Document:

Amended and Restated Escrow Agreement dated October 12, 2010

 Exhibit 10.4 
 EXECUTION VERSION 
 AMENDED AND RESTATED ESCROW AGREEMENT 

THIS AMENDED AND RESTATED ESCROW AGREEMENT (together with all Exhibits hereto, the “Agreement”), dated as of
October 12, 2010, among McDonald’s Latin America, LLC, a limited liability company organized under the laws of the State of Delaware with its principal office at Oak Brook, Illinois (“McDonald’s”), LatAm, LLC, a
limited liability company organized under the laws of the State of Delaware with its principal office at Miami, Florida (“Master Franchisee”), each of the Escrowed MF Subsidiaries, organized in the jurisdictions, and with their
respective principal offices at the location, specified in Exhibit 1 hereto (the “Escrowed MF Subsidiaries”), Arcos Dorados Restaurantes de Chile Ltda., a company organized under the laws of Chile (“Arcos de
Chile”), Arcos Dorados B.V., a company organized under the laws of the Netherlands with its principal office at Amsterdam, The Netherlands (“Owner”), Deutsche Bank Trust Company Americas, as collateral agent under the Secured
Credit Documents (the “Collateral Agent”), and Citibank, N.A., as escrow agent hereunder (the “Escrow Agent” and, together with McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries, Arcos de Chile, Owner
and Collateral Agent, the “Parties”). 
 WHEREAS, McDonald’s and Owner entered into the Purchase
Agreement, dated as of March 28, 2007, as amended pursuant to Amendment No. 1 to the Purchase Agreement, dated as of August 3, 2007 (the “Purchase Agreement”), pursuant to which McDonald’s and certain of its
affiliates sold, and Owner purchased, 100% of the Equity Interests of Master Franchisee, McDonald’s Comercio de Alimentos, Ltda., McDonald’s Sistemas de Panama, S.A., McDonald’s Sistemas McOpCo Panama, S.A. and El Dorado Mac, S.A.

 WHEREAS, McDonald’s, Owner, Arcos Dorados Cooperatieve U.A. (“Dutch Coop”), Arcos Dorados Limited
(“Parent” and, together with Owner and Dutch Coop, the “Owner Entities”), Los Laureles, Ltd. (“Beneficial Owner”), Master Franchisee and the MF Subsidiaries entered into a Master Franchise
Agreement, dated as of August 3, 2007, as amended and restated pursuant to the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), under which Beneficial Owner, each of the Owner
Entities, Master Franchisee and each other registered owner of an MF Subsidiary from time to time (the “Call Option Grantors”) grant McDonald’s a Call Option with respect to the Equity Interests of each of the Owner Entities,
Master Franchisee and each MF Subsidiary, exercisable at the times, for the prices and in the manner specified in the MFA; 

WHEREAS, Owner, as borrower, together with various financial institutions from time to time party thereto, as lenders (the
“Lenders”), Deutsche Bank Trust Company Americas, as administrative agent (the “Administrative Agent”), and Santander Investment Securities, Inc., as lead arranger (the “Lead Arranger”), entered
into an Amended and Restated Credit Agreement, dated as of October 22, 2008 (as further amended, modified, restated and/or supplemented from time to time, the “Credit Agreement”); 

 WHEREAS, in order to hedge against adverse fluctuations in the floating interest rate
applicable to the loans under the Credit Agreement, which might have impaired the Owner’s ability to service its interest expense thereunder, the Owner entered into: (i) a Confirmation, dated as of January 13, 2009, supplementing the
ISDA 2002 Master Agreement, dated as of August 1, 2007, between Banco Santander S.A. and the Owner; and (ii) a Confirmation, dated as of January 28, 2009, (relating to the transaction closed on December 2, 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 the Owner (the transactions referred to in items (i) and (ii) of this
recital, collectively, the “Interest Rate Swaps” and the Owner’s counterparties thereunder, collectively, the “Interest Rate Swap Creditors”); 

WHEREAS, in order to hedge against adverse fluctuations in the exchange rate between Dollars and Brazilian reais, which might have
impaired its ability to service its and certain of its Subsidiaries’ Dollar-denominated obligations under the Credit Agreement and related documents (collectively, the “Credit Documents”), the Owner entered into: (i) three
Confirmations, dated as of February 5, 2009 (relating to a transaction closed on December 17, 2008), dated as of February 5, 2009 (relating to a transaction closed on January 6, 2009) and dated as of March 5, 2009 (relating
to a transaction closed on March 5, 2009), supplementing the ISDA 2002 Master Agreement, dated as of August 1, 2007, as modified by the Amended and Restated Schedule, dated as of January 12, 2009, between Banco Santander S.A. and the
Owner; and (ii) a Confirmation, dated as of December 31, 2008 (relating to a 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 the Owner (the transactions referred to in items (i) and (ii) of this recital, collectively, the “Cross-Currency Swaps” and the Owner’s
counterparties thereunder, collectively, the “Other Creditors”); 
 WHEREAS, in order to secure their
obligations under the Credit Documents, the Interest Rate Swaps and the Cross-Currency Swaps, the Owner and certain of its Subsidiaries executed and delivered an Amended and Restated Security Agreement, dated as of November 10, 2008, in favor
of the Collateral Agent for the benefit of the Secured Creditors, the Interest Rate Swap Creditors and the Bank Creditors; 

WHEREAS, as security for the performance by the Owner and the Grantors of their obligations under the Cross-Currency Swaps and the Call
Options, as applicable, the Owner and the Grantors have granted to the Collateral Agent, for the benefit of the Secured Creditors and McDonald’s, a security interest in the Common Collateral; 

WHEREAS, the MFA requires that (a) all certificates evidencing Equity Interests (“Certificated Equity Interests”)
of Master Franchisee or any Escrowed MF Subsidiary be delivered by the record owner thereof (the “Escrowing Shareholders”) to Escrow Agent and held in escrow by Escrow Agent in accordance with the terms and conditions of this
Agreement; and (b) each Escrowed Constituent Document of any Escrowed MF Subsidiary (such Escrowed Constituent Documents together with the Certificated Equity Interests, the “Escrowed Equity Interests”) that issues
Dematerialized Equity Interests be deposited by 

  
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the applicable Escrowing Shareholder with Escrow Agent; 
 WHEREAS, the
Common Collateral Documents provide that Escrow Agent hold the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) on behalf of the Secured Creditors and McDonald’s solely for the purpose of
perfecting the security interests granted under the Common Collateral Documents under the terms of this Agreement; 
 WHEREAS,
to set forth their rights, remedies and obligations with respect to the Escrowed Equity Interests upon a default under the MFA or the Secured Credit Documents, McDonald’s, the Owner, the Collateral Agent and the other parties named therein have
entered into the Amended and Restated Intercreditor Agreement. 
 WHEREAS, the Owner has repaid in full all obligations owing
under the Credit Agreement out of the proceeds of a Dollar-denominated fixed rate debt security issuance and, in connection therewith, terminated the Interest Rate Swaps and repaid in full all obligations owing thereunder, but maintained the
Cross-Currency Swaps outstanding as a bona fide hedge against certain other outstanding Dollar obligations; and 
 WHEREAS, the
Parties wish to amend and restate the Prior Agreement in order to reflect the transactions referred to in the immediately preceding recital. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as
follows: 
 1. Definitions and Interpretation 
 Definitions. Defined terms in this Agreement, which may be identified by the capitalization of the first letter of each principal word thereof, have the meanings assigned to them in Exhibit
2. Notwithstanding anything herein to the contrary, the amendment of any other document or agreement, including the amendment of any defined term thereunder, shall have no effect on the duties or obligations of Escrow Agent hereunder, including
in connection with the definition of any defined term hereunder defined by reference to such other document or agreement unless prior written notice of such amendment has been provided to Escrow Agent, and if such amendment has an adverse effect on
Escrow Agent, unless the prior written consent of Escrow Agent has been obtained. 
 1.1 Interpretation. In this
Agreement, except to the extent that the context otherwise requires: 
 1.1.1 The headings are for convenience of
reference only and shall not affect the interpretation of this Agreement; 
 1.1.2 Defined terms include the
plural as well as the singular and vice versa; 

  
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 1.1.3 Words importing gender include all genders; 

1.1.4 References to Sections, clauses and Exhibits are references to Sections and clauses of and Exhibits to, this
Agreement; 
 1.1.5 References to any document or agreement, including this Agreement, shall be deemed to include
references to such document or agreement as amended, restated, supplemented or replaced from time to time in accordance with its terms and (where applicable) subject to compliance with the requirements set forth herein; and 

1.1.6 References to any Party include its successors and permitted assigns. 

2. Appointment of Escrow Agent; Registrar, Transfer Agent and Custodial Services 

2.1 Appointment of Escrow Agent. McDonald’s, Beneficial Owner, each Owner Entity, Master Franchisee, each Escrowed MF
Subsidiary, and Collateral Agent each confirms and ratifies its nomination, constitution and appointment of Citibank, N.A. as Escrow Agent, subject to the terms, conditions and instructions contained in this Agreement, to act as escrow agent and
hold the Escrowed Property in escrow hereunder. 
 2.2 Agreement of Escrow Agent. Citibank, N.A. hereby acknowledges its
appointment as Escrow Agent and agrees to act as escrow agent in accordance with the terms, conditions and instructions contained in this Agreement. 
 2.3 Registrar and Transfer Agent; Custodian. 
 2.3.1 Each of
Master Franchisee and Arcos Dorados Caribbean Development Corp., a company previously known as McDonald’s Caribbean Development Corporation (“ADCDC”) has engaged Citibank, N.A. to act as registrar and transfer agent with
respect to the Equity Interests of Master Franchisee and ADCDC pursuant to the terms of a Transfer Agency Agreement, dated as of August 3, 2007, among Citibank, N.A., McDonald’s and each of Master Franchisee and ADCDC. Each of Master
Franchisee and ADCDC acknowledges and agrees that Citibank, N.A. may name Computershare, Inc. (or any affiliate thereof) to act on its behalf in providing any or all registrar or transfer agent services. 

2.3.2 Arcos Dorados Panama, S.A. (previously known as McDonald’s Sistemas de Panama, S.A.), Sistemas McOpCo Panama,
S.A., Arcos Dorados Puerto Rico, Inc. (previously known as McDonald’s System de Puerto Rico, Inc.), Gauchito de Oro S.A., Arcos del Sur, S.R.L., Alimentos Arcos Dorados de Venezuela, C.A., Compañia Operativa de Alimentos COR, C.A.,
Gerencia Operativa ARC, C.A. and each other Escrowed MF Subsidiary from time to time party to this Agreement and organized in Panama, Puerto Rico, Uruguay or Venezuela has appointed Citibank, N.A. as custodian to hold and safe keep the share
registry book for the Equity Interests of each such Person. Citibank, N.A. has 

  
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engaged one or more Persons to act as custodian for the register of Equity Interests of any Escrowed MF Subsidiary organized in Panama, Puerto Rico, Uruguay and Venezuela and the registry book
with respect to such Equity Interests. Such Persons shall be Affiliates of Citibank, N.A. or Persons otherwise reasonably satisfactory to the Parties. Upon delivery of each such share registry book, the relevant custodian appointed by Citibank, N.A.
pursuant to this Section shall provide a receipt therefor to the relevant Escrowed MF Subsidiary. 
 2.4 Special Provisions
for Arcos de Chile. 
 2.4.1 Appointment of Escrow Agent. Arcos de Chile hereby confirms and ratifies
its nomination, constitution and appointment of Citibank, N.A. as Escrow Agent, subject to the terms, conditions and instructions contained in this Agreement, to act as escrow agent and hold powers of attorney in the form attached hereto as
Exhibit 3 (each, a “Chilean POA”). 
 2.4.2 Powers of Attorney. Each shareholder
of Arcos de Chile has granted and delivered to Escrow Agent a Chilean POA. The Chilean POAs grant to the Escrow Agent the ability to change each and every one of the attorneys-in-fact of Arcos de Chile. 

2.4.3 Escrowed Property. Each Chilean POA shall be deemed to be Escrowed Property for all purposes set forth in
Sections 2.4 and 5.1.5. 
 3. Escrowed Equity Interests 
 3.1 Deposit of Escrowed Equity Interests. 
 3.1.1 Subject to
Section 3.2, with respect to any Escrowed MF Subsidiary owned by it, each Escrowing Shareholder has delivered to Escrow Agent either (a) the Certificated Equity Interests, together with the applicable Local Stock Power and Local Voting
Power, of such Escrowed MF Subsidiary; or (b) all of the Escrowed Constituent Documents, together with the applicable Local Stock Power and Local Voting Power, of such Escrowed MF Subsidiary. Escrow Agent acknowledges to each Escrowing
Shareholder its receipt of such Escrowed Equity Interests and the related Local Stock Powers and Local Voting Powers. The current Escrowing Shareholders and the Escrowed Equity Interests are set forth in Exhibit 4. 

