Subordinated Debt Documents related thereto; 
 AND WHEREAS in connection with the
foregoing, the parties hereto agreed to make the following amendments to the Credit Agreement; 

 NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the mutual covenants
and agreements contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed by the parties hereto as follows: 

ARTICLE 1 

DEFINITIONS AND INTERPRETATION 

1.1    Definitions. All capitalized terms used in this Agreement that are defined in the Credit Agreement have the meanings
ascribed to them in the Credit Agreement, except to the extent that such terms are defined or modified in this Agreement, or the context otherwise requires. In addition, the following terms have the following meanings: 

“Credit Agreement” has the meaning specified therefor in the recitals hereto. 

“this Agreement” means this Amendment No. 5 to the Credit Agreement, as it may be amended, supplemented, restated or
otherwise modified from time to time. 
 ARTICLE 2 

AMENDMENTS TO CREDIT AGREEMENT 

2.1    Effective as of the Effective Date (as defined below), Schedule 1.1 (Definitions) of the Credit Agreement is hereby
amended as follows: 
  

	 	(a)	 The following definitions are amended and restated in their entirety as follows: 

“Quebec Subordinated Debt” means collectively, (i) all Indebtedness owing to Investissement Québec under the
Quebec Subordinated Debt Documents in the original aggregate maximum principal amounts of $10,000,000 and $4,300,000, respectively, which Indebtedness shall be subject to the Quebec Subordination Agreement, and (ii) all other Indebtedness owing
to Investissement Québec under the Quebec Subordinated Debt Documents or otherwise, in each case, which Indebtedness shall be expressly subordinate to payment in full of the Obligations pursuant to the Quebec Subordination Agreement. 

“Quebec Subordinated Debt Documents” means, collectively, (i) (A) that certain Offre de Prêt (Loan Offer) from
Investissement Québec to Borrower dated June 11, 2020, in respect of a term loan in the original maximum principal amount of $10,000,000 as amended by a letter dated February 18, 2021 from Investissement Québec to Borrower
and (B) that certain Offre de Prêt (Loan Offer) from Investissement Québec to Borrower dated February 23, 2021, in respect of a term loan in the original maximum principal amount of $4,300,000, and, in each case, all security
and other accessory documents or instruments thereto at any time, and subject at all times to the Quebec Subordination Agreement, (ii) the Quebec Subordinated Security; and (iii) all other agreements, documents and instruments evidencing
all or any portion of the Quebec Subordinated Debt, and subject at all times to the Quebec Subordination Agreement, in each case as the same may be modified, amended, supplemented or restated with the prior written consent of the Agent. 

  
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 “Quebec Subordination Agreement” means the amended and restated
subordination agreement dated as of August 24, 2021 between the Borrower, Investissement Québec, the Term Loan Agent and the Agent, as the same may hereafter be amended, restated, supplemented or otherwise modified with the consent of Agent.

 “Quebec Subordinated Security” means (a) the hypothecs dated on or about July 2, 2020 and June 18, 2021,
respectively, granted by the Borrower in favour of Investissement Québec; and (b) any other present and future security, security interests, hypothecs, mortgages, prior claims, liens or charges affecting any of the Loan Parties’
assets, or any part thereof, now or hereafter held by or for the account of Investissement Québec as security for the Quebec Subordinated Debt created after the date hereof with the consent of the Agent, which security shall at all times be
subordinated to the security granted by the Loan Parties under the Canadian Security Documents. 
  

	 	(b)	 The following new definition is added after the definition of the term “Amendment No. 4 Effective
Date”: 

 “Amendment No. 5 Effective Date” means August 31, 2021. 

 

	 	(c)	 Paragraph (d) of the definition of Permitted Indebtedness is amended and restated in its entirety as
follows: 

 (d)    the Quebec Subordinated Debt in an aggregate outstanding amount not to exceed
$14,300,000 (as reduced by principal payments from time to time under the applicable Quebec Subordinated Debt Documents) and solely to the extent that such Indebtedness is subject to the Quebec Subordination Agreement; provided that the Quebec
Subordinated Debt Documents shall be in form and substance reasonably satisfactory to the Agent and the Required Lenders. 

