Exhibit 4.25


 


FOURTH AMENDMENT TO

CREDIT AGREEMENT


 


THIS FOURTH AMENDMENT
TO CREDIT AGREEMENT is made and dated as of July 30, 2015 (the “Amendment”) among ARCOS DORADOS B.V., a private
company with limited liability (besloten venootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands
with seat in Amsterdam (the “Borrower”), certain subsidiaries of the Borrower as guarantors (the “Guarantors”),
and BANK OF AMERICA, N.A., as lender (the “Lender”) and amends that certain Credit Agreement dated as of August
3, 2011 (as the same has been amended prior to the date hereof and may be further amended or modified from time to time, the “Credit
Agreement”).


 


R E C IT A L S


 


WHEREAS, the Lender
has agreed, subject to the terms and conditions hereinafter set forth, to amend the Credit Agreement in certain respects as set
forth below.


 


NOW, THEREFORE, for
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:


 


1.Terms.
All terms used herein shall have the same meanings as in the Credit Agreement unless otherwise defined herein.


 


2.Amendment.
Upon the occurrence of the Amendment Effective Date (defined below)


 


2.1Section
1.1 of the Credit Agreement is hereby amended by amending the definitions therein of “Aggregate Commitment Amount,”
“Applicable Margin,” “Guarantors” and “Maturity Date” in their entireties as follows:


 


“Aggregate Commitment Amount”
means $50,000,000.


 


“Applicable Margin”
means a rate per annum equal to 2.75%.


 


“Guarantor” means
Arcos Dourados Comércio de Alimentos Ltda., ADCR Inmobiliaria S.A., Arcos Dorados Costa Rica ADCR, S.A., Arcos Dorados Panamá,
S.A., Sistemas MCopco Panamá, S.A. and each Additional Guarantor.


 


“Maturity Date” means
August 3, 2016.


 


2.2Section
2.7 of the Credit Agreement is hereby amended and restated in its entirety as follows:


 


“Section 2.7
Certain Fees.


 


(a) Commitment
Fee. The Borrower agrees to pay to the Lender on the last day of each March, June, September and December, commencing with
September 30, 2015, and on the Commitment Termination Date, a commitment fee (the “Commitment Fee”), at a rate of (x)
at all times prior to August 3, 2015, 0.75% per annum, and (y) thereafter, 0.90% per annum, on the average daily amount of the
unutilized portion of the Commitment of the fiscal quarter of the Borrower ended on such day. The phrase “unutilized portion
of the Commitment” as used in the preceding sentence means, as of any day, the positive difference between (a) the amount
of the


 




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Commitment,
and (b) the outstanding principal amount of the Loans. The Commitment Fee shall be computed on the basis of the actual number of
days elapsed in a year of 360 days. The Commitment Fee due to the Lender shall commence to accrue on the Closing Date, shall be
payable in arrears and shall cease to accrue on the date on which the Commitment shall be terminated or terminates as provided
herein.”


 


2.3Section
3.13 of the Credit Agreement is hereby amended by replacing the first sentence thereof with the following:


 


“The Borrower will use
the proceeds of the Loans for working capital and only to finance the non-U.S. operations of the Borrower or the Borrower’s
affiliates located outside the United States and other lawful general corporate purposes.”


 


2.4The
Credit Agreement is hereby amended by inserting the following new Section 3.17 immediately after Section 3.16 thereof:


 


“Section 3.17 International
Banking Facility. The Borrower, an entity located outside the United States of America, understands that it is the policy of
the Board of Governors of the Federal Reserve System of the United States that extensions of credit by international banking facilities,
such as the Loan hereunder, may be used only to finance the non-U.S. operations of the Borrower or the Borrower’s affiliates
located outside the United States.”


 


2.5Section
5.3 of the Credit Agreement is hereby replaced in its entirety with the following:


 


“Section 5.3 Use of
Proceeds. The Borrower shall use proceeds of the Loan solely for working capital and other general corporate purposes and only
to finance the non-U.S. operations of the Borrower or the Borrower’s affiliates located outside the United States and not
use such Loan proceeds for any purpose which violates or is inconsistent with the provisions of Regulation U or Regulation X.”