3.1.2 Subject to the terms, conditions and instructions contained in this Agreement, Escrow Agent shall accept and hold as
Escrowed Equity Interests hereunder all Escrowed Equity Interests of Master Franchisee and any Escrowed MF Subsidiary delivered to Escrow Agent at any time or from time to time by any Escrowing Shareholder during the term of this Agreement. Equity
Interests so delivered shall be accompanied by an applicable Local Stock Power, Local Voting Power and otherwise in the form required hereunder. Escrow Agent shall promptly acknowledge after receipt in writing its receipt of any such Escrowed Equity
Interests, Local Stock Powers and Local Voting Powers to the applicable 

  
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Escrowing Shareholder, with a copy to McDonald’s and, if such Escrowed Equity Interests, Local Stock Powers and Local Voting Powers are with respect to a Secured Credit Grantor, to the
Collateral Agent. 
 3.2 All Equity Interests; Certificated Form. Each of Master Franchisee and the Escrowed MF
Subsidiaries represents that the Certificated Equity Interests and the Dematerialized Equity Interests in respect of which Escrowed Constituent Documents have been delivered hereunder by the applicable Escrowing Shareholder shall constitute at all
times all of its issued and outstanding Equity Interests and, to the fullest extent permitted by Applicable Law, agrees that it shall at all times require that Equity Interests issuable by it be issued exclusively in certificated form. 

3.3 Bailee for Perfection. 
 3.3.1 Escrow Agent agrees to acquire and acknowledges it holds or is the registered owner of the Escrowed Equity Interests and other Escrowed Property in its possession or control (or in the possession or
control of its agents or bailees) on behalf of the Collateral Agent (but solely with respect to the Escrowed Equity Interests and other Escrowed Property of a Secured Credit Grantor), the Other Creditors and McDonald’s solely for the purpose of
perfecting the security interest granted under the Common Collateral Documents and the MFA and to facilitate the transactions contemplated by the MFA and the Amended and Restated Intercreditor Agreement, subject to the terms and conditions of this
Section 3.3. 
 3.3.2 Escrow Agent shall have no obligation whatsoever to the Collateral Agent, the Other
Creditors and McDonald’s to assure that the Escrowed Property is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person, except as expressly set forth in this Section 3.3. The duties or responsibilities of
Escrow Agent under this Section 3.3 shall be limited solely to holding or standing as the registered owner of the Escrowed Property as bailee in accordance with this Section 3.3. 

3.3.3 Escrow Agent acting pursuant to this Section shall not have by reason of any Common Collateral Document, this
Agreement or any other document, a fiduciary relationship in respect of the Other Creditors, Collateral Agent, McDonald’s or any other Person. 
 4. Escrow Accounts; Investment and Transfer of Escrowed Property 
 4.1
Maintenance of Accounts. Escrow Agent shall at all times maintain one or more non-interest bearing accounts (each, an “Escrow Account”) into which it shall, as soon as practicable upon its receipt thereof, deposit and hold
hereunder (a) all dividends and distributions with respect to any Escrowed Equity Interests received by Escrow Agent pursuant to Section 5.2.2 hereof; and (b) any Disputed Amounts (all such property, plus all Escrowed Equity
Interests, Local Stock Powers and Local Voting Powers, the “Escrowed Property”). Disputed Amounts, the amount of which shall be indicated to Escrow Agent by McDonald’s in a Settlement Notice, shall be deposited in an Escrow
Account denominated 

  
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as such and segregated from all other Escrowed Property hereunder. Dividends or distributions with respect to Escrowed Equity Interests in the form of Equity Interests shall be deposited by the
relevant Escrowing Shareholder, accompanied by an applicable Local Stock Power, Local Voting Power and otherwise in the form required hereunder. 
 4.2 Requirement to Invest Cash. 
 4.2.1 Escrow Agent shall
invest all cash deposited into any Escrow Account, including Disputed Amounts, in Permitted Investments pursuant to and as directed in writing by Master Franchisee; provided that following any notice from Collateral Agent that an Event of
Default shall have occurred and be continuing, the Escrow Agent shall follow solely the instructions of Collateral Agent, acting on behalf of the Secured Creditors, until Collateral Agent notifies the Escrow Agent otherwise, except to the extent
that such cash is required to be distributed pursuant to Section 5.2 hereunder. Escrow Agent shall invest cash on the date of deposit, provided that such cash is received on or before 11:00 a.m. (E.S.T.). Any cash received by Escrow
Agent after 11:00 a.m. (E.S.T.) shall be treated as if received on the following Business Day. 
 4.2.2 Any
investment direction contained herein may be executed through an affiliated broker dealer of Escrow Agent and will be entitled to usual and customary fees. Neither Citigroup, Inc., nor any of its affiliates assumes any duty or liability for
monitoring the investment rating of any investment made hereunder. 
 4.2.3 Escrow Agent shall not be liable for
the investment or reinvestment of any Escrowed Property, or any liquidation of such investment or reinvestment, executed in accordance with the terms of this Agreement, including any liability for any delays (not resulting from its gross negligence,
bad faith or willful misconduct as adjudicated by a court of competent jurisdiction) in the investment or reinvestment of the Escrowed Property, any loss of interest incident to any such delays or any loss or penalty as a result of the liquidation
of any investment before its stated maturity date. 
 4.3 Transfer of Escrowed Property. Escrow Agent shall transfer the
Escrowed Property strictly in accordance with each Excluded Subsidiary Transfer Instruction (but only as to Excluded Subsidiaries), Restricted Subsidiary Transfer Instruction (but only as to Restricted Subsidiaries), Settlement Notice or Secured
Creditor Release Notice received by it hereunder or as otherwise as expressly provided herein. 
 5. Voting; Dividends and Distributions

 5.1 Voting of Escrowed MF Subsidiaries. 

5.1.1 To the fullest extent permitted by Applicable Law, each Escrowing Shareholder irrevocably grants its proxy or power
of attorney, as the case may be, in accordance with the applicable Local Voting Power with respect to the Equity Interests of each Escrowed MF Subsidiary owned by such Escrowing 

  
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Shareholder. Each Escrowing Shareholder hereby affirms that (a) the applicable Local Voting Power is given in connection with, and in consideration of, the execution of the MFA and the
Secured Credit Documents and to secure the performance of (i) its obligation to deliver Escrowed Equity Interests as and when required under the MFA and (ii) the Secured Credit Obligations; and (b) such Local Voting Power is coupled
with an interest and, subject to Applicable Law, may under no circumstances be revoked Each Escrowing Shareholder hereby ratifies and confirms all that Escrow Agent may lawfully do or cause to be done by virtue of the applicable Local Voting Power
upon receipt by Escrow Agent of a Default Exercise Notice or a Secured Creditor Release Notice delivered in accordance with this Agreement. If for any reason under Applicable Law, any Local Voting Power cannot be granted, is held to be unenforceable
or to be revocable, then the applicable Escrowing Shareholder shall promptly take all action necessary or desirable to cause the applicable Escrowed Equity Interests to be voted as required by this Agreement. No Escrowed MF Subsidiary that is not a
Restricted Subsidiary shall revoke, amend or modify any Local Voting Power without the consent of McDonald’s. No Escrowed MF Subsidiary that is a Restricted Subsidiary shall revoke, amend or modify any Local Voting Power without the consent of
McDonald’s and the Collateral Agent. 
 5.1.2 Prior to Escrow Agent’s receipt of a Default Exercise
Notice, with respect to any Escrowed Equity Interests, or a Secured Creditor Release Notice, with respect to any Escrowed Equity Interests of any Secured Credit Grantor, each Escrowing Shareholder shall be entitled to vote such Escrowed Equity
Interests in its sole discretion; provided that no Escrowing Shareholder shall vote such Escrowed Equity Interests in a manner that would violate or result in a breach of any covenant contained in any MFA Document, any Common Collateral Document or
any Secured Credit Document. If any action approved by such vote results in a breach of any covenant contained in any MFA Document, any Common Collateral Document or any Secured Credit Document at the time such vote is taken or effectuated, then
such vote shall be null and void ab initio. Following Escrow Agent’s receipt of a Default Exercise Notice or a Secured Creditor Release Notice, Escrow Agent shall not vote such Escrowed Equity Interests until it receives either a
McDonald’s Voting Notice or a Secured Creditor Voting Notice in accordance with the terms of Sections 5.1.3 or 5.1.4. In no event shall an Escrowing Shareholder be permitted to vote any Escrowed Equity Interests relating to any Subject Business
specified in any Default Exercise Notice or Secured Creditor Release Notice previously received by Escrow Agent unless such Default Exercise Notice or Secured Creditor Release Notice has been revoked or rescinded in writing by McDonald’s or the
Collateral Agent, as the case may be. 
 5.1.3 From and after Escrow Agent’s receipt of a notice in the form
of Exhibit 5 (a “McDonald’s Voting Notice”) with respect to the Escrowed Equity Interests relating to any Subject Business specified in any Default Exercise Notice previously received by Escrow Agent that has not been
revoked or rescinded in writing by McDonald’s, Escrow Agent shall solely accept written instructions, as to the voting of the Escrowed Equity Interests, given by McDonald’s in accordance

  
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with this Agreement, and shall vote, or cause to be voted, such Escrowed Equity Interests in accordance with such written instructions timely received from McDonald’s. 

5.1.4 If no McDonald’s Voting Notice has been received by Escrow Agent and remains in effect with respect to any
Escrowed Equity Interests of any Secured Credit Grantor, then from and after Escrow Agent’s receipt of a notice in the form of Exhibit 6 (a “Secured Creditor Voting Notice”), Escrow Agent shall solely accept written
instructions, as to the voting of the Escrowed Equity Interests of any Secured Credit Grantor, given by the Collateral Agent in accordance with this Agreement, and shall vote, or cause to be voted, such Escrowed Equity Interests of any Secured
Credit Grantor in accordance with such written instructions timely received from the Collateral Agent. The Escrow Agent shall not take any action set forth in any Secured Creditor Voting Notice if such Secured Creditor Voting Notice includes
instructions with respect to the Escrowed Equity Interests of any Excluded Subsidiary. If a McDonald’s Voting Notice is received by Escrow Agent with respect to such Escrowed Equity Interests of any Secured Credit Grantor following its receipt
of a Secured Creditor Voting Notice, Escrow Agent shall cease to accept any instruction whatsoever with respect to the voting of such Escrowed Equity Interests from Collateral Agent and shall thereafter solely accept written instructions with
respect thereto given by McDonald’s in accordance with this Agreement. 
 5.1.5 Exercise of Chilean
POA. The Escrow Agent shall utilize and shall be required to utilize the Chilean POAs only to take the corporate actions required to change each attorney-in-fact (or authorized person) of Arcos de Chile and only upon written instructions from
McDonald’s to that effect. McDonald’s agrees to only provide written instructions to the Escrow Agent with respect to the Chilean POAs if a Default Exercise Notice with respect to Arcos de Chile has been received by the Escrow Agent.
Escrow Agent agrees to treat instructions received by McDonald’s in the same manner and in the same priority as if such instructions had been issued pursuant to Section 5.1.3. 

5.2 Dividends and Distributions on Escrowed Equity Interests. 

5.2.1 Prior to Escrow Agent’s receipt of a Default Exercise Notice with respect to any Escrowed Equity Interests, all
cash dividends with respect to the Escrowed Equity Interests shall be distributed by the Escrowed MF Subsidiary that issued such cash dividend directly to the Escrowing Shareholder that deposited the Escrowed Equity Interests of such Escrowed MF
Subsidiary with Escrow Agent, as set forth in Exhibit 4; provided however, that any dividends, distributions or other payments with respect to any Escrowed Equity Interests in the form of Equity Interests of Master Franchisee or
any MF Subsidiary or any other property (other than cash dividends) shall be promptly deposited with Escrow Agent by the applicable Escrowing Shareholder as required by Section 3. All dividends, distributions or other payments that are received
by any Escrowing Shareholder contrary to the provisions of this Section 5.2.1 shall be paid over in the same form 

  
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as so received (with any necessary endorsement) to Escrow Agent and shall be segregated from other property or funds of such Escrowing Shareholder. 

