Document:

Amended and Restated Schedule dated as of January 12, 2009

 Exhibit 10.10 
 [ISDA Logo] 
 International Swap Dealers Association, Inc. 

AMENDED AND RESTATED 
 SCHEDULE 
 dated as of January 12, 2009 

to the 

ISDA 2002 Master Agreement 
  

					
	BANCO SANTANDER, S.A.,	 	and	 	ARCOS DORADOS B.V.,
	a bank organized under the laws of Spain	 		 	a corporation organized under the laws of
		 		 	The Kingdom of Netherlands
	(“Party A”)	 		 	(“Party B”)

 dated as
of August 1, 2007 
 between 
 Party A and Party B are parties to the ISDA 2002 Master Agreement, dated as of August 1, 2007 (the “Agreement”) and desire to amend the Schedule to the Agreement as set forth herein (terms
used but not otherwise defined herein have the respective meanings given to them in the Agreement). In consideration of the premises, the mutual agreements hereinafter set forth and for other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Party A and Party B hereby agree that the Schedule is hereby amended and restated in its entirety to read as follows: 
 Part 1. Termination Provisions. 
  

	(a)	“Specified Entity” means with respect to Party A for the purpose of: 

Section 5(a)(v): Not applicable 
 Section 5(a)(vi): Not applicable 
 Section 5(a)(vii): Not applicable

 Section 5(b)(v): Not applicable 
 and with respect to Party B for the purpose of: 

  
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 Section 5(a)(v): Not applicable 

Section 5(a)(vi): Not applicable 
 Section 5(a)(vii): Not applicable 
 Section 5(b)(v): Not applicable

  

	(b)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement. 

 

	(c)	The “Cross Default” provisions of Section 5(a)(vi) of this Agreement will apply to both parties. 

If such provisions apply:- 
 “Specified Indebtedness” means any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money, other than
indebtedness in relation to bank deposits received in the normal course of business. 
 “Threshold Amount”
means, in respect of Party A, 3% of shareholders’ equity of Party A as reported in its most recent audited financial statements, and, in respect of Party B, USD 5,000,000 (or the equivalent thereof). 

 

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(v) will apply to Party A and will apply to Party B. 

 

	(e)	The “Automatic Early Termination” provisions of Section 6(a)(iv) will not apply to Party A or to Party B, provided, however,
that with respect to a party, where the Event of Default specified in Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the extent analogous thereto, (8) is governed by a system of law which does not permit termination to take place
after the occurrence of the relevant Event of Default, then the Automatic Early Termination provisions of Section 6(a) will apply. 

  

	(f)	“Termination Currency” means United States Dollars. 

  

	(g)	Additional Termination Event will apply. The Additional Termination Events (if any) in respect of any Transaction will be as specified in the Confirmation which
expressly relates to such Transaction. 

 Part 2. Tax Representations. 

 

	(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the following representations and Party B will make the
following representations, if any: 

  
 2 

 It is not required by any applicable law, as modified by the practice of any relevant
governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under
this Agreement. In making this representation, it may rely on: (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Sections
4(a)(i) or (iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Sections 4(a)(i) or (iii) of this Agreement, and (iii) the satisfaction of the agreement of the other party
contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does not deliver a form or document under Section 4(a)(iii)
of this Agreement by reason of material prejudice to its legal or commercial position. 
  

	(b)	Party A Payee Tax Representations. For the purpose of Section 3(f), Party A makes the following representation: 

 

	 	(i)	with respect to payments made to Party A when it has entered into a Transaction through an Office located outside the United States: 

It is a public limited company organized under the laws of Spain that is the beneficial owner of all payments made to it under this
Agreement and it is a “non-US branch” of a “foreign person” as such terms are used in U.S. Treasury Regulation Sections 1.1441-4(a)(3)(ii) and 1.6041-4(a)(4). 

 

	 	(ii)	with respect to payments made to Party A when it has entered into a Transaction through an Office located in the United States: 

It is a public limited company organized under the laws of Spain that is the beneficial owner of all payments made to it under this
Agreement and each payment received or to he received by it in connection with this Agreement will be effectively connected with its conduct of a trade or business in the United States. 

 

	(c)	Party B Payee Tax Representations. For the purpose of Section 3(f), Party B makes the following representation: 

It is a “foreign person” and a “non-U.S. branch (or office) of a foreign person” in each case within the meaning,
respectively, of Sections 1.6041-4(a)(4) and 1.1441-4(a)(3)(ii) of the United States Treasury Regulations. 

  
 3 

 Part 3. Agreement to Deliver Documents. 
 For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents, as applicable: 

 

	(a)	Tax forms, documents or certificates to be delivered are: 

  

					
	 Party required to deliver document
	  	 Form/Document/Certificate
	  	
Date by which to be delivered

	Party A	  	Any form or document accurately completed and in a manner reasonably satisfactory to the other party that may be required or reasonably requested in order to allow the other party
to make a payment under a Transaction without any deduction or withholding for or on account of any Tax or with deduction or withholding at a reduced rate, including, without limitation, with respect to transactions described in Part 2(b)(i) above,
U.S. Internal Revenue Service Form W-BEN (or any successor form thereto), and with respect to transactions described in Part 2(b)(ii) above, an executed United States Internal Revenue Service Form W-8ECI (or any successor thereto).	  	(i) Upon execution of this Agreement, (ii) thereafter promptly upon reasonable demand by the other party, and (iii) if such form or document was previously delivered
an has become obsolete or incorrect, promptly upon learning that such form or document previously delivered by Party A has become obsolete or incorrect.
	Party B	  	Any form or document accurately completed and in a manner reasonably satisfactory to the other party that may be required or reasonably requested in order to allow the other parry
to make a payment under a Transaction without any deduction or withholding for or on account of any Tax or with deduction or withholding at a reduced rate, including, without limitation, an executed United States Internal Revenue Service Form W-8BEN
(or any successor thereto).	  	(i) Upon execution of this Agreement, (ii) thereafter promptly upon reasonable demand by the other party, and (iii) if such Form was previously delivered and has
become obsolete or incorrect, promptly upon learning that such Form previously delivered by Party B has become obsolete or incorrect.

  
 4 

	(b)	Other documents to be delivered are: 

  

							
	 Party Required to Deliver Document
	  	 Form/Document/Certificate
	  	
Date by which to be delivered
	  	
Covered by Section 3(d) Representation

	Party B	  	A copy of the annual report of Party B containing audited financial statements for the most recently ended financial year prepared in accordance with generally accepted accounting
principles in the United States of America.	  	Upon request and as soon as available and in any event within 120 days after the fiscal year of Party B.	  	Yes
	Party B	  	A copy of the quarterly report of Party B containing unaudited financial statements for the most recently ended financial quarter prepared in accordance with generally accepted
accounting principles in the United States of America.	  	Upon request and as soon as available and in any event within 90 days after the end of each of the first three fiscal quarters of each fiscal year of Party B.	  	Yes
	Party B	  	Copies of the executed Credit Support Documents.	  	Upon execution of this Agreement.	  	Yes
	Party A and Party B	  	Evidence reasonably satisfactory to the other party as to the names, true signatures and authority of the signatories of the party to execute this Agreement or any Confirmation and
the Credit Support Documents.	  	Upon execution of this Agreement and thereafter upon request.	  	Yes
	Party B	  	Certificate and Articles of Incorporation, or equivalent documents.	  	Upon execution of this Agreement.	  	Yes

  
 5 

							
	Party B	  	Legal opinion acceptable to Party A.	  	Upon execution of this Agreement.	  	No
	Party A and Party B	  	Such other documents as the other party may reasonably request.	  	Promptly upon request.	  	No

 Part 4. Miscellaneous. 