ARTICLE 3 

MISCELLANEOUS PROVISIONS 

3.1    Conditions to Effectiveness. This Agreement shall become effective as of the date upon which all of the following
conditions have been satisfied (the “Effective Date”): 
  

	 	(a)	 Agent shall have received this Agreement or counterparts hereof duly executed and delivered by the Borrower,
the Agent and Lender, all in accordance with Section 14.1 of the Credit Agreement; 

  

	 	(b)	 Agent shall have received the Quebec Subordination Agreement duly executed and delivered by each of Borrower,
Investissement Québec and the Term Loan Agent; 

  
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	 	(c)	 Agent shall have received copies of each Quebec Subordinated Debt Documents with respect to the Additional
Quebec Subordinated Debt duly executed and delivered by each of the parties thereto, in form and substance reasonably satisfactory to the Agent; 

  

	 	(d)	 Agent shall have received a copy of Amendment No. 3 to the Term Loan Agreement duly executed and delivered
by the Borrower, the Term Loan Agent and the Lender party thereto, in form and substance reasonably satisfactory to the Agent; 

  

	 	(e)	 no Default or Event of Default shall have occurred and be continuing on the Effective Date, nor shall either
result from giving effect to the terms of this Agreement or the Quebec Subordinated Debt Documents and the transactions contemplated thereunder; 

  

	 	(f)	 the representations and warranties of the Loan Parties or their respective Subsidiaries contained in this
Agreement and in the other Loan Documents shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any portion of any representation and warranty that is already qualified or modified by
materiality in the text thereof) on such date (except to the extent that such representations and warranties relate solely to an earlier date); and 

  

	 	(g)	 all action on the part of the Loan Parties necessary for the valid execution, delivery and performance by the
Borrower of this Agreement shall have been duly and effectively taken. 

 3.2    Representations and
Warranties. The Borrower represents and warrants to the Lender Group and the Agent that, as of the date hereof, this Agreement has been duly authorized, executed and delivered by the Borrower and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws affecting creditors’ rights
generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

3.3    Continuance of the Loan Documents and the Credit Agreement. The Credit Agreement and the other Loan Documents, as
changed, altered, amended or modified by this Agreement, shall be and continue in full force and effect and is hereby confirmed and the rights and obligations of all parties thereunder shall not be affected or prejudiced in any manner except as
specifically provided for in this Agreement. 
 3.4    Confirmation of Existing Security. Borrower acknowledges and
confirms that notwithstanding the execution of this Agreement, each of the existing security documents that Borrower has executed in favour of Agent for each member of the Lender Group and each of the Bank Product Providers (i) remains in full
force and effect and has not been terminated discharged or released, (ii) constitutes legal valid and binding obligation of Borrower enforceable against Borrower under the laws of the Province of Ontario (or other governing law specified
therein) and the laws of Canada applicable therein in accordance with its terms, subject to applicable 

  
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bankruptcy insolvency and other laws of general application limiting the enforceability of creditors rights and (iii) continues to stand as valid and enforceable security subject to the
qualifications set forth above for the Obligations. 
 3.5    Reservation of Rights. Agent and Lender Group hereby
expressly reserve all of their available rights, remedies and claims in their entirety, any of which may be exercised or otherwise pursued at any time, and from time to time, in the sole and absolute discretion of Agent or Lender Group in accordance
with the Credit Agreement, the other Loan Documents, or at law or in equity. 
 3.6    Reference to and Effect on the Credit
Agreement. On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, “hereto”, “hereby” and similar expressions, and
each reference to “the Credit Agreement” and “the Agreement” in any Schedule to the Credit Agreement and, unless the context otherwise requires, any Loan Documents shall mean and refer to the Credit Agreement, as amended by this
Agreement. 
 3.7    Cost and Expenses. Borrower agrees to pay on demand all reasonable costs and expenses of the Agent or
any Lender in connection with the preparation, negotiation, execution, delivery, and administration of this Agreement and related documents including, without limitation, the reasonable fees and out-of-pocket expenses of Goodmans LLP, counsel for the Agent or any Lender with respect thereto and with respect to advising the Agent or any Lender as to its rights and responsibilities hereunder. 