5.2.2 From and after Escrow Agent’s receipt of a Default Exercise Notice with respect to the Escrowed Equity
Interests relating to any Subject Business specified in such Default Exercise Notice, all dividends, distributions and other payments made with respect to such Escrowed Equity Interests shall be deposited with Escrow Agent and invested as provided
in Section 4.2. On the fifth Business Day of each month following any month in which any such dividends or distributions were deposited with Escrow Agent, Escrow Agent shall distribute the same as follows: 

FIRST, to Escrow Agent to the extent of any fees and disbursements of Escrow Agent due but unpaid; 

SECOND, to Collateral Agent to be applied in accordance with Section 5 of the Collateral Agency Agreement, as
specified by Collateral Agent in a written notice to Escrow Agent received by Escrow Agent not less than three Business Days prior to the date on which such distribution is to be made; and 

THIRD, to the Escrowing Shareholder who owns the relevant Escrowed Equity Interests subject to such dividend or
distribution. 
 Notwithstanding anything herein to the contrary, Escrow Agent shall have no duty or obligation to ensure that
any amounts so distributed to any other Party are utilized for the purposes set forth in this Section 5.2.2. 
 6. Notices

 6.1 Settlement Notice. Upon receipt of a Settlement Notice, Escrow Agent shall as soon as practicable take the
actions set forth in such Settlement Notice. McDonald’s and Escrow Agent shall consult in advance of the delivery of any Settlement Notice by McDonald’s with respect to the administrative procedures to be undertaken by Escrow Agent upon
settlement of the relevant Call Option, which administrative procedures shall be identified in a writing executed by McDonald’s and Escrow Agent not later than the date which is 10 Business Days prior to the Option Closing Date to be specified
in such Settlement Notice. As promptly as practicable following the date hereof, McDonald’s shall deliver to Escrow Agent a preliminary indication of such administrative procedures pursuant to a side letter between McDonald’s and Escrow
Agent, dated as of the date hereof. The Parties hereby acknowledge and agree that the provisions of this Agreement pertain to the rights, obligations and performance of Escrow Agent under the side letter and any other writing with respect to such
administrative procedures. 
 6.2 Disputed Amounts Settlement Notice. Upon receipt of a Disputed Amounts Settlement
Notice, Escrow Agent shall as soon as practicable take the actions set forth in such Disputed Amounts Settlement Notice. 

  
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 6.3 Secured Creditor Release Notice. Upon receipt of a Secured Creditor Release
Notice, Escrow Agent shall as soon as practicable take the actions set forth in such Secured Creditor Release Notice. The Collateral Agent shall complete and deliver to Escrow Agent a completed Enforcement Notice in form ready for execution by
Escrow Agent once Escrow Agent is directed to deliver an Enforcement Notice upon receipt of a Secured Creditor Release Notice. 

6.4 Intercreditor Compliance Notice. Upon receipt of an Intercreditor Compliance Notice, Escrow Agent shall as soon as practicable
take the actions set forth in such Intercreditor Compliance Notice. 
 7. Termination 

7.1 Term. This Agreement shall terminate upon the later of the termination of the MFA with respect to all Territories and the
distribution of all Escrowed Property hereunder; provided, however, that in no event shall this Agreement terminate until all of the Escrowed Property hereunder has been distributed. McDonald’s shall provide Escrow Agent with written notice of
the termination of the MFA. 
 7.2 Release of Collateral Agent. Upon the termination of the Secured Credit Documents and
the repayment of all of the Secured Credit Obligations thereunder, the Collateral Agent shall be automatically released from its obligations under this Agreement, and the Parties agree to take such actions as may be reasonably requested by
Collateral Agent to evidence such release. Collateral Agent shall provide Escrow Agent with written notice of the termination of the Secured Credit Documents and the repayment of all of the Secured Credit Obligations thereunder. 

8. Escrow Agent 
 8.1
Eligibility. Escrow Agent shall at all times be a corporation organized and doing business under, or licensed to do business pursuant to, the laws of the United States (including any State thereof or the District of Columbia), having a
combined capital and surplus of at least $500,000,000 (or its equivalent in another currency) and subject to supervision or examination by U.S. governmental authorities. If at any time Escrow Agent shall cease to be eligible in accordance with the
provisions of this subsection, then it shall resign immediately in the manner and with the effect hereinafter specified. 
 8.2
Care. Escrow Agent shall not be under any duty to accord Escrowed Property any greater degree of care than it accords its own similar property and shall not be required to invest any funds held hereunder except as expressly required by this
Agreement. 
 8.3 Duties. This Agreement expressly sets forth all the duties and obligations of Escrow Agent with respect
to the subject matters hereof. No implied duties or obligations shall be read into this Agreement against Escrow Agent. Escrow Agent shall not be bound by or responsible for the provisions of any agreement among the other Parties except this
Agreement or for determining or compelling compliance therewith. Escrow Agent may delegate any or all of its obligations hereunder to Affiliates or agents of Escrow Agent, provided that Escrow Agent selects such agent with reasonable care. Escrow
Agent 

  
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shall not be required to expend or risk any of its own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder. Escrow Agent shall not be
obligated to take any legal or other action hereunder which might in its judgment involve or cause it to incur any expense or liability unless it shall have been furnished with acceptable indemnification. 

8.4 Reliance. Subject to the other provisions of this Agreement, Escrow Agent shall be entitled to rely upon any order, judgment,
certification, demand, notice, instrument, instruction, certification, consent, authorization, receipt, power or attorney or other writing delivered to it hereunder without being required to determine the authenticity or validity thereof or the
correctness of any fact stated therein or the propriety or validity or the service thereof or the jurisdiction of the court issuing any judgment or order. Escrow Agent may act in reliance upon any instrument or signature reasonably believed by it to
be genuine and may assume that any Person purporting to give receipt or advice or make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so. Notwithstanding anything herein to the contrary,
in the event that Escrow Agent receives a notice, instruction or other writing under the terms of this Agreement that includes a reference to or description of any of the terms of, the facts under or a condition set forth in any other agreement,
Escrow Agent shall be fully protected in acting upon and shall be entitled to conclusively rely upon any such reference or description or satisfaction of any condition set forth in any such notice, instruction or other writing. 

8.5 Taxes; Reporting. 
 8.5.1 Escrow Agent does not have any interest in the Escrowed Property deposited hereunder but is serving as escrow agent only. Each Party receiving Escrowed Property shall pay or reimburse Escrow Agent
upon request for any transfer or other taxes incurred in connection with the release and delivery thereof to such Party and shall indemnify and hold Escrow Agent harmless from any transfer or other taxes that Escrow Agent is or may be obligated to
pay in connection therewith. The Parties agree that, to the extent applicable, they shall treat for all relevant tax purposes (a) any income earned on the funds in any Escrow Account attributable to the investment of dividends, as taxable to
the respective Escrowing Shareholder, to be reported on a Form 1099 B, if applicable, in relation to principal, on a Form 1099 INT, in the case of interest earned, or on a Form 1099 DIV for dividends earned, in the case of money market investments
or any other applicable forms required under U.S. law; and (b) any other income as taxable to Owner. 

8.5.2 To facilitate Escrow Agent’s (a) disbursement of Escrowed Property from the Escrow Account hereunder; and
(b) compliance with the applicable legal requirements relating to the withholding of taxes, each Party (other than McDonald’s and the Collateral Agent), including each Escrowing Shareholder, shall provide Escrow Agent as soon as
practicable after the date hereof, with all forms, documents or certificates Escrow Agent requests for purposes of withholding of taxes or complying with applicable tax laws, including an 

  
 12 

 
appropriately completed IRS Form W-8BEN or Form W-9, setting forth each Party’s respective tax identification number. In the event a payee is not a Party to this Agreement, the Parties
(other than Escrow Agent and the Collateral Agent) shall provide Escrow Agent with a duly completed and properly executed Form W-9 (or Form W-8 BEN, in case of a non-U.S. entity) for such payee prior to payment being made. The Parties acknowledge
that, in the event tax identification numbers are not certified to Escrow Agent, the Internal Revenue Code of 1986, as amended, may require withholding of a portion of any interest or other income earned on the investment of the Escrowed Property.

 8.5.3 Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal
advice to any taxpayer outside of Citigroup, Inc. and its affiliates. This Agreement and any amendments or attachments are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer or for the purpose of avoiding tax
penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. 
 8.5.4 The Parties acknowledge and agree that Escrow Agent shall be responsible for income reporting only with respect to income earned on investment of funds that are a part of the Escrowed Property and
is not responsible for any other reporting. Within 30 days following the end of each calendar year for which this Agreement is in effect or during which the termination of the Escrow Account occurs, Escrow Agent will provide each Escrowing
Shareholder or any other appropriate Party with a statement setting forth the amount of interest or other earnings accrued on the investment of funds that are part of the Escrowed Property for the calendar year (or, if the Escrow Account is
terminated during the relevant calendar year, from the beginning of the calendar year to the date of such termination). 
 8.6
No Representation. Escrow Agent makes no representation as to the validity, value, genuineness or the collectability of any security, perfection or other document, instrument or property held by it hereunder. 

8.7 No Advice. Escrow Agent shall not be required to advise any Party as to the wisdom in taking or refraining from any action
with respect to any security or other document, instrument or property held by it hereunder. 
 8.8 Resignation;
Replacement. Escrow Agent (and any successor Escrow Agent) may at any time resign as such by delivering the Escrowed Property to any successor Escrow Agent designated by McDonald’s and Collateral Agent in writing, with the consent of Master
Franchisee (which consent shall not be unreasonably withheld or delayed) as to the designation of such successor Escrow Agent, or to any court of competent jurisdiction, whereupon Escrow Agent shall be discharged of and from any and all further
obligations arising in connection with this Agreement. The resignation of Escrow Agent shall take effect on the earlier of (a) the appointment of a successor Escrow Agent (including a court of competent jurisdiction); or (b) the day which
is 60 Business 

  
 13 

 
Days after the date of delivery of its written notice of resignation to the other Parties. If at that time Escrow Agent has not received a designation of a successor Escrow Agent, Escrow
Agent’s sole responsibility shall be to safe keep the Escrowed Property until receipt of a designation of successor Escrow Agent or a joint written disposition instruction by McDonald’s, Collateral Agent and Master Franchisee or a final
nonappealable order of a court of competent jurisdiction (accompanied by a certificate from McDonald’s and Collateral Agent to the effect that such judgment is nonappealable). Upon receipt of notice of the identity of the successor escrow
agent, Escrow Agent shall either deliver the Escrowed Property then held hereunder to the successor escrow agent, less Escrow Agent’s fees, costs, expenses and the value of other obligations owed to Escrow Agent hereunder, or hold such Escrowed
Property (or any portion thereof) pending distribution, until all such fees, costs and expenses or the value of other obligations are paid to it. 
 8.9 Removal of Escrow Agent. Escrow Agent may be removed at any time by mutual agreement of McDonald’s, Collateral Agent and Master Franchisee by giving not less than 30 days’ prior
written notice to Escrow Agent. Prior to the expiration of such 30-day period, McDonald’s, Collateral Agent and Master Franchisee shall designate, by mutual consent, a successor escrow agent. If at that time Escrow Agent has not received a
designation of a successor Escrow Agent, Escrow Agent’s sole responsibility shall be to safe keep the Escrowed Property until receipt of a designation of successor Escrow Agent or a joint written disposition instruction by McDonald’s,
Collateral Agent and Master Franchisee or a final nonappealable order of a court of competent jurisdiction (accompanied by a certificate from McDonald’s to the effect that such judgment is nonappealable). Upon receipt of notice of the identity
of the successor escrow agent, Escrow Agent shall either deliver the Escrowed Property then held hereunder to the successor escrow agent, less Escrow Agent’s fees, costs, expenses and the value of other obligations owed to Escrow Agent
hereunder, or hold such Escrowed Property (or any portion thereof) pending distribution, until all such fees, costs and expenses or the value of other obligations are paid to it. Upon delivery of the Escrowed Property to the successor escrow agent,
Escrow Agent shall have no further duties, responsibilities or obligations hereunder. 
 8.10 Successors and Assigns. No
Person shall be recognized by Escrow Agent as a successor or assignee of McDonald’s, Master Franchisee, Beneficial Owner, any Owner Entity or Collateral Agent until there shall be presented to Escrow Agent a written certificate of
McDonald’s, Master Franchisee, Beneficial Owner, any Owner Entity or Collateral Agent, as the case may be, as to such succession or assignment. 
 8.11 No Liability. Escrow Agent shall not be liable or responsible for any act it may do or omit to do, except for its gross negligence, bad faith or willful misconduct. Escrow Agent may consult
with counsel and shall be fully protected with respect to any action taken or omitted by it in good faith on such advice of counsel. Notwithstanding any other provision of this Agreement, Escrow Agent shall not be liable (i) for any indirect,
incidental, consequential, punitive or special losses or damages, regardless of the form of action and whether or not any such losses or damages were foreseeable or contemplated; or (ii) for the investment or reinvestment of any Escrowed
Property or for any liquidation of such investment or reinvestment, executed in accordance with the terms of this Agreement, 

  
 14 

 
including any liability for any delays (in each case, not resulting from its gross negligence, bad faith or willful misconduct as adjudicated by a court of competent jurisdiction) in the
investment or reinvestment of the Escrowed Property, any loss of interest incident to any such delays or any loss or penalty as a result of the liquidation of any investment before its stated maturity date. 

8.12 Indemnification. McDonald’s and Owner agree, jointly and severally, to indemnify fully Escrow Agent and its employees,
officers and directors (each, an “Indemnified Party”) for, hold each Indemnified Party harmless from, and defend each Indemnified Party against, any and all claims, losses, actions, liabilities, costs, damages and expenses of any
nature incurred by such Indemnified Party arising out of or in connection with this Agreement or with the administration of its duties hereunder, including attorney’s fees, tax liabilities (other than income tax liabilities associated with
Escrow Agent’s fees), any liabilities or damages that may result from any inaccuracy or misrepresentation made in any tax certification provided to Escrow Agent, and other costs and expenses of defending or preparing to defend against any claim
of liability, except to the extent such loss, liability, damage, cost and expense shall be caused by the Indemnified Party’s own gross negligence, bad faith or willful misconduct. 