 


2.6Section
6.6 of the Credit Agreement is hereby replaced in its entirety with the following paragraph:


 


“Section 6.6 Consolidated
Net Indebtedness to EBITDA Ratio. Permit the Consolidated Net Indebtedness to EBITDA Ratio to be, as of the last day of any
fiscal quarter of the Borrower, greater than 3.5 to l.”


 


3.Representations
and Warranties. As of the date hereof, the Borrower, and as of the Amendment Effective Date, the Borrower and each Guarantor,
hereby represents and warrants to the Lender that after giving effect to this Amendment:


 


3.1Authorization;
Enforceable Obligations; No Contravention. The execution, delivery and performance of this Amendment by the Loan Parties have
been duly authorized by all necessary action, and this Amendment is a legal, valid and binding obligation of the Loan Parties party
hereto, enforceable in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws. The
execution, delivery and performance of this Amendment (i) are not in contravention of law or of the terms of any Loan Party’s
organizational documents, and (ii) will not result in the breach of or constitute a default under, or result in the creation of
a Lien or require a payment to be made under any indenture, agreement or undertaking to which the Borrower or any Guarantor is
a party or by which it or its property may be bound or affected, except in the case referred to in this clause (ii), to the extent
that such breach, default, Lien or payment would not reasonably be expected to have a Material Adverse Effect.


 




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3.2Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority, including the Central Bank of Brazil, or any other Person is necessary or required in connection
with the execution, delivery or performance by, or enforcement against, the Borrower or any Guarantor of this Amendment, which
has not been duly obtained, except for the filing of the Minutes of the Quotaholders’ Meeting (Ata de Reunião de
Quotistas) authorizing the Amendment with the Commercial Registry of the State of São Paulo (Junta Comercial do Estado
de São Paulo).


 


3.3Incorporation
of Certain Representations. After giving effect to the terms of this Amendment, the representations and warranties of the Borrower
and the Guarantors set forth in Article III of the Credit Agreement (except as to such representations and warranties made as of
an earlier specified date which are true and correct as of the date made) are true and correct as of the date hereof, (A) if any
such representation and warranty is qualified as to materiality or by reference to the existence of a Material Adverse Effect,
in all respects (as so qualified), or (B) if any such representation and warranty is not so qualified, in all material respects;
provided, that for purposes of this Section 3.3, the representations and warranties of the Borrower contemplated in Section
3.1 of the Credit Agreement shall be deemed to refer to the last day of the period covered by the most recent financial statements
furnished to the Lender under the Credit Agreement; provided further that the representation and warranty set forth in Section
3.16 of the Credit Agreement is made hereby with respect to the period of four (4) fiscal quarters ended on June 30, 2015.


 


3.4Default.
Both before and after giving effect to this Amendment, no Default or Event of Default under the Credit Agreement has occurred and
is continuing.


 


4.Conditions,
Effectiveness. This Amendment shall become effective as of the date (the “Amendment Effective Date”) on
which each of the following conditions shall have been satisfied:


 


(a)The
Lender shall have received this Amendment duly executed and delivered on behalf of the Borrower and each Guarantor.


 


(b)The
Borrower shall have paid on or before the Amendment Effective Date all fees and other amounts due and payable by the Borrower to
the Lender (including fees and expenses of counsel to lender) in accordance with the Credit Agreement (as amended hereby) to the
extent invoiced to the Borrower prior to the Amendment Effective Date.


 


(c)All
consents, licenses and approvals required in connection with the execution, delivery and performance by the Loan Parties of this
Amendment shall have been received by the Loan Parties.


 


5.Miscellaneous.


 


5.1Effectiveness
of the Credit Agreement and other Loan Documents. Except as hereby expressly amended, the Credit Agreement, the Note, the Fee
Letter and each Subsidiary Joinder Agreement (if any), shall each remain in full force and effect, are hereby ratified and confirmed
in all respects on and as of the date hereof, and each Loan Party hereby reaffirms its obligations thereunder.