3.8    Section Headings. Headings and numbers have been set forth herein for convenience only. Unless the contrary is
compelled by the context, everything contained in each Section applies equally to this entire Agreement. 

3.9    Interpretation. To the fullest extent permitted by applicable law, neither this Agreement nor any uncertainty or
ambiguity herein shall be construed against the Agent, the Lender Group or the Borrower, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted
according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 

3.10    Severability of Provisions. Each provision of this Agreement shall be severable from every other provision of this
Agreement for the purpose of determining the legal enforceability of any specific provision. 
 3.11    Counterparts;
Electronic Execution. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken
together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed
counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis mutandis. 

  
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 3.12    Governing Law. 

THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN
DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, THE RIGHTS OF THE PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO, AND ANY CLAIMS, CONTROVERSIES OR
DISPUTES ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 

THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN
THE PROVINCE OF ONTARIO; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH
COLLATERAL OR OTHER PROPERTY MAY BE FOUND. BORROWER AND EACH MEMBER OF THE LENDER GROUP WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT
ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 3.12. 
 TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND EACH MEMBER OF THE
LENDER GROUP HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED
THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”). BORROWER AND EACH MEMBER OF THE LENDER GROUP REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND
EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS LOCATED IN THE PROVINCE OF ONTARIO, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN

  
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OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO
BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

NO CLAIM MAY BE MADE BY ANY LOAN PARTY AGAINST AGENT, ANY SWING LENDER, ANY OTHER LENDER, ANY ISSUING LENDER, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE,
COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES OR LOSSES IN RESPECT OF ANY
CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH LOAN
PARTY HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR. 

3.13    Release. 
 EACH LOAN
PARTY HEREBY ACKNOWLEDGES THAT, AS OF THE DATE HEREOF, IT HAS NO DEFENSE, RECOUPMENT, COUNTERCLAIM, OFFSET, CROSS -COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL, OR ANY PART OF, ITS
LIABILITY TO REPAY THE OBLIGATIONS ARISING UNDER THE CREDIT AGREEMENT, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE AGENT, THE LENDERS AND THEIR RESPECTIVE AFFILIATES AND APPROVED
FUNDS, IN EACH CASE IN WHATEVER CAPACITY (EACH A “LENDER PARTY”) (OR ANY LENDER PARTY) ARISING UNDER OR IN CONNECTION WITH THE CREDIT AGREEMENT, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. EACH LOAN PARTY HEREBY VOLUNTARILY AND KNOWINGLY
RELEASES AND FOREVER DISCHARGES EACH LENDER PARTY AND EACH OF THEIR RESPECTIVE RELATED PARTIES, IN EACH CASE IN WHATEVER CAPACITY (COLLECTIVELY, THE “RELEASED PARTIES”), FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION,
DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AGREEMENT IS ORIGINATED, TAKEN OR EXECUTED, WHICH SUCH LOAN PARTY MAY NOW OR HEREAFTER HAVE AGAINST ANY RELEASED PARTY, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE,
AND ARISING FROM OR ARISING IN CONNECTION WITH OR RELATING TO ANY LOANS, THE EXERCISE OF ANY RIGHTS AND 