8.13 Compensation and Reimbursement of Escrow Agent. For services rendered under this Agreement, Escrow Agent shall be entitled to
fees and expense reimbursement from McDonald’s as specified in the separate fee agreement relating to this Agreement between Escrow Agent and McDonald’s. In the event that such fees or expenses, or any other obligations owed to Escrow
Agent (or its counsel) are not paid to Escrow Agent within 30 calendar days following the presentment of an invoice for the payment of such fees and expenses or the demand for such payment, then Escrow Agent may, without further action or notice,
pay such fees from the Escrowed Property; provided, however, that if any such fees or expenses are paid from the Escrowed Property (or any Escrowed Property is retained by the Escrow Agent pursuant to the immediately succeeding sentence or
Section 8.8 and McDonald’s is notified of such retention and the reason therefor), then McDonald’s shall pay to the order of Collateral Agent in immediately available funds in Dollars an amount equal to such fees or expenses (or
Escrowed Property withheld by the Escrow Agent), which amount shall be in full satisfaction of such fees or expenses payable to the Escrow Agent. Escrow Agent may in its sole discretion withhold from any distribution of the Escrowed Property an
amount of such distribution it reasonably believes would, upon sale or liquidation, produce proceeds equal to any unpaid amounts to which the Escrow Agent is entitled to hereunder. 

8.14 Ambiguity. In the event of any disagreement among any of the Parties (other than Escrow Agent) to this Agreement, or between
any of them and any other Person, resulting in adverse claims or demands being made with respect to the subject matter of this Agreement, which is not expressly dealt with herein, or in the event that Escrow Agent, in good faith, is in doubt as to
any action it should take hereunder, Escrow Agent may, at its option, refuse to comply with any claims or demands and refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event,
Escrow Agent shall not be liable in any way or to any Person for its failure or refusal to act, and Escrow Agent shall be entitled to continue to so refuse to act 

  
 15 

 
and refrain from acting until (a) the rights of all parties having or claiming an interest in the Escrowed Property or any Escrow Account shall have been fully and finally adjudicated by a
court of competent jurisdiction, or all differences and doubts shall have been resolved by agreement among all of such Parties; and (b) Escrow Agent shall, in the case of adjudication by a court of competent jurisdiction, have received a final
order, judgment or decree by such court of competent jurisdiction, which order, judgment or decree is not subject to appeal, and in the case of resolution of differences and doubts by agreement, have received a notice in writing signed by an
Authorized Person (as defined below) of each of such Parties setting forth in detail the agreement. Escrow Agent shall have the option, after 30 calendar days’ notice to the other Parties of its intention to do so, to file an action in
interpleader requiring such other Parties to answer and litigate any claims and rights among themselves. The costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Escrow Agent in connection with such proceeding
shall be paid by McDonald’s. The rights of Escrow Agent under this Section 8.14 are cumulative of all other rights which it may have by law or otherwise. 
 9. General Provisions 
 9.1 Effective Date. This Agreement shall
become effective on the date hereof (the “Effective Date”). 
 9.2 Severability. If any provision of
this Agreement is invalid, inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering such provision invalid, inoperative or unenforceable in any other case or circumstance, or of rendering any other
provision hereof invalid, inoperative, or unenforceable to any extent whatsoever. 
 9.3 Waiver. No Party may
(a) extend the time for the performance of any of the obligations or other acts of any other Party; or (b) waive compliance with any of the agreements of the other Party or conditions to such Party’s obligations contained herein,
except to the extent such extension or waiver is set forth in an instrument in writing signed by the Party to be bound thereby. Any waiver of any term or condition hereunder shall not be construed as a subsequent waiver of the same term or condition
or any other term or condition of this Agreement. The failure of any Party to assert any of its rights hereunder shall not constitute a waiver of any of such rights. All rights and remedies existing under this Agreement are cumulative with, and not
exclusive of, any rights or remedies otherwise available under this Agreement or under Applicable Law. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 
 9.4 Benefits of this Agreement. 

9.4.1 This Agreement is binding upon the Parties and their respective executors, administrators, permitted transferees and
successors in interest. McDonald’s Corporation shall be an intended third party beneficiary of each obligation owed to McDonald’s by any Party under this Agreement and each Secured Creditor shall be an intended third party beneficiary of
each obligation 

  
 16 

 
owed to Collateral Agent by any Party under this Agreement. Except as aforesaid, nothing in this Agreement is intended, nor shall be deemed, to confer any rights or remedies upon any other Person
not a party hereto. No Party may assign any of its rights or obligations under this Agreement without the prior written consent of the other Parties, except that (a) Escrow Agent may retain the agents specified in Section 2.3 and may
resign upon the terms described in this Agreement; and (b) Collateral Agent may resign or be replaced in accordance with the terms of the Secured Credit Documents. 

9.4.2 Any corporation into which any Escrow Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which Escrow Agent will be a party, or any corporation succeeding to the business of Escrow Agent will be the successor of Escrow Agent hereunder without the execution or filing
of any paper with any Party or any further act on the part of any of the Parties except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding. 

9.5 Counterparts. This Agreement may be executed and delivered in one or more counterparts, and by the different Parties in
separate counterparts, each of which when executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 9.6 Notices. Any and all notices required or permitted under this Agreement shall be in writing, in English, and shall be personally delivered, sent via an internationally recognized overnight
delivery service, or sent by facsimile (with a confirming copy sent by international air mail) to the following respective addresses or facsimile number unless and until a different address or facsimile number has been designated by written notice
to the other Party: 
  

			
	If to McDonald’s:	  	 McDonald’s Latin America, LLC
 One McDonald’s Plaza
 Oak Brook, Illinois 60523 U.S.A.

Attention: General Counsel of the Americas

Telephone: (630) 623-6255
 Fax: (630)
623-7012

		
	With a copy to:	  	 McDonald’s Corporation

2915 Jorie Boulevard
 Oak Brook, Illinois 60523
U.S.A.
 Attention: General Counsel

Telephone: (630) 623-3373
 Fax: (630)
623-0497

	
	If to an Escrowed MF Subsidiary:
		
		  	c/o Forrestal Capital Limited Company

  
 17 

			
		  	 1221 Brickell Avenue #1170

Miami, Florida 33131
 Attention: Carlos
Hernandez
 Telephone: (305) 961-2840

Fax: (305) 961-2844

		
	With a copy to:	  	 Greenberg Traurig, P.A.

1221 Brickell Avenue
 Miami, Florida
33131
 Attention: Patricia Menendez Cambo
 Telephone: (305) 579-0766
 Fax: (305) 579-0717

	
	If to Master Franchisee or Beneficial Owner:
		
		  	 c/o Forrestal Capital Limited Company
 1221 Brickell Avenue #1170
 Miami, Florida 33131

Attention: Carlos Hernandez
 Telephone: (305)
961-2840
 Fax: (305) 961-2844

		
		  	with a copy to:
		
		  	 Greenberg Traurig, P.A.

1221 Brickell Avenue
 Miami, Florida
33131
 Attention: Patricia Menendez Cambo
 Telephone: (305) 579-0766
 Fax: (305) 579-0717

		
	If to any Owner Entity:	  	 Arcos Dorados Limited
 c/o
Forrestal Capital Limited Company
 1221 Brickell Avenue #1170
 Miami, Florida 33131
 Attention: Carlos Hernandez

Telephone: (305) 961-2840
 Fax: (305)
961-2844

		
		  	with a copy to:
		
		  	 Greenberg Traurig, P.A.

1221 Brickell Avenue
 Miami, Florida
33131
 Attention: Patricia Menendez Cambo
 Telephone: (305) 579-0766
 Fax: (305)
579-0717

  
 18 

			
	If to Collateral Agent:	  	 Deutsche Bank Trust Company Americas
 60 Wall Street
 New York, New York 10005
 Attention: Trust & Securities Services
 Telephone: (212) 250-7727

Fax: (732) 578-4636

		
	If to Escrow Agent:	  	 Citibank, N.A.
 388
Greenwich Street

14th Floor
 New York, New York 10013
 Attention: Marie Ladolcetta
 Telephone: (212) 816-6086

Fax: (212) 657-2762

 Notices shall be addressed to the Party to be notified at the address or telecopy number set forth above. Any notice shall be deemed to have been given at the earlier of receipt, or the next Business Day
after sending by facsimile, electronic transmission or overnight delivery service. “Business Day”, for purposes of this Section, shall mean a day other than a Saturday, Sunday or other day on which commercial banking institutions
are authorized or required by law to close in the Territory in which the intended recipient of the notice has its address or (i) in the case of McDonald’s, the State of Illinois, United States of America; and (ii) in the case of
Collateral Agent, the State of New York, United States of America. Notwithstanding anything herein to the contrary, notice to Escrow Agent shall only be deemed given upon actual receipt by Escrow Agent. In the case of a conflict between any
instruction or order originated by McDonald’s and any other Person other than a court of competent jurisdiction, the instruction or order originated by McDonald’s shall prevail. Notwithstanding anything herein to the contrary, Escrow Agent
may rely and act upon any instruction or order received hereunder from any other Party unless and until Escrow Agent receives a contradictory instruction or order from McDonald’s. 

9.7 Payments. Any and all cash payments made by Escrow Agent pursuant to this Agreement shall be made by wire transfer of
immediately available funds in Dollars to accounts to be established by the relevant Parties promptly following receipt by the Escrow Agent of a Default Exercise Notice with respect to any Escrowed Equity Interest, including any accounts required by
Applicable Law to transfer cash payments from any Escrowed MF Subsidiary organized in Brazil. 
 9.8 Survival. The
obligations contained in Sections 8.5, 8.11, 8.12, 8.13, 10 and this Section 9 shall survive expiration or termination of this Agreement and the resignation or removal of Escrow Agent. 

9.9 Language. This Agreement is entered into in the English language. If a translation of this Agreement into any other language
is required or desired for any reason, it is understood that in all matters involving interpretations of this Agreement, the English text shall control. 

  
 19 

 9.10 Criminal or Civil Penalties. No Party shall engage in any activity that would
knowingly expose any other Party to a risk of criminal or civil penalties under Applicable Law. 
 9.11 Amendments.
Except as otherwise expressly permitted by this Agreement, no change, modification, amendment or waiver of any of the provisions of this Agreement shall be effective and binding upon any Party, including by custom, usage of trade, or course of
dealing or performance, unless it is in writing, specifically identified as an amendment hereto and signed by authorized representatives of each of the Parties; provided, however, that each Party agrees that any Person who executes and delivers to
McDonald’s, Collateral Agent and Escrow Agent an instrument of accession, in which such Person agrees to be deemed an Escrowed MF Subsidiary for all purposes of this Agreement shall be deemed to be a Party to this Agreement. 

9.12 Force Majeure. Notwithstanding anything contained in this Agreement to the contrary, Escrow Agent shall not incur any
liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control (including, without limitation, any provision of any present or future law or regulation or any act of any Governmental
Authority, any act of God or war or terrorism, or the unavailability of the Federal Reserve Bank wire services or any electronic communication facility). 
 9.13 Instructions; Verification; Communications. 
 9.13.1
All instructions required under this Agreement shall be delivered to Escrow Agent in writing, in English, in facsimile form and, if so requested by Escrow Agent, an original, executed by an Authorized Person of each of the other Parties or an entity
acting on its behalf. The identity of such Authorized Persons, as well as their specimen signatures, title, telephone number and e-mail address, shall be delivered to Escrow Agent in the list of authorized signers form as set forth on Schedule
A, Schedule B and Schedule C and shall remain in effect until the applicable Party, or an entity acting on its behalf, notifies Escrow Agent of any change thereto (the Person(s) so designated from time to time, the
“Authorized Persons”). Escrow Agent and the other Parties agree that the above constitutes a commercially reasonable security procedure and further agree to comply with any direction or instruction (other than those contained herein
or delivered in accordance with this Agreement) from any Party. 
 9.13.2 In the event funds transfer
instructions are given (other than in writing at the time of execution of this Agreement), whether in writing, by telecopier, or otherwise, such funds transfer instructions should contain a selected test word also evidenced on Schedule A.
Test words must contain at least eight alphanumeric characters, established at document execution and changed each time Schedule A is updated in accordance with Section 9.13.1. In addition or in lieu of test words, Escrow Agent is
authorized to seek confirmation of such instructions by telephone call back to the applicable Person(s) specified to Escrow Agent from time to time by an Authorized Person and Escrow Agent may rely upon the

  
 20 

 
confirmations of anyone purporting to be the Person(s) so designated. To ensure the accuracy of the instructions it receives, Escrow Agent may record such call backs. If Escrow Agent is unable to
verify the instruction, or is not satisfied in its sole discretion with the verification it receives, it will not execute the instruction until all issues have been resolved to its satisfaction. The Persons and telephone numbers for call backs may
be changed only in writing, signed by an Authorized Person, actually received and acknowledged by Escrow Agent. The Parties acknowledge that these security procedures for funds transfers are commercially reasonable. 