 

	(a)	Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 
  

			
	Banco Santander, S.A., Madrid
	Address: Ciudad Grupo Santander
	Edificio Marisma: planta baja
	Attn.:	  	Swaps Administration
	Telex:	  	42362 /45928 BADER E
	Swift:	  	BDERESMM
	Fax:	  	(3491) 357.12.32
	Tel.:	  	(3491) 289.31.16
	
	For all purposes and with respect to Transactions through that Office:
	
	Banco Santander, S.A., New York Branch
	Address:	  	45 East 53rd Street, New York, N.Y. 10022
	Attn.:	  	Swaps Department
	Telex:	  	BANSAN 662480 UW
	Swift:	  	BDERUS33
	Fax:	  	(1212) 350 3535
	Tel.:	  	(1212) 350 3500
	
	Only with respect to Transactions through that Office:
	
	London Branch
	Address:	  	Banco Santander House, 100 Ludgate Hill, London EC4M 7NJ
	Attn:	  	Swaps Department
	Telex:	  	8812851 BADER G
	Swift:	  	BDERGB2L
	Fax:	  	(0207) 332 7803
	Tel.:	  	(0207) 332 7766

  
 6 

			
	Address for notices or communications to Party B:
	
	Arcos Dorados S.A.
	Address:	  	Roque Saenz Peña 432 (B1636FFB) – Olivos – Buenos Aires – Argentina
	Tel.:	  	(5411) 4711-2000
		
	Attn.:	  	Miguel Sanchez de Bustamante
	e-mail:	  	miguel.sanchez@ar.mcd.com
	Fax:	  	(5411) 4711-2094 (#2045)
	Tel.:	  	(5411) 4711-2045
	Attn.:	  	Matias Klein
	e-mail:	  	matias.klein@ar.mcd.com
	Fax:	  	(5411) 4711-2094 (#2546)
	Tel.:	  	(5411) 4711-2456
		
	Attn.:	  	German Lemonnier
	e-mail:	  	german.lemonnier@ar.mcd.com
	Fax:	  	(5411) 4711-2094 (#2059)
	Tel.:	  	(5411) 4711-2059

  

	(b)	Process Agent. For the purpose of Section 113(c) of this Agreement: 

 Each party agrees that service upon its Process Agent by prepaid, registered, first class Unites States mail, return receipt requested, or by prepaid express courier service, return receipt requested,
will constitute effective service upon it. 
  

			
	Party A appoints as its Process Agent:	  	 Its New York Branch located
 at
45 East 53rd Street
 New York, NY 10022

		
	Party B appoints as its Process Agent:	  	 CT Corporation Systems
 111
Eighth Avenue
 New York, New York 10011

  

	(c)	Offices. The provisions of Section 10(a) of this Agreement will apply. 

 

	(d)	Multibranch Party. For the purpose of Section 10(b) of this Agreement: 

Party A is a Multibranch Party and may act through the following Offices: Madrid, London and New York. 

Party B is not a Multibranch Party and will act through the following Office: The home office of Party B. 

  
 7 

	(e)	Calculation Agent. The Calculation Agent will be Party A; provided, however, that it an Event of Default in respect of Party A occurs and is continuing,
the Calculation Agent will be a third party financial institution agreed to by Party A and Party B. 

  

	(f)	“Credit Support Document” means with respect to Party A: Not Applicable. 

“Credit Support Document” means with respect to Party B: In respect of any Transaction, as specified in the Confirmation
of that Transaction. 
  

	(g)	“Credit Support Provider” means with respect to Party A: Not Applicable. 

“Credit Support Provider” means with respect to Party B: In respect of any Transaction, as specified in the Confirmation
of that Transaction. 
  

	(h)	Governing Law. This agreement will be governed by and construed in accordance with the laws of the State of New York without reference to choice of law doctrine
except for 5-1401 of the New York General Obligations law. 

  

	(I)	Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY WAIVES ITS RESPECTIVE RIGHT TO ANY JURY TRIAL WITH RESPECT TO ANY LEGAL PROCEEDING
ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY CREDIT SUPPORT DOCUMENT AS IT RELATES TO THIS AGREEMENT OR ANY TRANSACTION. 

  

	(j)	Netting of Payments. For the purpose of Section 2(c) of this Agreement “Multiple Transaction Payment Netting” will not apply.

  

	(k)	“Affiliate” will have the meaning specified in Section 14 of this Agreement. 

 

	(l)	No Agency. The provisions of Section 3(g) of this Agreement will apply. 

 

	(m)	Additional Representations. Additional Representations will apply. For the purpose of Section 3 of this Agreement, each of the following will constitute an
Additional Representation: 

 (i) Relationship between Parties. Each party will be deemed to represent to
the other party on the date on which it enters into a Transaction that: 

  
 8 

 (1) Non-Reliance. In connection with this Agreement, any Credit Support Document to
which it is a party, each Transaction, and any other documentation relating to this Agreement to which it is a party or that it is required by this Agreement to deliver: 
 (A) it is not relying upon any representations (whether written or oral) of the other party other than the representations expressly set forth in this Agreement, such Credit Support Document and in any
Confirmation; 
 (B) it has consulted with its own legal, regulatory, tax, business, investment, financial and accounting
advisors to the extent it has deemed necessary, and it has made its own investment, hedging and trading decisions (including decisions regarding the suitability of any Transaction pursuant to this Agreement) based upon its own judgment and upon any
advice from such advisors as it has deemed necessary and not upon any view expressed by the other party; 
 (C) it has a full
understanding of all the terms, conditions and risks (economic and otherwise) of the Agreement and each Transaction and is capable of assuming and willing to assume (financially and otherwise) those risks; 

(D) the other party is not acting as a fiduciary or financial, investment or commodity trading advisor for it, it being understood that
it is not relying on any unique or special expertise of the other party and it is not in any special relationship of trust or confidence with respect to the other party; 
 (E) it is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own
judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that
information and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other

  
 9 

 
party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction; and 
 (2) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction; and 
 (3)
Status of Parties. Each party is not acting as a fiduciary for or an advisor to the other party with respect to that Transaction. 
 (ii) Eligible Contract Participant. Each party represents to the other party on and as of the date hereof and at all times until the termination of this Agreement that it is an “eligible
contract participant” within the meaning of Section 1a(12) of the Commodity Exchange Act, as amended by the Commodity Futures Modernization Act of 2006. 
 (iii) ERISA. Each party represents to the other party on and as of the date hereof and at all times until the termination of this Agreement that with respect to each source of funds to be used by
it to enter into any and all Transactions (each such source being referred to herein as a “Source”), the Source is not the assets of any “plan” (as such term is defined in Section 4975 of the Internal Revenue Code of 1986,
as amended (the “Code”)) subject to Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ER1SA”)) subject to Title 1 of ER1SA, or otherwise out of “plan assets” within the meaning of United States Department of Labor regulation § 2510.3-101, 29 CFR § 2510-3-101. 