 


5.2Post
Amendment Effective Date Covenants.


 


(a)Within
twenty-one calendar days after the Amendment Effective Date, Arcos Dourados Comércio de Alimentos Ltda. shall file the Minutes
of the Quotaholders’ Meeting (Ata de Reunião de Quotistas) authorizing the Amendment with the Commercial Registry
of the State of São Paulo (Junta Comercial do Estado de Sao Paulo).


 




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(b)The
Loan Parties shall furnish the Lender with true and correct copies of such resolutions and powers of attorney authorizing the Amendment
as the Lender may reasonably request within twenty-one calendar days of the Amendment Effective Date.


 


(c)Failure
by any Loan Party to perform the covenants set forth in this Section 5.2 shall result in automatic termination of this Amendment
and shall render this Amendment null and void and without any effect.


 


5.3Waivers.
This Amendment is limited solely to the matters expressly set forth herein and is specific in time and in intent and does not constitute,
nor should it be construed as, a waiver or amendment of any other term or condition, right, power or privilege under the Credit
Agreement or under any agreement, contract, indenture, document or instrument mentioned therein; nor does it preclude or prejudice
any rights of the Lender thereunder, or any exercise thereof or the exercise of any other right, power or privilege, nor shall
it require the Lender to agree to an amendment, waiver or consent for a similar transaction or on a future occasion, nor shall
any future waiver of any right, power, privilege or default hereunder, or under any agreement, contract, indenture, document or
instrument mentioned in the Credit Agreement, constitute a waiver of any other right, power, privilege or default of the same or
of any other term or provision.


 


5.4Loan
Document. This Amendment is a Loan Document.


 


5.5Counterparts.
This Amendment may be executed in any number of counterparts, and all of such counterparts taken together shall be deemed to constitute
one and the same instrument.


 


5.6Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York.


 


5.7Jurisdiction;
Process Agent. Sections 9.10 and 9.12 of the Credit Agreement shall apply mutatis mutandis to this Amendment.


 


6.Guarantors.
For the avoidance of doubt, upon the occurrence of the Amendment Effective Date, each of Arcos Sercal Inmobiliaria S. de R.L de
C.V.; Golden Arch Development LLC; Arcos Dorados Puerto Rico LLC; Aduy S.A.; Arcos del Sur S.R.L; and Arcos Dorados Uruguay S.A.
shall no longer be Guarantors for the purposes of the Credit Agreement and the other Loan Documents.


 


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Blank.]


 




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


 


	ARCOS DORADOS B.V., 

as Borrower
	 
	By:	/s/ Mariano Tannenbaum
	 	Name:Mariano Tannenbaum
	 	Title:Attorney-in-Fact




 

	ARCOS DOURADOS COMERCIO DE ALIMENTOS, LTDA., as a Guarantor
	 
	By:	/s/ Mariano Tannenbaum
	 	Name:Mariano Tannenbaum
	 	Title:Attorney-in-Fact




 

	ADCR INMOBILIARIA S.A., as a Guarantor
	 
	By:	/s/ Mariano Tannenbaum
	 	Name:Mariano Tannenbaum
	 	Title:Attorney-in-Fact




 

	ARCOS DORADOS COSTA RICA ADCR, S.A., 

as a Guarantor
	 
	By:	/s/ Mariano Tannenbaum
	 	Name:Mariano Tannenbaum
	 	Title:Attorney-in-Fact




 



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	ARCOS DORADOS PANAMÁ, S.A,

as a Guarantor
	 
	By:	/s/ Mariano Tannenbaum
	 	Name:Mariano Tannenbaum
	 	Title:Attorney-in-Fact




 

	SISTEMAS MCOPCO PANAMÁ, S.A, 

as a Guarantor
	 
	By:	/s/ Mariano Tannenbaum
	 	Name:Mariano Tannenbaum
	 	Title:Attorney-in-Fact




 



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	LENDER:

                                                                          

                                                                         BANK OF AMERICA, N.A.,
 as Lender

	 
	By:	/s/ Augusto Urmeneta
	 	Name:Augusto Urmeneta
	 	Title:Managing Director




 



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