9.13.3 To help the U.S. government fight the funding of terrorism and money laundering activities, Federal law requires
all financial institutions to obtain, verify, and record information that identifies each Person who opens an account. When an account is opened, Escrow Agent will ask for information that will allow Escrow Agent to identify relevant parties. The
other Parties hereby acknowledge such information disclosure requirements and agree to comply with all such information disclosure requests from time to time from Escrow Agent. Notwithstanding anything to the contrary herein, any and all email
communications (both text and attachments) by or from Escrow Agent that Escrow Agent deems to contain confidential, proprietary and/or sensitive information shall be encrypted. The recipient (the “Email Recipient”) of the encrypted
email communication will be required to complete a registration process. Instructions on how to register and/or retrieve an encrypted message will be included in the first secure email sent by Escrow Agent to the Email Recipient. Additional
information and assistance on using the encryption technology can be found at Citibank’s Secure Email website at www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or
(904) 954-6181. 
 9.14 Use of Name. Except for documentation requested or required by any Governmental Authority,
no printed or other material in any language, including prospectuses, notices, reports, and promotional material which mentions “Citibank”, or “Citigroup” or “Citi” by name or the rights, powers, or
duties of Escrow Agent under this Agreement shall be issued by any other Party, or on such Party’s behalf, without the prior written consent of Escrow Agent. 
 10. Governing Law; Arbitration for Certain Designated Matters; Submission to Jurisdiction. 
 10.1 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the law of the State of New York
without giving effect to its principles or rules of conflicts of laws to the extent that the same are not mandatorily applicable by statute and by the application of the laws of another jurisdiction would be required thereby. 

10.2 International Arbitration. 
 10.2.1 The Parties (other than Escrow Agent and Collateral Agent) agree that any dispute, controversy or claim arising out of, relating to or in connection

  
 21 

 
with a Designated Matter (each a “Dispute”), shall be finally settled by binding international arbitration in New York, New York, before a tribunal of three arbitrators (the
“Tribunal”). The arbitration shall be administered by the International Court of Arbitration of the International Chamber of Commerce (the “ICC”) in accordance with the ICC Rules of Arbitration (the “ICC
Rules”) as in effect at the time of the arbitration, except as they may be modified herein or by agreement of the Parties (other than Escrow Agent and Collateral Agent). The place of arbitration shall be New York City, New York.
Notwithstanding anything to the contrary in this Agreement, the arbitration provisions set forth in this Agreement, and any arbitration conducted thereunder, shall be governed exclusively by the Federal Arbitration Act, Title 9 United States Code to
the exclusion of any state or municipal law of arbitration. 
 10.2.2 The arbitration shall be conducted in the
English language. Notwithstanding the foregoing, any Arbitrating Party may submit testimony or documentary evidence in any other language; provided that the Arbitrating Party submitting such evidence, at its own cost, also furnishes to the other
Arbitrating Party or Arbitrating Parties, as applicable, a translation of such testimony or evidence into the English language. 
 10.2.3 In the event that there are two Parties to the Dispute, each Party to the arbitration (each an “Arbitrating Party”) shall nominate one arbitrator, obtain its nominee’s
acceptance of such nomination, and deliver written notification of such nomination and acceptance to the other Arbitrating Party and the ICC within 30 days after delivery of the request for arbitration. In the event an Arbitrating Party fails to
nominate an arbitrator or deliver notification of such nomination to the other Arbitrating Party and the ICC within this time period, upon request of either Arbitrating Party, such arbitrator shall instead be appointed by the ICC within 30 days of
receiving such request. The Arbitrating Parties shall use reasonable best efforts to agree upon a third arbitrator within 40 days after delivery of the request for arbitration. If the Arbitrating Parties are unable to agree upon a third arbitrator
within this time period, then the two arbitrators appointed in accordance with the above provisions shall nominate the third arbitrator and notify the Arbitrating Parties and the ICC in writing of such nomination within 15 days of their appointment.
If the first two appointed arbitrators fail to nominate a third arbitrator or notify the Arbitrating Parties and the ICC of that nomination within this time period, then, upon request of either Arbitrating Party, the third arbitrator shall be
appointed by the ICC within 15 days of receiving such request. The third arbitrator shall serve as chairman of the Tribunal. 
 10.2.4 In the event that there are more than two Arbitrating Parties: 
 (a) The Arbitrating Parties shall in good faith attempt to group themselves into a “Petitioning Party” and a “Defending Party” for purposes of selecting arbitrators, it
being understood that Arbitrating Parties that are Affiliates shall always be in the same group. 

  
 22 

 (b) Each of the Petitioning Party and the Defending Party shall nominate
one arbitrator, obtain its nominee’s acceptance of such nomination, and deliver written notification of such nomination and acceptance to the Arbitrating Parties and the ICC within 30 days after delivery of the request for arbitration.

 (c) The Arbitrating Parties shall use reasonable best efforts to agree upon a third arbitrator within 40 days
after delivery of the request for arbitration. In the event that the Arbitrating Parties are unable to agree upon a third arbitrator within this time period, then the two arbitrators appointed in accordance with clause (b) above shall nominate
the third arbitrator and notify the Arbitrating Parties and the ICC in writing of such nomination within 15 days of their appointment. If the first two appointed arbitrators fail to nominate a third arbitrator or notify the Arbitrating Parties and
the ICC of that nomination within this time period, then, upon request of any Arbitrating Party, the third arbitrator shall be appointed by the ICC within 15 days of receiving such request. The third arbitrator shall serve as chairman of the
Tribunal. 
 (d) If it shall not be possible to form a Petitioning Party or a Defending Party, as the case may
be, or if the Petitioning Party or the Defending Party, as the case may be, fails to select an arbitrator in accordance with clause (b), then, in accordance with Article 10(2) of the ICC Rules, the ICC may appoint each member of the Tribunal and
shall designate one of them to act as chairman. 
 10.2.5 Each member of the Tribunal shall be a lawyer licensed
to practice in a state of the United States of America and shall be fluent in the English language. 
 10.2.6
Each Party (other than Escrow Agent and Collateral Agent) agrees that it will provide discovery consistent with the United States Federal Rules of Civil Procedure, including but not limited to depositions upon oral examination and responses to
written interrogatories. 
 10.2.7 The Parties (other than Escrow Agent and Collateral Agent) agree to submit to
(i) the exclusive personal jurisdiction of the state and federal courts sitting in New York City, New York for the purposes of (A) enforcing this agreement to arbitrate; and (B) applying to a judicial authority for interim or
conservatory measures in accordance with Article 23(2) of the ICC Rules; and (ii) the non-exclusive jurisdiction of such courts for purposes of obtaining judgment upon the award rendered by the Tribunal. 

10.2.8 Each of Owner Entities and the Escrowed MF Subsidiaries consent to the service of process for the purposes of
clause (i) of Section 10.2.7 by appointing CT Corporation System, which maintains an office at 111 Eighth 

  
 23 

 
Avenue, New York, NY 10011, as its agent to receive service of process or other legal summons. Each of the Parties (other than Escrow Agent and Collateral Agent) further consents to the service
of process irrevocably for the purposes of clause (i) of Section 10.2.7 by the mailing of copies thereof by registered or certified mail, postage prepaid, return receipt requested, to each such Party at its address as provided in
Section 9.6. Nothing in this Section shall affect the right of any Party to serve legal process in any other manner permitted by Applicable Law. 
 10.2.9 In accordance with Article 23(2) of the ICC Rules, the Parties (other than Escrow Agent and Collateral Agent) may apply to the competent judicial authority specified in Section 10.2.7 for
interim or conservatory measures. The application of a Party to such judicial authority for such interim or conservatory measures shall not be deemed a waiver of this agreement to arbitrate. 

10.2.10 The award of the Tribunal shall be promptly performed or paid (as the case may be), free and clear of any tax and
deduction, and any costs, fees and taxes incident to enforcing the award shall, to the fullest extent permitted by law, be charged against the Arbitrating Party resisting such enforcement. McDonald’s may request that an award be paid in Equity
Interests of Master Franchisee, in which case the Party against which the award is entered shall cause the transfer of such Equity Interests to which McDonald’s is entitled based on the fair market value of the Equity Interests as determined by
the Tribunal and Master Franchisee shall register such transfer in its books. Any award shall include interest from the date of any damages incurred, and from the date of the award until paid in full, at a rate to be fixed by the Tribunal.

 10.2.11 The Parties (other than Escrow Agent and Collateral Agent) waive to the fullest extent permitted by
law any rights to appeal to, or to seek review of the award of the Tribunal by, any court. 
 10.2.12 When a
Party (other than Escrow Agent and Collateral Agent) to a Related Agreement submits a Request for Arbitration (as defined in the ICC Rules) in connection with a legal relationship in respect of which arbitration proceedings between the Parties
(other than Escrow Agent and Collateral Agent) to the same or another Related Agreement are already pending under the ICC Rules (an “Already Pending Proceeding”), any party to such Related Agreement may request that the claims
contained in the Request for Arbitration (the “New Claims”) be included in the Already Pending Proceeding. If a party to a Related Agreement makes such a request before the Terms of Reference (as defined in the ICC Rules) have been
signed or approved by the ICC in the Already Pending Proceeding, pursuant to Article 4(6) of the ICC Rules, the ICC shall determine whether to include the New Claims in the Already Pending Proceeding. If a party to a Related Agreement makes such a
request after the Terms of Reference in the Already Pending Proceeding have been signed or approved by the ICC, pursuant to Article 19 of the ICC Rules, the Tribunal in the Already Pending Proceeding shall determine whether to include the New Claims
in the Already Pending Proceeding. For the avoidance of doubt, two or more arbitration proceedings may be 

  
 24 

 
consolidated in accordance with this Section 10.2.12 under Articles 4(6) or 19 of the ICC Rules, even if the parties to such arbitration proceedings are not identical. 

10.2.13 Except as may be required by Applicable Law or court order, the Parties (other than Escrow Agent and Collateral
Agent) agree to maintain confidentiality as to all aspects of any arbitration, including its existence and results, except that nothing herein shall prevent any Party from disclosing information regarding such arbitration for purposes of the
proceedings described in clause (i) of Section 10.2.7. The Parties (other than Escrow Agent and Collateral Agent) further agree to obtain the arbitrators’ agreement to preserve the confidentiality of any arbitration. 

10.2.14 The Parties (other than Escrow Agent and Collateral Agent) expressly declare that they have jointly decided to
enter into this arbitration covenant freely and voluntarily in order to have the benefit of an alternative dispute resolution method. 
 10.3 Limitations. Any Dispute arising out of or relating to a Designated Matter or any Related Agreement or the relationship of the Parties (other than Escrow Agent and Collateral Agent) hereto
shall be barred unless an arbitration proceeding is commenced within two years from the date the complaining Party (other than Escrow Agent and Collateral Agent) knew or should have known of the facts giving rise to such Dispute. 

10.4 JURISDICTION; VENUE; WAIVER OF JURY TRIAL. 

10.4.1 ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OTHER THAN WITH RESPECT TO A DESIGNATED MATTER (WHICH
SHALL BE SUBJECT TO THE PROVISIONS OF SECTION 10.2) MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH PARTY HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY FURTHER IRREVOCABLY WAIVES ANY
CLAIM THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL
JURISDICTION OVER SUCH PARTY. EACH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, TO ANY SUCH PARTY AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 9.6, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER 

  
 25 

 
SUCH MAILING. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED
HEREUNDER THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW OR, SUBJECT TO SECTION 10.2, TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PARTY IN ANY OTHER JURISDICTION. 
 10.4.2 EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE 10.4.1 ABOVE
AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

10.4.3 EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

10.4.4 THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND AGREE NOT
TO PLEAD OR CLAIM, ANY RIGHT OF IMMUNITY FROM LEGAL ACTION, SUIT OR PROCEEDING, FROM SETOFF OR COUNTERCLAIM, FROM THE JURISDICTION OF ANY COURT, FROM SERVICE OF PROCESS, FROM ATTACHMENT UPON OR PRIOR TO JUDGMENT, FROM ATTACHMENT IN AID OF EXECUTION
OR JUDGMENT, FROM EXECUTION OF JUDGMENT, OR FROM ANY OTHER LEGAL PROCESS OR PROCEEDING FOR THE GIVING OF ANY RELIEF OR FOR THE ENFORCEMENT OF ANY JUDGMENT, AND CONSENTS TO SUCH RELIEF AND ENFORCEMENT AGAINST IT, ITS ASSETS AND ITS REVENUES IN ANY
JURISDICTION, IN EACH CASE WITH RESPECT TO ANY MATTER ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT. 
 10.5 SPECIAL
DAMAGES. EACH PARTY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT TO OR CLAIM FOR ANY PUNITIVE, MORAL, EXEMPLARY OR ANY SIMILAR DAMAGES AGAINST THE OTHER PARTIES HERETO AND AGREES THAT, IN THE EVENT OF A DISPUTE BETWEEN OR
AMONG THE PARTIES, ANY PARTY MAKING A CLAIM WILL BE LIMITED TO EQUITABLE RELIEF AND TO RECOVERY OF ANY 

  
 26 

 
ACTUAL DAMAGES IT SUSTAINS. 