(iv) Bona Fide Hedging Transactions. Party B represents that this Agreement and each Transaction hereunder is a transaction entered
into in the ordinary course of business for the purpose of protecting against fluctuations in interest rates and/or foreign exchange rates and not for the purpose of speculation. 
 Part 5. Other Provisions. 
  

	(a)	 ISDA Definitions. Any capitalized terms used herein and not otherwise defined herein will have the respective meanings ascribed to them in the
2006 ISDA Definitions (the “2006 Definitions”) and the 1998 ISDA FX and Currency Option Definitions (the “FX Definitions”), (each as published by the International Swaps and Derivatives Association, Inc., each as amended,
modified, supplemented and restated from time to time, 

  
 10 

	 	 
collectively, the “ISDA Definitions”), which are incorporated into this Agreement. In the event of any inconsistency between the 2006 Definitions and the FX Definitions, the FX
Definitions will prevail. 

  

	(b)	Change of Account. Section 2(b) of this Agreement is amended by the addition of the following at the end thereof: “provided that, if any new
account of one party is not in the same jurisdiction as the original account, the other party shall not be obliged to pay, for tax reasons, any greater amount and shall not receive any lesser amount as a result of such change than would have been
the case if such change had not taken place.” 

  

	(c)	Modified Representation. For purposes of Section 3(d) of this Agreement, the following shall be added, immediately prior to the period at the end thereof:

 “; provided that, in the case of financial statements delivered by Party A or Party B, such financial
statements fairly present the financial position of the relevant entity to which they relate as at the date of such financial statements”. 
  

	(d)	 Escrow. If either party in its reasonable judgment determines at any time that there has been a material adverse change that is likely to affect
the other party’s ability to perform its ensuing obligation in connection with a Transaction or Transactions involving payments due from each of the parties on the same day in different currencies, the party that has formed that judgment may
notify the other party that the payments due on that day in connection with that Transaction or those Transactions are to be made in escrow, to a major commercial bank selected by the party in good faith and that has offices in the cities in which
both payments are to be made. If such an election is made, each party shall make the payment due from it on the day by deposit into escrow to that escrow agent, for value on that day, with irrevocable instruction (i) to release the payment to
the intended payee upon receipt by the escrow agent of the required counter payment due from the payee on the same day in connection with that Transaction accompanied by irrevocable instructions to the same effect, or (ii) if the required
deposit in escrow of the counter payment due is not so made on the same day, for value on that day, to return the payment deposited in escrow to the party that made the escrow deposit. The party that elects to have payments made in escrow shall pay
the cost of the escrow arrangements and shall cause those arrangements to provide that the intended recipient of the payment due to be deposited first shall be entitled to interest on the deposited payment for each day in the period of its deposit
at the rate offered by the escrow agent for that date for overnight deposits in the relevant currency in the office where it holds that deposited payment (such rate offered at 11:00 a.m. local time on that day) if that

  
 11 

	 	 
payment is not released by 5:00 p.m. local time on the date it is deposited for any reason other than the intended recipient’s failure to make the escrow deposit it is required to make
hereunder in a timely fashion. 

  

	(e)	Consent to Recording. The parties agree (i) that each may electronically record all telephone conversations between the trading, marketing, and other
relevant personnel of the parties in connection with this Agreement, or any Transaction or potential Transaction; (ii) to obtain any necessary consent of and give any necessary notice or such recording to its relevant personnel and
(iii) that any such recordings may be submitted in evidence to any court or in any proceeding for the purpose of establishing any matters pertinent to any Transaction. 

 

	(f)	Illegality. For purposes of Section 5(b)(i) of this Agreement, the obligation of either party to comply with any official directive issued or given by any
government agency or authority with competent jurisdiction which has the result referred to in such Section 5(b)(i) will be deemed to be an “Illegality”. 

 

	(g)	Confirmations. On or promptly following the Trade Date of a Transaction. Party A will send in writing to Party B by facsimile and email a Confirmation. Upon
receipt thereof, Party B shall examine the terms of each Confirmation sent by Party A, and unless Party B objects to the terms within three (3) Local Business Days after receipt of that Confirmation, those terms shall be deemed accepted and
correct absent manifest error, in which case that Confirmation will be sufficient to form a binding supplement to this Agreement. 

  

	(h)	Limitation of Rate. Notwithstanding any provision to the contrary contained in this Agreement, in no event shall the Default Rate, Non-default Rate, or
Termination Rate exceed the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged, or received on the subject indebtedness under the law applicable to such party.

 PART 6. FOREIGN EXCHANGE AND CURRENCY OPTIONS TRANSACTIONS 

 

	(a)	 Confirmations. Any FX Transaction or Currency Option Transaction into which the parties may before the date of this Agreement have entered, or
may in the future enter, where the relevant Confirmation on its face does not expressly exclude the application of this Agreement, shall (to the extent not otherwise provided for in this Agreement) be subject to, governed by and construed in
accordance with this Agreement (in substitution for any existing terms, if any, whether express or implied). 

  
 12 

	 	 
Each such FX Transaction and Currency Option Transaction shall be a Transaction, and the documents and other confirming evidence (including electronic messages on an electronic messaging service)
exchanged between the parties confirming such FX Transaction or Currency Option Transaction shall each be a Confirmation (even where not so specified therein), for the purposes of this Agreement. 

 

	(b)	Payment Instructions. All payments to be made in respect of FX Transactions and Currency Option Transactions shall be made in accordance with standing payment
instructions provided by the parties (or as otherwise specified in a Confirmation). Any such instructions from a party must be received no later than one Business Day prior to the Value Date or Premium Payment Date (as the case may be) for such
Transaction and otherwise be in conformity with standard inter-dealer market practice regarding foreign currency delivery. 

  

	(c)	Currency Option Transaction Discharge and Termination. 

  

	 	(i)	Automatic Discharge and Termination of Offsetting Options. Unless otherwise agreed, any Call Option or any Put Option written by a party will automatically be
terminated and discharged, in whole or in part, as applicable, against a Call Option or a Put Option, respectively, written by the other party, such termination and discharge to occur automatically upon the payment in full of the last Premium
payable in respect of such Currency Option Transactions; provided that such termination and discharge may only occur in respect of Currency Option Transactions: 

 (1) each being with respect to the same Put Currency and the same Call Currency; 

(2) each having the same Expiration Date and Expiration Time; 
 (3) each being of the same style, i.e. either both being American Style Options or both being European Style Options; 
 (4) each having the same Strike Price; 
 (5) neither of which shall have been
exercised by delivery of a Notice of Exercise; 
 and, upon occurrence of such termination and discharge, neither party shall have any further
obligation to the other party in respect of the relevant Currency Option Transactions or, as the case may be, parts thereof so terminated and discharged. In the case of a partial termination and discharge (i.e. where the relevant Currency Option
Transactions are for different amounts of the Currency Pair), the 

  
 13 

 
remaining portion of the Currency Option Transaction which is partially discharged and terminated shall continue to be a Currency Option Transaction for all purposes of this Agreement. This
provision shall apply notwithstanding that either party (i) may fail to send out a Confirmation in respect of any such discharge and termination, or (ii) may fail to make changes in any of its books as a result of any such discharge and
termination. 
  

	 	(ii)	Additional Definitions 

  

	 	(1)	“Call Option” means a Currency Option Transaction entitling, but not obligating, the Buyer to purchase from the Seller at the Strike Price a specified
quantity of the Call Currency. 