  
 - 7 - 

 
REMEDIES UNDER THE CREDIT AGREEMENT, THIS AGREEMENT OR OTHER LOAN DOCUMENTS, AND/OR NEGOTIATION OF, OR EXECUTION OF, THIS AGREEMENT. EACH LOAN PARTY HEREBY COVENANTS AND AGREES NEVER TO INSTITUTE
ANY ACTION OR SUIT AT LAW OR IN EQUITY, NOR INSTITUTE, PROSECUTE, OR IN ANY WAY AID IN THE INSTITUTION OR PROSECUTION OF, ANY CLAIM, ACTION OR CAUSE OF ACTION, RIGHTS TO RECOVER DEBTS OR DEMANDS OF ANY NATURE AGAINST ANY OF THE RELEASED PARTIES
ARISING OUT OF OR RELATED TO A RELEASED PARTY’S ACTIONS, OMISSIONS, STATEMENTS, REQUESTS OR DEMANDS AND OCCURRING PRIOR TO EFFECTIVENESS OF THIS AGREEMENT RELATING TO THIS AGREEMENT, THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH LOAN
PARTY AGREES TO INDEMNIFY AND HOLD EACH LENDER PARTY AND EACH OTHER RELEASED PARTY HARMLESS FROM ANY AND ALL MATTERS RELEASED PURSUANT TO THIS SECTION. EACH LOAN PARTY REPRESENTS AND WARRANTS TO LENDER PARTIES THAT IT HAS NOT PURPORTED TO TRANSFER,
ASSIGN OR OTHERWISE CONVEY ANY RIGHT, TITLE OR INTEREST OF SUCH LOAN PARTY IN ANY RELEASED MATTER TO ANY OTHER PERSON AND THAT THE FOREGOING CONSTITUTES A FULL AND COMPLETE RELEASE OF SUCH LOAN PARTY’S CLAIMS WITH RESPECT TO ALL SUCH MATTERS.
THE PROVISIONS OF THIS RELEASE AND THE REPRESENTATIONS, WARRANTIES, RELEASES, WAIVERS, ACQUITTANCES, DISCHARGES, COVENANTS, AGREEMENTS AND INDEMNIFICATIONS CONTAINED HEREIN (A) CONSTITUTE A MATERIAL CONSIDERATION FOR AND INDUCEMENT TO LENDER
PARTIES ENTERING INTO THIS AGREEMENT, (B) DO NOT CONSTITUTE AN ADMISSION OF OR BASIS FOR ESTABLISHING ANY DUTY, OBLIGATION OR LIABILITY OF ANY LENDER PARTY TO ANY LOAN PARTY OR ANY OTHER PERSON, (C) DO NOT CONSTITUTE AN ADMISSION OF OR
BASIS FOR ESTABLISHING ANY LIABILITY, WRONGDOING; OR VIOLATION OF ANY OBLIGATION, DUTY OR AGREEMENT OF ANY LENDER PARTY TO ANY LOAN PARTY OR ANY OTHER PERSON, AND (D) SHALL NOT BE USED AS EVIDENCE AGAINST ANY LENDER PARTY BY ANY LOAN PARTY OR
ANY OTHER PERSON FOR ANY PURPOSE. 
 [Signature pages to follow] 

  
 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written. 
  

			
	 BIRKS GROUP INC.
  

	By:	 	 /s/ Katia Fontana

		 	Name: Katia Fontana
		 	 Title:   Vice President and CFO
  

	By:	 	 /s/ Miranda Melfi

		 	Name: Miranda Melfi
		 	 Title:   Vice President, Human Resources,

      Chief Legal Officer and Corporate Secretary

  
 [Signature Page to
Amendment No. 5 to the Credit Agreement] 

 
			
	 WELLS FARGO CAPITAL FINANCE CORPORATION CANADA, as Agent and as Lender

 

	By:	 	 /s/ David G. Phillips

		 	Name: David G. Phillips
		 	 Title:   Senior Vice President

      Credit Officer, Canada

  
 [Signature Page to
Amendment No. 5 to the Credit Agreement] 

 AGREED TO AND ACKNOWLEDGED by the undersigned as of the date first indicated above.

  

			
	 CASH, GOLD & SILVER INC., as guarantor

 

	By:	 	 /s/ Katia Fontana

		 	Name: Katia Fontana
		 	 Title:   Vice President
  

	By:	 	 /s/ Miranda Melfi

		 	Name: Miranda Melfi
		 	Title:   Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]