  
 27 

 IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement on
the day and year first above written. 
  

													
	 McDonald’s:
  

MCDONALD’S LATIN AMERICA, LLC
	 		 	 Master Franchisee:
  

LATAM, LLC

					
	By:	 	 /s/ JC Gonzalez-Mendez
	 		 	By:	 	  

		 	Name:	 	JC Gonzalez-Mendez	 		 		 	Name:	 	
		 	Title:	 	Latin America Senior VP – President Latin America	 		 		 	Title:	 	
			
	 Owner:
  

ARCOS DORADOS B.V.
	 		 	 Escrow Agent:
  

CITIBANK, N.A.

					
	By:	 	 /s/
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
					
	 Collateral Agent (formerly Administrative Agent:

 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS
	 		 		 		 	
						
	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 		 		 	
		 	Title:	 		 		 		 		 	
						
	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 		 		 	
		 	Title:	 		 		 		 		 	

 IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement on
the day and year first above written. 
  

													
	 McDonald’s:
  

MCDONALD’S LATIN AMERICA, LLC
	 		 	 Master Franchisee:
  

LATAM, LLC

					
	By:	 	  
	 		 	By:	 	 /s/ Diego Pace

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
			
	 Owner:
  

ARCOS DORADOS B.V.
	 		 	 Escrow Agent:
  

CITIBANK, N.A.

					
	By:	 	 /s/ Diego Pace
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
					
	 Collateral Agent (formerly Administrative Agent:

 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS
	 		 		 		 	
						
	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 		 		 	
		 	Title:	 		 		 		 		 	
						
	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 		 		 	
		 	Title:	 		 		 		 		 	

  
 29 

 IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement on
the day and year first above written. 
  

													
	 McDonald’s:
  

MCDONALD’S LATIN AMERICA, LLC
	 		 	 Master Franchisee:
  

LATAM, LLC

					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
			
	 Owner:
  

ARCOS DORADOS B.V.
	 		 	 Escrow Agent:
  

CITIBANK, N.A.

					
	By:	 	 /s/
	 		 	By:	 	 /s/ Marie Ladolcetta

		 	Name:	 		 		 		 	Name:	 	Marie Ladolcetta
		 	Title:	 		 		 		 	Title:	 	Vice President
					
	 Collateral Agent (formerly Administrative Agent:

 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS
	 		 		 		 	
						
	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 		 		 	
		 	Title:	 		 		 		 		 	
						
	By:	 	  
	 		 		 		 	
		 	Name:	 		 		 		 		 	
		 	Title:	 		 		 		 		 	

  
 30 

 IN WITNESS WHEREOF, the Parties have duly executed and delivered this Agreement on
the day and year first above written. 
  

													
	 McDonald’s:
  

MCDONALD’S LATIN AMERICA, LLC
	 		 	 Master Franchisee:
  

LATAM, LLC

					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
			
	 Owner:
  

ARCOS DORADOS B.V.
	 		 	 Escrow Agent:
  

CITIBANK, N.A.

					
	By:	 	 /s/
	 		 	By:	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
					
	 Collateral Agent (formerly Administrative Agent:

 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS
	 		 		 		 	
						
	By:	 	 /s/ Wanda Camacho
	 		 		 		 	
		 	Name:	 	Wanda Camacho	 		 		 		 	
		 	Title:	 	Vice President	 		 		 		 	
						
	By:	 	 /s/ Yana Kislenko
	 		 		 		 	
		 	Name:	 	Yana Kislenko	 		 		 		 	
		 	Title:	 	Assistant Vice President	 		 		 		 	

  
 31 

					
	
ARCOS DORADOS CARIBBEAN DEVELOPMENT CORP.

RESTAURANT REALTY OF MEXICO, INC.

GOLDEN ARCH DEVELOPMENT CORPORATION
 LOGISTICS AND MANUFACTURING LOMA CO.

ADMINISTRATIVE DEVELOPMENT COMPANY
 MANAGEMENT OPERATIONS COMPANY
 ARCOS
DORADOS ARGENTINA, S.A.
 ARCOS DORADOS ARUBA N.V.

ARRAS COMMERCIO DE ALIMENTOS LTDA.

ARCOS DOURADOS COMMERCIO DE ALIMENTOS 
LTDA.
 ARCOS DOURADOS PARTICIPAÇÕES LTDA.

ARCOS DORADOS RESTAURANTES DE CHILE, 
LTDA.
 ARCOS DORADOS COLOMBIA S.A.

HAMBURGUE S.A.S.

ARCOS DORADOS CURAÇAO N.V.
 ARCGOLD DEL ECUADOR S.A.
 ARCOS
DORADOS PANAMÀ, S.A.
 SISTEMAS MCOPCO
PANAMÀ, S.A.
 OPERACIONES ARCOS DORADOS DE PERU
S.A.
 ARCOS DORADOS PUERTO RICO, INC.

ARCOS DEL SUR S.R.L.
 GAUCHITO DE ORO S.A.

ALIMENTOS ARCOS DORADOS DE VENEZUELA, C.A.

ALIMENTOS LATINOAMERICANOS VENEZUELA ALV, C.A.

COMPAÑÍA OPERATIVE DE ALIMENTOS COR, C.A.

GERENCIA OPERATIVE ARC, C.A.

		
	By:	 	 /s/ German Lemonnier

		 	Name:	 	German Lemonnier
		 	Title:	 	Attorney in fact

  
 32 

 EXHIBIT 1 

ESCROWED MF SUBSIDIARIES 
  

	1.	Arcos Dorados Argentina S.A. (formerly known as Arcos Dorados S.A.), a sociedad anónima (corporation) formed under the laws of Argentina with its
principal office at Maipú 1210, 5th Floor, City of Buenos Aires, Argentina. 

  

	2.	Arcos Dourados Comercio de Alimentos Ltda., a sociedade (company) formed under the laws of Brazil with its principal office at Alameda Amazonas 253, Alphaville
Industrial, City of Barueri, State of São Paulo, Brazil. 

  

	3.	Arras Comercio de Alimentos Ltda., a sociedade (company) formed under the laws of Brazil with its principal office at Alameda Amazonas 113, 2nd floor, Alphaville
Industrial, City of Barueri, State of São Paulo, Brazil. 

  

	4.	Arcos Dourados Participações Ltda., a sociedade (company) formed under the laws of Brazil with its principal office at Alameda Amazonas 113, 2nd
floor, Alphaville Industrial, City of Barueri, State of São Paulo, Brazil. 

  

	5.	Arcos Dorados Restaurantes de Chile, Ltda., a sociedad limitada (company) formed under the laws of Chile with its principal office at Av. Kennedy No. 5454,
piso 16, Vitacura, Santiago, Chile. 

  

	6.	Arcos Dorados Caribbean Development Corp. (formerly known as McDonald’s Caribbean Development Corporation), a corporation formed under the laws of Delaware with
its principal office at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, USA. 

  

	7.	 Arcos Dorados Colombia S.A. (formerly known as Franchise System de Colombia Ltda. y Compañía Sociedad en Comandita Por Acciones), a
sociedad anónima (company) formed under the laws of Colombia with its principal office at Avenida Suba No. 108-58, Torre A, 6th Floor, Bogotá, Colombia. 

 

	8.	 Hamburgue S.A.S., a sociedad anónima simplificada (company) formed under the laws of Colombia with its principal office at Avenida Suba
No. 108-58, Torre A, 6th Floor, Bogotá,
Colombia.1 

 

	9.	Arcgold del Ecuador S.A., a sociedad anónima (corporation) formed under the laws 

 

	1	As of the date hereof, the Escrow Agent does not have in its possession any Escrowed Property for this Escrowed MF Subsidiary. Pursuant to the terms of that certain
letter agreement of even date herewith by and among Master Franchisee, the Collateral Agent and McDonald’s, Master Franchisee shall deliver, or cause to be delivered, to the Escrow Agent all Escrowed Property for this Escrowed MF Subsidiary as
promptly as practicable and in no event later than 10 Business Days following the preparation and execution of such Escrowed Property, the Secured Creditor Foreign Pledge Agreement and the McDonald’s Foreign Pledge Agreement. The Escrow Agent
shall not have any obligation to bring any action to enforce any obligation under the aforementioned letter agreement. 

  
 1:1

	 	 
of Ecuador with its principal office at Avenida República de El Salvador 1082, Edificio Mansión Blanca, Quito, Ecuador. 

 

	10.	Arcos Dorados Panamá, S.A., a sociedad anónima (formerly known as McDonald’s Sistemas de Panamá, S.A.) (corporation), formed under the
laws of Panama, with its principal office at Alfaro, Ferrer & Ramirez, AFRA Tower, Samuel Lewis Avenue and 54th Street, Obarrio District, Panama City, Panama. 

 

	11.	Sistemas McOpCo Panama, S.A., a sociedad anónima (corporation), formed under the laws of Panama, with its principal office at Alfaro, Ferrer &
Ramirez, AFRA Tower, Samuel Lewis Avenue and 54th Street, Obarrio District, Panama City, Panama. 

  

	12.	Operaciones Arcos Dorados de Peru S.A., a sociedad anónima (corporation), formed under the laws of Peru, with its principal office at Avenida Angamos
Oeste No. 1200, Miraflores, Lima, Peru. 

  

	13.	Arcos Dorados Puerto Rico, Inc. (formerly known as McDonald’s System de Puerto Rico, Inc.), a company formed under the laws of the Commonwealth of Puerto Rico,
with its principal office at The Prentice Hall Corporation System, Inc. c/o FGR Corporate Services, Inc., BBV Tower, 8th Floor, 254 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918. 

 

	14.	Golden Arch Development Corporation, a company formed under the laws of the State of Delaware, with its principal office at Prentice-Hall Corporation System, Inc., 2711
Centerville Road, Ste. 400, Wilmington, Delaware 19808. 

  

	15.	Gauchito de Oro S.A., a sociedad anónima (corporation) formed under the laws of Uruguay, with its principal office at Cerrito 415, Piso 5, 11000
Montevideo, Uruguay. 

  

	16.	Arcos del Sur S.R.L., a sociedad de responsabilidad limitada (limited liability company) formed under the laws of the duty free trade zone in Uruguay, Cerrito
414, Piso 5, 11000 Montevideo, Uruguay. 

  

	17.	Administrative Development Company, a company formed under the laws of the State of Delaware, with its principal office at Prentice-Hall Corporation System, Inc., 2711
Centerville Road, Ste. 400, Wilmington, Delaware 19808. 

  

	18.	Alimentos Arcos Dorados de Venezuela, C.A., compañía anónima (company) formed under the laws of Venezuela, with its principal office at
Avenida Francisco Solano López con Calle Negrin, Centro Empresarial Sabana Grande, Piso 19, Caracas 1050, Venezuela. 

  

	19.	 Alimentos Latinoamericanos Venezuela ALV, C.A., compañía anónima (company) formed under the laws of Venezuela, with its
principal office at Avenida Francisco Solano López con Calle Negrin, Centro Empresarial Sabana Grande, Piso 19, Caracas 

  
 1:2

	 	 
1050, Venezuela.2 

  

	20.	Compañia Operativa de Alimentos COR, C.A., compañía anónima (company) formed under the laws of Venezuela, with its principal office
at Torre Empresarial Sabana Grande, Piso 19, Avenida Francisco Solano, Caracas 1010, Venezuela. 

  

	21.	Gerencia Operativa ARC, C.A., compañía anónima (company) formed under the laws of Venezuela, with its principal office at Avenida Venezuela,
Torre America, PH-B, Bello Monte, Caracas, Venezuela. 

  

	22.	Logistics and Manufacturing LOMA Co., a company formed under the laws of the State of Delaware, with its principal office at Prentice-Hall Corporation System, Inc.,
2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. 

  

	23.	Management Operations Company, a company formed under the laws of the State of Delaware, with its principal office at Prentice-Hall Corporation System, Inc., 2711
Centerville Road, Ste. 400, Wilmington, Delaware 19808. 

  

	24.	Arcos Dorados Curaçao N.V. (formerly known as McDonald’s St. Marteen and Curaçao, N.V.), a company formed under the laws of Curaçao, with its
principal office at Frontstreet #78, Philipsburg, St. Maarten. 

  

	25.	Arcos Dorados Aruba N.V. (formerly known as McDonald’s Aruba, N.V.), a company formed under the laws of Aruba, with its principal office at Beatrixstraat #36,
Aruba. 