  

	 	(2)	“Put Option” means a Currency Option Transaction entitling, but not obligating, the Buyer to sell to the Seller at the Strike Price a specified quantity of
the Put Currency. 

 (d) Amendments to the FX and Currency Option Definitions. The following amendments are made to the FX
and Currency Option Definitions: 
  

	 	(i)	Section 3.5(g) of the FX and Currency Option Definitions is amended by the deletion of the word “facsimile” in the third line thereof.

  

	 	(ii)	Section 3.4 of the FX and Currency Option Definitions is hereby amended by the addition of the following as new Sections 3.4(c) and (d) of the FX and Currency
Option Definitions: 

  

	 	“(c)	Unless otherwise agreed in writing by the parties, the Premium related to a Currency Option Transaction shall be paid on its Premium Payment Date in immediately
available funds. 

  

	 	(d)	 If any Premium is not received on the Premium Payment Date, the Seller may elect: (i) to accept a late payment of such Premium; (ii) to give
written notice of such non-payment and, if such payment shall not be received within three (3) Local Business Days of such notice, treat the related Currency Option Transaction as void; or (iii) to give written notice of such non-payment
and, if such payment shall not be not received within three (3) Local Business Days, treat such non-payment as an Event of Default under Section 5(a)(i) of this Agreement. If the Seller elects to act under either clause (i) or
(ii) of the preceding sentence, the Buyer shall pay all out-of-pocket costs and actual damages 

  
 14 

	 	 
incurred in connection with such unpaid or late Premium or void Currency Option Transaction, including, without limitation, interest on such Premium from and including the Premium Payment Date to
but excluding the date of actual payment in the same currency as such Premium at the Default Rate and any other losses, costs or expenses incurred by the Seller in connection with such terminated Currency Option Transaction, for the cost of its
funding, or the loss incurred as a result of terminating, liquidating, obtaining or re-establishing a delta hedge or related trading position with respect to such Currency Option Transaction.” 

[SIGNATURES ON FOLLOWING PAGE] 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Schedule as of the date specified on the first page
hereof. 
  

									
		 		 	BANCO SANTANDER, S.A.,
				
	/s/ Ma Carmen López Hervás	 		 		 	/s/ Tomás Mazuecos Abengozar
	Ma Carmen López Hervás	 		 	By:	 	 Tomás Mazuecos Abengozar

	Banco Santander, S.A.	 		 		 	 Name:
	 	 Tomás Mazuecos Abengozar
 Banco Santander, S.A.

	Authorized signature	 		 		 	 Title:
	 	Authorized signature
	Firma autorizada	 		 		 		 	Firma autorizada
		 		 		 		 	
			
		 		 	ARCOS DORADOS B.V.
				
		 		 	 By:
	 	 (illegible signature)

		 		 		 	 Name:
	 	
		 		 		 	 Title:
	 	

  
 16Confirmation of Cross-Currency Swap

 Exhibit 10.11 

  
  

			
	Date:	  	October 12, 2010
		
	To:	  	ARCOS DORADOS BV
		  	c/o Arcos Dorados Argentina S.A.
		  	Attn: Miguel Sanchez de Bustamante; Diego Pace; Julieta Nalband
		  	Roque Saenz Peña 432
		  	Olivos - Buenos Aires
		  	Argentina - B 1636FFB
		
	Subject:	  	NON-DELIVERABLE CROSS CURRENCY SWAP TRANSACTION
		
	Ref Number:	  	

  
  

Dear Sirs, 
 The purpose of
this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the transaction entered into between us on the Trade Date specified below (the “Transaction”). 

The definitions and provisions contained in the 2006 ISDA Definitions (the “2006 Definitions”) and the 1998 ISDA FX and
Currency Option Definitions and Annex A to the 1998 FX and Currency Options Definitions, as amended (the “FX Definitions”), each as published by the International Swaps and Derivatives Association, Inc., and the Agreement (as
defined below) are incorporated into this Confirmation. 
 In the event of any inconsistency between the definitions and
provisions in this Confirmation, the definitions and provisions in the Agreement, the definitions and provisions in the FX Definitions, and/ or the definitions and provisions in the 2006 Definitions, they will prevail in this order respectively.

 This Confirmation constitutes a “Confirmation” as referred to in, and supplements, forms part of and is subject to,
the ISDA 2002 Master Agreement dated as of August 1, 2007, as amended and supplemented from time to time (the “Agreement”), between Arcos Dorados BV (“Party B”) and Banco Santander, S.A. (“Party
A”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

	1.	Terms and conditions of the Transaction. 

 A.
General Terms: The terms and conditions of the particular Transaction to which this Confirmation relates are as follows: 
  

			
	 Part I. Transaction Terms:
	  	
		
	 Trade Date:
	  	December 17, 2008.
		
	 Effective Date:
	  	December 17, 2008.
		
	 Termination Date:
	  	November 10, 2013, subject to adjustment in accordance with the Modified Following Business Day Convention.
		
	 Reset Dates:
	  	First day of each Floating Rate Payer Calculation Period.
		
	 Initial Calculation Period Reset Date:
	  	November 10, 2008.
		
	 Exchange Rate at Trade Date:
	  	BRL/USD 2.3570.
		
	 Fixed Amounts:
	  	
		
	 Fixed Rate Payer:
	  	Party B.
		
	 Fixed Rate Payer Notional Amount:
	  	The “BRL Notional Amount” as specified in Annex A, and as adjusted from time to time pursuant to Paragraph 1(B) of this Confirmation.
		
	 Fixed Rate:
	  	12.19% per annum.
		
	 Fixed Rate Payer Payment Dates:
	  	Each Period End Date set forth on Annex A and the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
		
	 Fixed Rate Day Count Fraction:
	  	Actual/360.
		
	 Floating Amounts:
	  	
		
	 Floating Rate Payer:
	  	Party A.
		
	 Floating Rate Payer Notional Amount:
	  	The “USD Notional Amount” as specified in Annex A, and as adjusted from time to time pursuant to Paragraph 1(B) of this Confirmation.
		
	 Floating Rate Option:
	  	USD-LIBOR-BBA.
		
	 Designated Maturity:
	  	3 months.
		
	 Floating Rate for Initial
	  	2.69875%. For the avoidance of doubt, the first Calculation Period will mean the period

  
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	 Calculation Period:
	  	from, and including, November 10, 2008, to, but excluding, May 10, 2009.
		
	 Floating Rate Payer Payment Dates:
	  	Each Period End Date set forth on Annex A and the Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
		
	 Floating Rate Day Count Fraction:
	  	Actual/360.
		
	 Principal Exchange
	  	
		
	 Initial Exchange:
	  	None.
		
	 Interim Exchanges:
	  	
		
	 Interim Exchange Dates:
	  	Each Exchange Date as shown in Annex B, subject to adjustment in accordance with the Modified Following Business Day Convention.
		
	 Party A Interim Exchange Amount:
	  	The “USD Amortization Amount” as specified in Annex B, and as adjusted from time to time pursuant to Paragraph 1(B) of this Confirmation.
		
	 Party B Interim Exchange Amount:
	  	The “BRL Amortization Amount” as specified in Annex B, and as adjusted from time to time pursuant to Paragraph 1(B) of this Confirmation.
		