  

	26.	Restaurant Realty of Mexico, Inc., a company formed under the laws of the State of Delaware, with its principal office at Prentice-Hall Corporation System, Inc., 2711
Centerville Road, Ste. 400, Wilmington, Delaware 19808. 

  

	2	As of the date hereof, the Escrow Agent does not have in its possession any Escrowed Property for this Escrowed MF Subsidiary. Pursuant to the terms of that certain
letter agreement of even date herewith by and among Master Franchisee, the Collateral Agent and McDonald’s, Master Franchisee shall deliver, or cause to be delivered, to the Escrow Agent all Escrowed Property for this Escrowed MF Subsidiary as
promptly as practicable and in no event later than 10 Business Days following the preparation and execution of such Escrowed Property, the Secured Creditor Foreign Pledge Agreement and the McDonald’s Foreign Pledge Agreement. The Escrow Agent
shall not have any obligation to bring any action to enforce any obligation under the aforementioned letter agreement. 

  
 1:3

 EXHIBIT 2 

DEFINITIONS 
 The following terms, when used in this Agreement, shall have the following meanings: 
 “ADCDC” has the meaning set forth in Section 2.3.1. 

“Administrative Agent” has the meaning set forth in the recitals. 

“Affiliate” has the meaning set forth in the MFA. 

“Amended and Restated Intercreditor Agreement” means the Second Amended and Restated Intercreditor Agreement, dated as
of October 12, 2010, among the Collateral Agent, McDonald’s and the Grantors. 
 “Applicable Law” has
the meaning set forth in the MFA. 
 “Arcos de Chile” has the meaning set forth in the preamble. 

“Agreement” has the meaning set forth in the preamble. 

“Already Pending Proceeding” has the meaning set forth in Section 10.2.12. 

“Arbitrating Party” has the meaning set forth in Section 10.2.3. 

“Aruban Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in Aruba. 

“Authorized Person” has the meaning set forth in Section 9.13.1. 

“Bank Creditors” means, collectively, the Lead Arranger, the Lenders and the Administrative Agent. 

“Beneficial Owner” has the meaning set forth in the recitals. 

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banking institutions are
authorized or required by law to close in the State of New York. 
 “Call Option” has the meaning set forth in
the MFA. 
 “Call Option Grantors” has the meaning set forth in the recitals. 

“Certificated Equity Interests” has the meaning set forth in the recitals. 

“Chilean POA” has the meaning set forth in Section 2.4.1. 

  
 2:1

 “Chilean Subsidiaries” shall mean any Subsidiary of the Owner incorporated
or organized in Chile. 
 “Collateral Agency Agreement” means the Intercreditor and Collateral Agency
Agreement, dated as of October 12, 2010, among the Collateral Agent, the Other Creditors and the Owner. 

“Collateral Agent” has the meaning set forth in the preamble. 

“Common Collateral” has the meaning set forth in the Amended and Restated Intercreditor Agreement. 

“Common Collateral Documents” has the meaning set forth in the Amended and Restated Intercreditor Agreement. 

“Constituent Documents” means, with respect to any Person other than an individual, the charter and by-laws of a
corporation; the statement of qualification and the limited liability partnership agreement of a limited liability partnership; the certificate of limited partnership and limited partnership agreement of a limited partnership; or the comparable
documents of a Person organized in other form under Applicable Law. 
 “Costa Rican Subsidiaries” shall mean
any Subsidiary of the Owner incorporated or organized in Costa Rica. 
 “Credit Agreement” has the meaning set
forth in the recitals. 
 “Credit Documents” has the meaning set forth in the recitals. 

“Cross-Currency Swaps” has the meaning set forth in recitals. 

“Curaçao Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in Curaçao.

 “Default Exercise Notice” means a notice substantially in the form of Exhibit 11. 

“Defending Party” has the meaning set forth in Section 10.2.4(a). 

“Dematerialized Equity Interests” has the meaning set forth in the MFA. 

“Designated Matter” means any matter, the resolution of which is based upon the interpretation of any provision of the
MFA. It is expressly understood and agreed that any questions regarding the validity, binding effect or enforceability of this Agreement or the propriety of any Secured Creditor Release Notice or any other notice hereunder shall not constitute
Designated Matters. 
 “Dispute” has the meaning set forth in Section 10.2.1. 

“Disputed Amounts” has the meaning set forth in the MFA. 

  
 2:2

 “Disputed Amounts Settlement Notice” means a notice, substantially in the
form of Exhibit 8. 
 “Dollars” and the sign “$” shall each mean freely transferable
lawful money of the United States. 
 “Dutch Coop” has the meaning set forth in the recitals. 

“Effective Date” has the meaning set forth in Section 9.1. 

“Email Recipient” has the meaning set forth in Section 9.13.3. 

“Enforcement Notice” means, with respect to any Common Collateral Document, a notice substantially in the form attached
as Exhibit 14. 
 “Equity Interests” has the meaning set forth in the MFA. 

“Escrow Account” has the meaning set forth in Section 4.1. 

“Escrow Agent” has the meaning set forth in the preamble. 

“Escrowed Constituent Documents” means a draft amendment to the Constituent Documents of those certain Escrowed MF
Subsidiaries, each as set forth in Exhibit 4, along with executed powers of attorney from each registered owner of each such Escrowed MF Subsidiary that authorize the execution of such draft amendment, which documents shall be substantially
in the form of the Exhibit set forth across from the name of each such Escrowed MF Subsidiary in Exhibit 4, in each case with such amendments as may be necessary under Applicable Law as may from time to time be necessary to make such powers
of attorney enforceable, as well as Escrowed Constituent Documents to be deposited with Escrow Agent after the date of this Agreement pursuant to the terms of this Agreement. 
 “Escrowed Equity Interests” has the meaning set forth in the recitals. 
 “Escrowed MF Subsidiary” has the meaning set forth in the preamble. 
 “Escrowed Property” has the meaning set forth in Section 4.1. 
 “Escrowing Shareholders” has the meaning set forth in the recitals. 
 “Excluded Subsidiaries” shall mean (i) the Aruban Subsidiaries, the Chilean Subsidiaries, the Costa Rican Subsidiaries, the French Guiana Subsidiaries, the Guadeloupe Subsidiaries,
the Martinique Subsidiaries, the Curaçao Subsidiaries, the Panamanian Subsidiaries, the Peruvian Subsidiaries, the Trinidad and Tobago Subsidiaries, the Uruguayan Subsidiaries, Arcos Mendocinos S.A., a sociedad anónima organized
and existing under the laws of Argentina, Arcos Cordobeses, S.A., a sociedad anónima organized and existing under the laws of Argentina, Arcos Santafesinos S.A., a sociedad anónima organized and existing under the laws of
Argentina, Arcos Dorados Paisas, Ltda., 

  
 2:3

 
a sociedad limitada organized and existing under the laws of Colombia, Arcos Dorados Paisas, Ltda. & Cia. S.C.A., a sociedad en comandita de acciones organized and existing
under the laws of Colombia, Axis B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the laws of The Netherlands, Axis Logística, S.A., a sociedad
anónima organized and existing under the laws of Argentina, Axis Logística S.A.S., a sociedad anónima simplificada organized and existing under the laws of Colombia, Alimentos Centralizados de México, S. de
R.L. de C.V., a sociedad de responsabilidad limitada de capital variable organized and existing under the laws of Mexico, Servicios Alimentos Centralizados de México, S. de R.L. de C.V., a sociedad de responsabilidad limitada de
capital variable organized and existing under the laws of Mexico, Proveedora Sistematizada, S.A. de C.V., a sociedad anónima de capital variable organized and existing under the laws of Mexico, Centro Especializado de Negocios
Internacionales, S. de R.L. de C.V., a sociedad de responsabilidad limitada de capital variable organized and existing under the laws of Mexico, Logística de Venezuela LOMA, C.A., a compañía anónima
organized and existing under the laws of Venezuela, Complejo Agropecuario Cárnico (Cárnicos), C.A., a compañía anónima organized and existing under the laws of Venezuela, and (ii) any Subsidiary of the
Owner created after the date hereof that is designated in accordance with Section 2.7 of the Secured Creditor Security Agreement as an “Excluded Subsidiary” by the Owner; provided that, after the date hereof, any Excluded Subsidiary
may, upon the Owner’s taking the actions required under Section 2.7 of the Secured Creditor Security Agreement, become a Restricted Subsidiary (whereupon it shall cease to constitute an Excluded Subsidiary). Notwithstanding anything to the
contrary set forth in the Agreement, the Escrow Agent shall treat each Escrowed MF Subsidiary as a Restricted Subsidiary unless (x) that Escrowed MF Subsidiary is listed in (i) above as an Excluded Subsidiary (and none of the Owner,
McDonald’s, the Master Franchisee or the Collateral Agent has given written notice to the Escrow Agent that such Excluded Subsidiary has been designated as a Restricted Subsidiary pursuant to Section 2.7 of the Secured Creditor Security
Agreement), or (y) the Owner has given written notice to the Escrow Agent (duly acknowledged by McDonald’s, the Master Franchisee and the Collateral Agent) that such Escrowed MF Subsidiary has been designated by the Owner as an Excluded
Subsidiary in accordance with Section 2.7 of the Secured Creditor Security Agreement. 
 “Excluded Subsidiary
Transfer Instruction” means a notice with respect to the transfer of Escrowed Property of an Escrowed MF Subsidiary that is an Excluded Subsidiary, substantially in the form of Exhibit 10. 

“Event of Default” has the meaning set forth in the Amended and Restated Intercreditor Agreement. 

“French Guiana Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in French Guiana.

 “Governmental Authority” has the meaning set forth in the MFA. 

“Grantors” means, collectively, the Call Option Grantors and the Secured Credit Grantors. 

  
 2:4

 “Guadeloupe Subsidiaries” shall mean any Subsidiary of the Owner
incorporated or organized in Guadeloupe. 
 “ICC” has the meaning set forth in Section 10.2.1. 

“ICC Rules” has the meaning set forth in Section 10.2.1. 

“Indemnified Party” has the meaning set forth in Section 8.12. 

“Intercreditor Compliance Notice” means a notice, substantially in the form of Exhibit 13. 

“Interest Rate Swaps” has the meaning set forth in the recitals. 

“Interest Rate Swap Creditors” has the meaning set forth in the recitals. 

“Lead Arranger” has the meaning set forth in the recitals. 

“Lenders” has the meaning set forth in the recitals. 

“Local Stock Power” means, with respect to an Escrowed MF Subsidiary, a stock power executed by the Escrowing
Shareholder that is the registered owner of such Escrowed MF Subsidiary in blank, which stock power shall be substantially in the form of the Exhibit set forth across from the name of such Escrowed MF Subsidiary in Exhibit 4, in each case
with such amendments as may be necessary under Applicable Law as may from time to time be necessary to make such stock power enforceable. 
 “Local Voting Power” means, with respect to an Escrowed MF Subsidiary, a proxy or power of attorney executed by the Escrowing Shareholder that is the registered owner of such Escrowed MF
Subsidiary, which proxy or power of attorney, as the case may be, shall be substantially in the form of the Exhibit set forth across from the name of such Escrowed MF Subsidiary in Exhibit 4, in each case with such amendments as may be
necessary under Applicable Law as may from time to time be necessary to make such proxy or power of attorney, as the case may be, enforceable. 
 “Martinique Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in Martinique. 
 “Master Franchisee” has the meaning set forth in the preamble. 

“McDonald’s” has the meaning set forth in the preamble. 

“McDonald’s Foreign Pledge Agreements” has the meaning set forth in the Amended and Restated Intercreditor
Agreement. 
 “McDonald’s Voting Notice” has the meaning set forth in Section 5.1.3. 

“MF Subsidiary” has the meaning set forth in the MFA. 

  
 2:5

 “MFA” has the meaning set forth in the recitals. 

“MFA Document” means the MFA and any Related Agreement. 

“New Claims” has the meaning set forth in Section 10.2.12. 

“Option Closing Date” has the meaning set forth in the MFA. 

“Other Creditors” has the meaning set forth in recitals. 

“Owner” has the meaning set forth in the preamble. 

“Owner Entities” has the meaning set forth in the recitals. 

“Panamanian Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in Panama. 

“Parent” has the meaning set forth in the recitals. 

“Parties” has the meaning set forth in the preamble. 

“Permitted Investments” means (a) money market funds registered under the Investment Company Act of 1940, as
amended, the portfolio of which is limited to the investments described in clauses (b) through (e) of this definition; (b) obligations of or guaranteed by the United States of America or any agency thereof, either outright or in
connection with repurchase agreements covering such obligations; (c) obligations of or guaranteed by any state or political subdivision of the United States of America with a maturity six months or less; (d) interest bearing certificates
of deposit or bankers’ acceptances issued by any other U.S. national or state-chartered bank having capital and surplus of at least $1,000,000,000 with an investment term of six months or less; and (e) commercial paper with a maturity of
no more than thirty days rated at least P-1 by Moody’s Investor Service, Inc. and A-1 by Standard & Poor’s Corporation; and (f) any combination of the foregoing. 