	 Final Exchange:
	  	
		
	 Final Exchange Date:
	  	The Termination Date, subject to adjustment in accordance with the Modified Following Business Day Convention.
		
	 Party A Final Exchange Amount:
	  	The “USD Notional Amount” as specified in Annex A, and as adjusted from time to time pursuant to Paragraph 1(B) of this Confirmation.
		
	 Party B Final Exchange Amount:
	  	The “BRL Notional Amount” as specified in Annex A, and as adjusted from time to time pursuant to Paragraph 1(B) of this Confirmation.
		
	 Part II. Settlement Provisions:
	  	
		
	Settlement:	  	Non-deliverable, with the effect that any

  
 -4-

			
		 	Reference Currency amounts payable hereunder on a Settlement Date shall be converted into Settlement Currency amounts by reference to the Settlement Rate Option on the applicable
Valuation Date. All payments (including exchanges) hereunder shall be made in the Settlement Currency.
		
	 Settlement Rate Option:
	 	BRL PTAX (BRL09).
		
	 Reference Currency:
	 	BRL.
		
	 Settlement Currency:
	 	USD.
		
	 Valuation Date:
	 	Two business days prior to each Settlement Date (“Scheduled Valuation Date”), subject to adjustment in accordance with the Preceding Business Day Convention, or
in the event of an Unscheduled Holiday, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Settlement Date:
	 	Each Fixed Rate Payer Payment Date and/or Exchange Date, subject to adjustment if the Scheduled Valuation Date is adjusted in accordance with the Following Business Day
Convention or if Valuation Postponement applies, and in each such case, the Settlement Date shall be as soon as practicable, but in no event later than two Business Days after the date on which the Spot Rate is determined.
		
	 DISRUPTION EVENTS:
	 	
		
	 Price Source Disruption:
	 	Applicable.
		
	 Price Materiality:
	 	Applicable.
		
	 Primary Rate:
	 	BRL 09.
		
	 Secondary Rate:
	 	EMTA BRL Industry Survey Rate (BRL 12), or EMTA BRL Indicative Survey Rate (BRL 13), as the case may be.
		
	 Price Materiality Percentage:
	 	3%, provided however, that if there are insufficient responses on the Valuation Date to the EMTA BRL Industry Survey or the EMTA BRL Indicative Survey, as the case may be, the
Price Materiality Percentage will also be deemed to have been met.

  
 -5-

			
	 DISRUPTION FALLBACKS:
	 	
		
	 1. First Fallback Reference Price:
	 	EMTA BRL Industry Survey Rate (BRL 12).
		
	 2. Valuation Postponement
	 	
		
	 3. Second Fallback Reference Price:
	 	EMTA BRL Indicative Survey Rate (BRL 13).
		
	 4. Calculation Agent Determination of Settlement Rate
	 	
		
	Part III. Other Terms:	 	
		
	Unscheduled Holiday	 	“Unscheduled Holiday” means that a day is not a Business Day and the market was not aware of such fact (by means of a public announcement or by reference to
other publicly available information) until a time later than 9:00 a.m. local time in the Principal Financial Center(s) of the Reference Currency two Business Days prior to the Scheduled Valuation Date.
		
	“Deferral Period” for Unscheduled Holiday	 	In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention, and if the Valuation Date has not occurred on or before the 30th consecutive
day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Deferral Period that would have been a Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation
Date.
		
	Valuation Postponement for Price Source Disruption:	 	“Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day
on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive
number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day

  
 -6-

			
	 	 	after the Maximum Days of Postponement in accordance with the next applicable
Disruption Fallback.
		
	 Cumulative Events:
	 	Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an
Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii)), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall
have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such 30 day period, a Price Source Disruption shall have occurred or be continuing on the day
following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
		
	 Maximum Days of Postponement:
	 	Thirty (30) calendar days.
		
	Relevant Cities for Business Day for Valuation Date:	 	Sao Paulo, New York and London.
		
	Relevant Cities for Business Day for Settlement Date:	 	Sao Paulo, New York and London.
		
	 Calculation Agent:
	 	Party A.

 B. Partial Early Termination 

 

	 	(a)	Unless (i) an Event of Default under the Agreement as amended by this Confirmation has occurred in respect of Party B or (ii) Party A has designated an Early
Termination Date, Party B may, at its option, terminate a portion (a “Partially Terminated Transaction”) of the Transaction (each, a “Partial Early Termination”) by written notice to Party A.

  

	 	(b)	 After giving effect to any Partial Early Termination, the Calculation Agent shall reduce all subsequent amortizations of the Notional Amounts shown in
Annex A on a pro rata basis (based upon the then remaining Notional Amounts) and shall also reduce the Amortization Amounts shown in 

  
 -7-

	 	 
Annex B consistently with that reduction of the Notional Amounts, to reflect such reduction in the Notional Amounts, and shall distribute a new Annex A and a new Annex B as so revised to Party A
and Party B. 

  

	 	(c)	For purposes of the Agreement and the Transaction to which this Confirmation relates, the effect of a Partial Early Termination shall be as follows: the Transaction
shall be deemed and treated for all purposes to have been divided into two separate Transactions, as if the parties, instead of initially entering into the Transaction, had instead entered into two separate Transactions; the terms of each of such
two deemed Transactions shall be identical to the Transaction, except for the Notional Amounts and the Amortization Amounts thereof, and such two deemed Transactions shall have new Notional Amounts, which, when taken together, shall result in the
same Notional Amounts as the Notional Amounts of the Transaction immediately prior to the Partial Early Termination, and new Amortization Amounts, which, when taken together, shall result in the same Amortization Amounts as the Amortization Amounts
of the Transaction immediately prior to the Partial Early Termination; and one of which deemed Transactions (the “Terminated Portion”) shall have the Notional Amounts and the Amortization Amounts corresponding to the reduction
designated for such Partially Terminated Transaction in the notice of Partial Early Termination issued by Party B pursuant to Paragraph 1(B)(a). The Terminated Portion shall be deemed to have terminated on the Local Business Day specified by Party B
which date so designated by Party B shall not be a day earlier than the day such notice is effective (such date being referred to herein as the “Partial Early Termination Date”), with the same effect as though a Termination Event
had occurred hereunder with the Affected Party being Party B for purposes of determining payments upon early termination, with the Early Termination Date being the Partial Early Termination Date, and with such Terminated Portion being treated for
this purpose only as an Affected Transaction. The obligations of each party to make payments pursuant to the Agreement to the other party with respect to the Terminated Portions that would, but for such Partial Early Termination Date, occur after
such Partial Early Termination Date, will terminate after the Partial Early Termination Date. Partial Early Termination shall not, however, constitute a Termination Event under the Agreement with respect to the non-terminated portion of Partially
Terminated Transactions, and the occurrence of a Partial Early Termination shall have no effect on the non-terminated portions of Partially Terminated Transactions or on Transactions other than Partially Terminated Transactions, all of which shall
continue in full force and effect without regard to any such Partial Early Termination. 

  
 -8-

 C. Documents to be delivered: 
 Each party shall deliver to the other, at the time of its execution of this Confirmation, evidence of the corporate authority, specimen signature and incumbency of each person who is executing the
Confirmation on the party’s behalf, unless such evidence has previously been supplied and remains true and in effect. 
 D. Office and
Address for notices in connection with the Transaction: 
  

					
	 a) Party A:
	  	 BANCO SANTANDER, S.A.
 Parque Empresarial la Finca
 Edificio 10, planta baja

Pozuelo de Alarcon
 28223
Madrid

		  	Email:	  	Incomingdocgroup@gruposantander.com
		  	Fax:	  	011-34-91-257-0466
		
	 b) Party B:
	  	 ARCOS DORADOS BV

c/o Arcos Dorados Argentina S.A.
 Roque Saenz
Pena 432
 Olivos - Buenos Aires

Argentina - B1636FFB

		  	Tel:	  	011-54-11-4711-2000
		  	Fax:	  	011-54-11-4711-2236
		  	Attn:	  	 Miguel Sanchez de Bustamante; Diego Pace;
 Julieta Nalband

  
 -9-

 E. Payment Instructions for Party A: 

 

			
	 Bank Name:
	  	CITIBANK, NEW YORK
		  	Swift (CITIUS33)
		  	F/O Banco Santander S.A., Madrid
		  	(BSCHESMM)
		  	A/C No. 10 936 195

 F. Payment Instructions for Party
B: 
  

			
	 Bank Name:
	  	JPMorgan Private Bank
	 Bank Address:
	  	345 Park Avenue, 5th Floor
		  	New York, NY 10154-1002
	 ABA No.:
	  	021-000-021
	 For Credit to Account #:
	  	739577034
	 Beneficiary:
	  	Arcos Dorados B.V.

  

	2.	Amendments to the Agreement Applicable to the Transaction: 

 For purposes of the Transaction to which this Confirmation relates, the following modifications to the Schedule shall apply: 

 

	(a)	The “Credit Support Default” provisions of Section 5(a)(iii) are hereby amended by inserting, in the fifth line of clause (2) thereof,
immediately before the word “prior”, the words “or upon the Security Documents ceasing to be in full force and effect, or ceasing to give the Collateral Agent, for the benefit of Party A and the other Secured Creditors (as defined in
each of the Security Documents), liens, rights, powers and privileges purported to be created thereby (including, without limitation, a perfected security interest in, and lien on, all of the Collateral (except to the extent any part thereof is
released from such lien in accordance with the provisions of the Security Documents), in favor of the Collateral Agent, superior to and prior to the rights of all third persons, and subject to no other liens other than Permitted Liens (as defined in
the U.S. Security Documents), in each case”. 

  

	(b)	Threshold Amount. “Threshold Amount” for the purposes of the “Cross Default” provision of Section 5(a)(vi) shall be, in respect of Party
B, USD 10,000,000. 

  

	(c)	Additional Event of Default. It will be an Event of Default in respect of Party B under the Agreement if an “Event of Default” occurs under any of the
Security Documents. 

  

	(d)	 Additional Documents to be Delivered. For purposes of Section 4(a)(ii) of the Agreement, Party B agrees to deliver to Party A all financial
information, if any, 

  
 -10-

	 	 
as Party B delivers or is required to deliver pursuant to the Subsidiary Guaranty and the Security Documents. 

 

	(e)	Additional Termination Event will apply. The following will constitute an Additional Termination Event: 

If the Transaction in whole or in part shall at any time cease to constitute a bona fide hedge of Specified Indebtedness of Party B
denominated in USD or shall otherwise be maintained for speculative purposes. 
 For purposes of the Additional Termination Event
above, Party B will be the sole Affected Party. 
  

	(f)	“Credit Support Document” means with respect to Party A: Not Applicable. 

“Credit Support Document” means with respect to Party B: The Security Documents and the Subsidiary Guaranty. 

 

	(g)	“Credit Support Provider” means with respect to Party A: Not Applicable, 

“Credit Support Provider” means with respect to Party B: The Guarantors (as defined in the Subsidiary Guaranty).

  

	(h)	Collateral Security. Party B acknowledges and agrees that all of its obligations under this Confirmation (and the Agreement in respect of the Transaction to
which this Confirmation relates) (whether present, future, contingent or otherwise) shall be guarantied under the Subsidiary Guaranty and shall be secured by, and have the benefit of, any security from time to time granted by Party B to Party A or
any of the other Secured Creditors (as defined in any of the Security Documents) with respect to the Obligations (as defined in the Security Documents) or to any agent acting on behalf of Party A or any of the other Secured Creditors (whether before
or after the date hereof). Party B undertakes to and agrees with Party A to enter into, execute and deliver all such additional agreements, documents, instruments and other assurances and to do such acts and things as Party A may reasonably require
in order to give effect to the foregoing. 

  

	(i)	 Transfer. Notwithstanding anything to the contrary in Section 7 of the Agreement, Party A may, with the consent of Party B (which consent
shall not be unreasonably withheld or delayed, provided that (x) if Party B does not respond within 2 Business Days after notice of any such proposed transfer or assignment from Party A, such consent shall be deemed to have been given and
(y) so long as either an Event of Default with respect to which Party B is the Defaulting Party or a Termination Event with respect to which Party B is an Affected Party has occurred and is continuing at the time of the transfer or assignment
or if the transferee or assignee is an Affiliate of Party A or in the circumstances described 

  
 -11-

	 	 
in Sections 7(a) and 7(b) of the Agreement, Party B shall be deemed to have given its consent and no actual specific written consent shall be required), transfer or assign the Transaction to
which this Confirmation relates and the rights and obligations of Party A under the Agreement and the Credit Support Documents to the extent they relate to the Transaction to which this Confirmation relates to one or more assignees (each, a
“Transferee”); provided that, in the event of an assignment or transfer by Party A without the express consent of Party B (other than an assignment or transfer of the type described in Section 7(a) or 7(b) of the Agreement, in
which case the following provisions shall not apply, but without prejudice to any other right or remedy under the Agreement); (i) Party B will not, as a result of such transfer, be required to pay to the Transferee an amount in respect of an
Indemnifiable Tax under Section 2(d)(i)(4) under the Transferee Agreement (as defined below) greater than the amount in respect of which Party B would have been required to pay to Party A in the absence of such transfer; (ii) Party B will
not receive any payment under the Transferee Agreement from which an amount is required to be, as a result of such transfer, withheld or deducted on account of a Tax with respect to which no additional amount is required to be paid by the Transferee
under Section 2(d)(i)(4) of the Transferee Agreement (other than by reason of Section 2(d)(i)(4)(A) or (B) thereof); (iii) at the time of the assignment, if Party B and the Transferee have not entered into a master agreement in
the form of the Agreement, this Confirmation shall evidence a complete binding agreement between them as to the terms of the Transaction to which this Confirmation relates, and Party B and the Transferee shall use all reasonable efforts promptly to
negotiate, execute and deliver an agreement in the form of the ISDA 2002 Master Agreement (the “ISDA Form”), with such modifications as they shall in good faith agree (the “Transferee Agreement”); upon the execution
and delivery of the Transferee Agreement, this Confirmation will supplement, form a part of and be subject to that agreement; until the execution and delivery of the Transferee Agreement, this Confirmation, together with all other documents
referring to the ISDA Form confirming transactions entered into between Party B and the Transferee, shall supplement, form a part of, and be subject to an agreement in the form of the ISDA Form as if they had executed an agreement in such form (but
without any Schedule except for the election of the laws of the State of New York as the governing law and USD as the Termination Currency) on the date in which the assignment is effective between Party B and the Transferee; in the event of any
inconsistency between the provisions of that agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction; (iv) neither an Event of Default with respect to which Party A is the Defaulting Party nor a
Termination Event with respect to which Party A is an Affected Party has occurred and is continuing at the time of the assignment, and neither an Event of Default nor a Termination Event shall occur as a result of the assignment; (v) it will
not become, and there is not a substantial likelihood that it will become, unlawful for either party to perform any obligation under the Transferee Agreement as a result of such

  
 -12-

	 	 
assignment; and (vi) Party A provides to Party B written notice of such assignment reasonably in advance of the assignment specifying the date of such assignment. Unless Party B is notified
in writing to the contrary, from and after such date specified for an assignment that complies with the foregoing, Party B may treat the Transferee as Party A for all purposes. 

 

	(j)	Definitions. 

Section 14 of the Agreement is hereby amended by inserting the following in alphabetical order: 

“Amortization Amounts” means, as applicable, in respect of the Transaction to which this Confirmation relates, the
amounts specified in Annex B as the applicable BRL Amortization Amount and USD Amortization Amount, in effect from time to time in this Confirmation. 
 “Collateral” means and includes (i) all “Collateral” as defined in the U.S. Security Documents and (ii) all property transferred in trust for the collateral benefit of
the Collateral Agent and/or the other secured creditors named therein, or over which the Collateral Agent and/or the other secured creditors named therein have been granted a lien or other security interest (however denominated under applicable
law), pursuant to the Foreign Pledge Agreements. 
 “Collateral Agent” means Deutsche Bank Trust Company
Americas, in its capacity as collateral agent for the benefit of Party A and certain other secured creditors under the Subsidiary Guaranty and the Security Documents, and any successor thereto in such capacity. 

“Foreign Pledge Agreements” means and includes, collectively, the agreements, contracts and instruments set forth on
Annex C, and any additional documents or instruments executed and delivered in connection therewith or pursuant to the requirements of any of the foregoing, in each case as modified, supplemented or amended from time to time, 

“Notional Amounts” means, as applicable, in respect of the Transaction to which this Confirmation relates, the amounts
specified in Annex A as the applicable BRL Notional Amount and USD Notional Amount, in effect from time to time in this Confirmation. 
 “Security Documents” means and includes each of the U.S. Security Documents and the Foreign Pledge Agreements. 
 “Subsidiary Guaranty” means the Second Amended and Restated Subsidiary Guaranty, dated as of October 12, 2010, made by certain subsidiaries of Party B

  
 -13-

 
in favor of the Collateral Agent, as modified, supplemented or amended from time to time. 
 “U.S. Security Documents” means and includes each of (i) the Second Amended and Restated Security Agreement, dated as of October 12, 2010, among Party B, certain subsidiaries of
Party B and the Collateral Agent, (ii) the Second Amended and Restated U.S. Stock Pledge Agreement, dated as of October 12, 2010, among Party B, certain subsidiaries of Party B and the Collateral Agent, (iii) the Second Amended and
Restated U.S. Intercompany Note Pledge Agreement, dated as of October 12, 2010, among Party B, certain subsidiaries of Party B and the Collateral Agent and (iv) any additional documents or instruments executed and delivered in connection
with or pursuant to the requirements of any of the foregoing, in each case as modified, supplemented or amended from time to time. 
  

	(k)	Additional Representations. 

 For purposes of Section 3 of the Agreement, the following shall constitute Additional Representations: 
 (A) Bona Fide Hedging Transactions. Party B represents that this Agreement and each Transaction hereunder is a hedging transaction entered into in the ordinary course of business and not entered
into for the purposes of speculation. 
 (B) No Fiduciary Relationship. Each party has entered into the Transaction solely
in reliance on its own judgment. Neither party has any fiduciary obligation to the other party relating to the Transaction. In addition, neither party has held itself out as advertising, or has held out any of its employees or agents as having the
authority to advise, the other party as to whether or not the other party should enter into the Transaction, any subsequent actions relating to the Transaction or any other matters relating to the Transaction. Neither party shall have any
responsibility or liability whatsoever in respect of any advise given, or views expressed, by it or any of such persons to the other party relating to the Transaction, whether or not such advice is given or such views are expressed at the request of
the other party. 
  

	(l)	 Party A agrees that for so long as the capital reduction (which generated receivables denominated in BRL owing from such Brazilian subsidiaries to
Party B) among Party B and certain of its subsidiaries in Brazil perfected on December 30, 2008 (in the form heretofore provided by Party B to Party A, as the same may be modified from time to time, provided that no such modification shall,
without the consent of Party A, (x) reduce the principal amount thereof to an amount less than the sum of (i) the then current BRL Notional Amount of the Transaction, (ii) the sum of the then current notional amounts in BRL under the
transactions documented under the Amended and Restated Confirmation dated as of October 12, 2010 (relating to the transaction closed on December 17, 2008) and the 

  
 -14-

	 	 
Amended and Restated Confirmation dated as of October 12, 2010 (relating to the transaction closed on January 6, 2009), in each case supplementing the Agreement and (iii) the then
current notional amounts in BRL under the transaction documented under the Confirmation, dated as of December 31, 2008 (relating to the transaction closed on December 17, 2008), supplementing the ISDA 2002 Master Agreement, dated as of
December 12, 2008, as modified by the Schedule, dated as of December 12, 2008, between The Bank of Nova Scotia and Party B or (y) change the currency thereof from Brazilian Reais) remains in effect, the Agreement and each Transaction
thereunder shall constitute a bona fide hedging transaction of Specified Indebtedness of Party B denominated in US Dollars entered into in the ordinary course of Party B’s business and not entered into or maintained for the purposes of
speculation. 

 Please confirm that the foregoing correctly sets for the terms of our agreement with respect
to the Transaction by signing in the space provided below and sending a copy of the executed confirmation to Banco Santander, S.A. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 -15-

 
			
	Yours sincerely,
	
	Banco Santander, SA.
		
	By:	 	 /s/ Miguel Ángel Martínez Villegas

		 	Name:  Miguel Ángel Martínez Villegas
		 	 Title:    Banco Santander, S.A.
              Authorized signature

             Firma autorizada

		
	By:	 	 /s/ Fernando Fernández Fernández

		 	Name:  Fernando Fernández Fernández
		 	 Title:    Banco Santander, S.A.
              Authorized signature

             Firma autorizada

Accepted and agreed as of the date first above written: 
  

			
	ARCOS DORADOS B.V.
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	Yours sincerely,
	
	Banco Santander, SA.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Accepted and agreed as of the date first above
written: 
  

			
	ARCOS DORADOS B.V.
		
	By:	 	 /s/ Diego Pace

		 	Name:
		 	Title:

  
 -17-

 ANNEX A 
  

											
	Reset Dates	  	Period End Dates	  	USD Notional Amount	 	  	BRL Notional Amount	 
				
	November 10, 2008	  	May 10, 2009	  	 	50,000,000	  	  	 	117,850,000	  
				
	May 10, 2009	  	August 10, 2009	  	 	50,000,000	  	  	 	117,850,000	  
				
	August 10, 2009	  	November 10, 2009	  	 	50,000,000	  	  	 	117,850,000	  
				
	November 10, 2009	  	February 10, 2010	  	 	50,000,000	  	  	 	117,850,000	  
				
	February 10, 2010	  	May 10, 2010	  	 	50,000,000	  	  	 	117,850,000	  
				
	May 10, 2010	  	August 10, 2010	  	 	50,000,000	  	  	 	117,850,000	  
				
	August 10, 2010	  	November 10, 2010	  	 	50,000,000	  	  	 	117,850,000	  
				
	November 10, 2010	  	February 10, 2011	  	 	45,000,000	  	  	 	106,065,000	  
				
	February 10, 2011	  	May 10, 2011	  	 	45,000,000	  	  	 	106,065,000	  
				
	May 10, 2011	  	August 10, 2011	  	 	40,000,000	  	  	 	94,280,000	  
				
	August 10, 2011	  	November 10, 2011	  	 	40,000,000	  	  	 	94,280,000	  
				
	November 10, 2011	  	February 10, 2012	  	 	35,000,000	  	  	 	82,495,000	  
				
	February 10, 2012	  	May 10, 2012	  	 	35,000,000	  	  	 	82,495,000	  
				
	May 10, 2012	  	August 10, 2012	  	 	30,000,000	  	  	 	70,710,000	  
				
	August 10, 2012	  	November 10, 2012	  	 	30,000,000	  	  	 	70,710,000	  
				
	November 10, 2012	  	February 10, 2013	  	 	25,000,000	  	  	 	58,925,000	  
				
	February 10, 2013	  	May 10, 2013	  	 	25,000,000	  	  	 	58,925,000	  
				
	May 10, 2013	  	August 10, 2013	  	 	12,500,000	  	  	 	29,462,500	  
				
	August 10, 2013	  	November 10, 2013	  	 	12,500,000	  	  	 	29,462,500	  

  
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 ANNEX B 
  

									
	Exchange Date	  	USD Amortization Amount	 	  	BRL Amortization Amount	 
			
	May 10, 2009	  	 	0	  	  	 	0	  
			
	August 10, 2009	  	 	0	  	  	 	0	  
			
	November 10, 2009	  	 	0	  	  	 	0	  
			
	February 10, 2010	  	 	0	  	  	 	0	  
			
	May 10, 2010	  	 	0	  	  	 	0	  
			
	August 10, 2010	  	 	0	  	  	 	0	  
			
	November 10, 2010	  	 	5,000,000	  	  	 	11,785,000	  
			
	February 10, 2011	  	 	0	  	  	 	0	  
			
	May 10, 2011	  	 	5,000,000	  	  	 	11,785,000	  
			
	August 10, 2011	  	 	0	  	  	 	0	  
			
	November 10, 2011	  	 	5,000,000	  	  	 	11,785,000	  
			
	February 10, 2012	  	 	0	  	  	 	0	  
			
	May 10, 2012	  	 	5,000,000	  	  	 	11,785,000	  
			
	August 10, 2012	  	 	0	  	  	 	0	  
			
	November 10, 2012	  	 	5,000,000	  	  	 	11,785,000	  
			
	February 10, 2013	  	 	0	  	  	 	0	  
			
	May 10, 2013	  	 	12,500,000	  	  	 	29,462,500	  
			
	August 10, 2013	  	 	0	  	  	 	0	  

  
 -19-

 ANNEX C 
  

	1.	Argentine Pledge Agreements  

  

	 	a)	Contrato de Prenda de Acciones y Cesión Fiduciaria Con Fines de Garantia, among Arcos Dorados Argentina S.A., LatAm and Woods White Staton Welten dated
August 3, 2007, as amended from time to time. 

  

	2.	Brazilian Pledge Agreements  

  

	 	a)	First Lien Brazilian Quota Pledge Agreement, dated August 3, 2007, among the Collateral Agent, as pledgee, the Company, LatAm, ADCDC, Arcos Dourados Comercio de
Alimentos Ltda. and Arras Comercio de Alimentos Ltda. 

  

	 	b)	First Amendment to First Lien Brazilian Quota Pledge Agreement, dated November 10, 2008, among the Collateral Agent, as pledgee, the Company, LatAm, ADCDC, Arcos
Dourados Comercio de Alimentos Ltda. and Arras Comercio de Alimentos Ltda. 

  

	 	c)	Second Amendment to the First Lien Brazilian Quota Pledge Agreement, dated December 28, 2008, among the Collateral Agent, as pledgee, the Company, LatAm, ADCDC,
Arcos Dourados Comercio de Alimentos Ltda. and Arras Comercio de Alimentos Ltda. 

  

	 	d)	Third Amendment to the First Lien Brazilian Quota Pledge Agreement, dated April 17, 2009, among the Collateral Agent, as pledgee, the Company, LatAm, ADCDC and
Arcos Dourados Participações. 

  

	 	e)	Fourth Amendment to the First Lien Brazilian Quota Pledge Agreement, dated December 23, 2009, among the Collateral Agent, as pledgee, the Company, LatAm, ADCDC and
Arcos Dourados Participações Ltda. 

  

	 	f)	Additional First Lien Brazilian Quota Pledge Agreement, dated December 29, 2008, among the Collateral Agent, as pledgee, the Company, LatAm, ADCDC, Arcos Dourados
Participações, Arcos Dourados Comercio de Alimentos Ltda. and Arras. 

  

	 	g)	First Amendment to the Additional First Lien Brazilian Quota Pledge Agreement, dated April 17, 2009, among the Collateral Agent, as pledgee, the Company, LatAm,
ADCDC, Arcos Dourados Participações, Arcos Dourados Comercio de Alimentos Ltda. and Arras Comercio de Alimentos Ltda. 

  

	 	h)	 Second Amendment to the Additional First Lien Brazilian Quota Pledge Agreement, dated December 23, 2009, among the Collateral Agent, as
pledgee, the Company, LatAm, ADCDC, Arcos Dourados Participações, 

  
 -20-

	 	 
Arcos Dourados Comercio de Alimentos Ltda. and Arras Comercio de Alimentos Ltda. 

  

	3.	Colombian Pledge Agreements  

  

	 	a)	Foreign Pledge Agreement, dated August 3, 2007, constituting, in favor of the Lenders, a pledge over the equity interests in Areas Dorados Colombia S.A., as
amended from time to time. 

  

	4.	Ecuadorian Pledge Agreement 

  

	 	a)	Amended and Restated First Lien Ecuadorian Stock Pledge Agreement, dated November 10, 2008, as amended from time to time. 

 

	5.	Mexican Trust Agreement 

  

	 	a)	Contrato de Fideicomiso Irrevocable, Traslativo de Domino, de Garantia y Administración, No. 15468-5, dated August 3, 2007, among LatAm,
McDonald’s, the Collateral Agent and Mexican Trustee, as amended from time to time. 

  

	 	b)	Contrato de Fideicomiso Irrevocable, Traslativo de Domino, de Garantia y Administración, No. 15469-3, dated August 3, 2007, among ADCDC,
McDonald’s, the Collateral Agent and Mexican Trustee, as amended from time to time. 

  

	6.	Puerto Rican Pledge Ratification 

  

	 	a)	Amended and Restated Ratification to U.S. Stock Pledge Agreement, dated October 22, 2008, between LatAm and the Collateral Agent, as amended from time to time.

  

	7.	Venezuelan Pledge Agreements  

  

	 	a)	Acknowledgement to the Venezuelan Share Pledge Agreement, dated as of October 22, 2008, among the Collateral Agent, LatAm, Administrative Development Company and
Management Operations Company, as amended from time to time. 

  
 -21-

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