“Person” has the meaning set forth in the MFA. 
 “Peruvian Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in Peru. 
 “Petitioning Party” has the meaning set forth in Section 10.2.4(a). 
 “Prior Agreement” means the Escrow Agreement, dated as of August 3, 2007, among McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries, the Escrow Agent, the Collateral
Agent and the other parties named therein, as amended by the Amendment to Escrow Agreement, dated as of April 29, 2008, among McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, the Escrow Agent, the Collateral Agent
and the other parties named therein, and as further amended by the Second Amendment to Escrow Agreement, dated as of November 10, 2008, among McDonald’s, Master 

  
 2:6

 
Franchisee, the Escrowed MF Subsidiaries party thereto, the Escrow Agent, the Collateral Agent and the other parties named therein. 

“Purchase Agreement” has the meaning set forth in the recitals. 

“Related Agreement” has the meaning set forth in the MFA. 

“Restricted Subsidiary” shall mean each Subsidiary of the Owner other than the Excluded Subsidiaries. 

“Restricted Subsidiary Transfer Instruction” means a notice with respect to the transfer of Escrowed Property of an
Escrowed MF Subsidiary that is a Restricted Subsidiary, substantially in the form of Exhibit 11. 
 “Secured
Credit Documents” means the Cross-Currency Swaps, the Subsidiary Guaranty, the Secured Creditor U.S. Security Documents, the Secured Creditor Foreign Pledge Agreements and each of the other agreements, documents and instruments providing
for or evidencing any other Secured Credit Obligation and any other document or instrument executed or delivered at any time in connection with any Secured Credit Obligation (including any intercreditor or joinder agreement among holders of Secured
Credit Obligations), to the extent such are effective at the relevant time, as each may be amended, modified, restated, supplemented and/or replaced from time to time in accordance with the terms hereof and thereof. 

“Secured Credit Grantors” means, collectively, the registered owners of the MF Subsidiaries in all Territories, other
than the MF Subsidiaries that are Excluded Subsidiaries. 
 “Secured Credit Obligations” means the
“Obligations”, as defined in the Secured Creditor U.S. Stock Pledge Agreement. 
 “Secured Creditor Foreign
Pledge Agreements” has the meaning set forth in the Amended and Restated Intercreditor Agreement. 
 “Secured
Creditor Release Notice” means a notice relating to all or any portion of the Common Collateral, substantially in the form of Exhibit 9. 
 “Secured Creditor Security Agreement” means the Second Amended and Restated Security Agreement, dated as of October 12, 2010, among Owner, certain subsidiaries of Owner and the
Collateral Agent. 
 “Secured Creditor Voting Notice” has the meaning set forth in Section 5.1.4.

 “Secured Creditor U.S. Intercompany Note Pledge Agreement” means the Second Amended and Restated U.S.
Intercompany Note Pledge Agreement, dated as of October 12, 2010, among Owner, certain subsidiaries of Owner and the Collateral Agent. 
 “Secured Creditor U.S. Security Documents” means the Secured Creditor Security 

  
 2:7

 
Agreement, Secured Creditor U.S. Stock Pledge Agreement, the Secured Creditor U.S. Intercompany Note Pledge Agreement and 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. 
 “Secured Creditor U.S. Stock Pledge Agreement” means the Second Amended and Restated U.S. Stock Pledge Agreement, dated as of October 12, 2010, among Owner, certain subsidiaries of
Owner and the Collateral Agent. 
 “Secured Creditors” means, collectively, the Collateral Agent and the Other
Creditors. 
 “Settlement Notice” means a notice, substantially in the form of Exhibit 7. 

“Subject Business” has the meaning set forth in the MFA. 

“Subsidiary” has the meaning set forth in the MFA. 

“Subsidiary Guaranty” has the meaning set forth in the Secured Creditor Security Agreement. 

“Territory” has the meaning set forth in the MFA. 

“Tribunal” has the meaning set forth in Section 10.2.1. 

“Trinidad and Tobago Subsidiaries” shall mean any Subsidiary of the Owner incorporated or organized in Republic of
Trinidad and Tobago. 
 “Uruguayan Subsidiaries” shall mean any Subsidiary of the Owner incorporated or
organized in Uruguay. 

  
 2:8

 EXHIBIT 3 

CHILEAN POA 

  
 3:1

 IVAN TORREALBA ACEVEDO 

NOTARIO PUBLICO 

HUERFANOS 979 OF. 501 SANTIAGO 
  

					
	A.T.	 	REPERTORIO No 14.831.08	 	2.
			
	M.:220076	 		 	

 PROTOCOLIZACION PODER ESPECIAL 

DEUTSCHE BANK TRUST COMPANY AMERICAS AS ADMINISTRATIVE 
 AGENT 
 A 

EYZAGUIRRE BAEZA, JOSE MARIA Y OTROS 
 Protocolización de poder especial, legalizado en el ConsuladoGeneral de Chile en Nueva York y debidamente legalizado en el Ministerio de Relaciones Exteriores de Chile con esta fecha, de
DEUTSCHE BANK TRUST COMPANY AMERICAS AS ADMINISTRATIVE AGENT a los señores JOSE MARIA EYZAGUIRRE BAEZA, RODRIGO OCHAGAVIA RUIZ-TAGLE, MATIAS DE MARCHENA VICUÑA, NICOLAS LUCO ILLANES, JORGE MARTÍN DIAZ Y FELIPE LARRAIN
TEJEDA, solicitada por el abogado don Felipe Larrain Tejeda, documento que consta de 7 páginas y se agrega al final de mis Registros Públicosdel mes en curso, bajo el numero OCHENTA Y NUEVE. 

Santiago, 10 de noviembre de 2008 

IVAN TORREALBA ACEVEDO     
 NOTARIO PUBLICO         

[SEAL]         

  
 1 

 [STAMP] 
 United States of America 
 State of New York 

by 
 Lorraine
Cortéz Vazquez 
 Secretary of State and Custodian of the Great Seal Thereof 

It is hereby certified, that Norman Goodman was Clerk of the County of New York in the State of New York and Clerk
of the Supreme Court therein, being a Court of Record, on the day of the date of the annexed certificate, and duly authorized to grant same; that the seal affixed to said certificate is the seal of said County and Court; that the attestation thereof
of said Clerk is in due form and executed by the proper officer; and that full faith and credit may and ought to be given to said Clerk’s official acts. 
  

					
	[STAMP]	 	 In Testimony Whereof, the Great Seal
 of the State is hereunto affixed
  
 Witness my hand at the city of New York
 this 03rd day of November Two
Thousand and Eight

		 		 	  
 Lorraine Cortéz Vazquez

      Secretary of State

		 		 	  
 /s/ James Bizzarri

James Bizzarri
 Special Deputy Secretary of State

 10633209A 

03835595 RSL (REV:2/6/96) 

[STAMP]         

 [STAMP]        PODER ESPECIAL 

******** 

DEUTSCHE BANK TRUST 
 COMPANY AMERICAS COMO 
 AGENTE ADMINISTRATIVO 

A 

JOSÉ MARÍA EYZAGUIRRE BAEZA 
 Y OTROS 
 En La ciudad de New York, Estado de New York, Estados Unidos, el 16 de Octubre de
2008, ante mí, Annie Jaghatspanyan, Notario Público del Estado de New York, comparecen: 
 Doña Wanda Camacho, en
representación de Deutsche Bank Trust Company Americas (en adelante, e1 “Mandante”, una institución financiera organizada y existente bajo las leyes de New York, en su ca1idad de Agente Administrativo de los
bancos individualizados en el Contrato de Crédito, (según dicho término se define mas adelante) (en adelante, conjuntamente, los “Acreedores”, quien expone lo siguiente: 

PRIMERO: Los Acreedores, el Mandante en su calidad de Agente Administrativo de los Acreedores, y Arcos Dorados, B.V., como deudor (en
adelante, el ‘Deudor”), entre otros, han suscrito un convenio denominado Credit Agreement, fechado el 2 de Agosto de 2007 (en adelante, el “Contrato de Crédito Existente”), en virtud del cual. y bajo los
términos y 

 PODER ESPECIAL 
 ******** 
 DEUTSCHE BANK TRUST 

COMPANY AMERICAS AS 
 ADMINISTRATIVE AGENT 
 TO 

JOSÉ MARÍA EYZAGUIRRE BAEZA 
 ET AL 
 In the City of New York, New York, United States of America, this 16 day of
October, 2008, before me, Annie Jaghatspanyan, Notary Public in and to the State of New York, personally appears: 
 Mrs. Wanda Camacho, on
behalf of Deutsche Bank Trust Company Americas (hereinafter, the “Principal”), a banking corporation, duly incorporated and existing under the laws of New York, as Administrative Agent on behalf of the banks party to the
Credit Agreement (as such term is defined below), (hereinafter collectively the “Lendees”, who states: 

FIRST: The Lenders, the Principal as Administrative Agent for the Lenders, and Arcos Dorados, B.V. as borrower
(hereinafter. the “Borrower”), have executed an agreement named Credit Agreement, dated as of August
2nd, 2007, (hereinafter, the “Existing Credit
Agreement”) by means of which, the Lenders subject to the terms set forth in

 

  
 [SEAL]

 [STAMP] 
  

 
condiciones que en él se señalan, los Acreedores otorgaron al Deudor préstamos en dolares de los Estados Unidos de América por una cantidad total de capital de
350.000.000 dólares. Como resultado de las negociaciones de refinanciamiento. el Contrato de Crédito Existente ha sido modificado, para cuyos efectos, el Deudor, el Mandante, los Acreedores y Santander Investment Securities Inc.
suscribieron con fecha 22 de Octubre de 2008 el Amended and Restated Credit Agreement (en adelante, el “Contrato de Crédito”). En conformidad a los términos y condiciones mencionadas y contenidas en dicho Contrato de
Crédito, las partes acordaron modificaciones a los términos y condiciones del Contrato de Crédito Existente. 

SEGUNDO: Con el propósito de satisfacer los objetivos de los acuerdos contenidos en el Contrato de Crédito y en los
demás Documentos de Crédito (según ellos se definen en el Contrato de Crédito), y dar efecto en Chile y en cualquier otra jurisdicción que corresponda a las estipulaciones de dicho acuerdo sobre
constitución, modificación y término de garantías, el Mandante en su ca1idad de Agente de los Acreedores y en representación de estos, otorga por el presente instrumento un poder especial a, los abogados de Claro y
Cía. que se indican a continuaci6n señores: Jose María Eyzaguirre Baeza, Rodrigo Ochagavía Ruíz-Tagle, Matías de Marchena Vicuña, Nicolás Luco Illanes, Jorge Martín Díaz aad
Felipe Larraín Tejeda, todos domiciliados en Santiago. Chile (en adelante, los “Mandatarios’”), para que actuando conjuntamente dos cualesquiera de ellos, y en la representación que invisten, y sin que
signifique limitación a 1a amplitud del 

 
the Existing Credit Agreement, made loans to the Borrower in an aggregate principal amount of 350,000,000 dollars of the United States of America. As a result of refinancing negotiations, the
Existing Credit Agreement has been amended for which purposes the Borrower, the Principal, the Lenders and Santander Investment Securities Inc. executed, on October 22, 2008 an Amended and Restated Credit Agreement (hereinafter, the
“Credit Agreement”). Pursuant to the Credit Agreement, the parties agreed as to amendments to the terms and conditions of the Existing Credit Agreement. 
 SECOND: In order to satisfy all the purposes of the agreements contained in the Credit Agreement and to give effect thereto in Chile, and in any other relevant jurisdiction, to all the
provisions of such agreements relating to the creation and amendments of all security interests, the Principal, as Administrative Agent on behalf of the Lenders, hereby grants a limited power-of-attorney to the following lawyers of Claro y
Cía. Messrs. Jose María Eyzaguirre Baeza, Rodrigo Ochagavía Ruíz-Tagle, Matías de Marchena Vicuña, Nicolás Luco Illanes, Jorge Martín Díaz aad Felipe Larraín Tejeda, all
domiciled in Santiago, Chile (hereinafter, the “Agents”), so acting any two of them jointly, in said capacity, and without limiting the extent of this special power of attorney, the Agents are authorized to amend the pledges or
other security interest (hereinafter the “Security Interests”) that the Borrower,

 

  
 [SEAL]

 [STAMP] 
  

 
presente poder especial, los Mandatarios se encuentran facultados pam acordar cualquier modificación de prendas u otra garantía (en adelante, las
“Garantías”) que el Deudor y/o cualquier otro individuo o persona indica otorgue con el propósito de modificar las prendas u otras garantías otorgadas en favor de los acreedores en conformidad a los
términos del Contrato de Crédito Existente con el objeto de garantizar el cumplimiento de las obligaciones del Deudor bajo el Contrato de Crédito y los demás Documentos de Crédito. 

TERCERO: Los Mandatarios estarán asimismo facultados pam modificar, rectificar, ratificar, complementar y alzar, las
Garantías, de conformidad al Contrato de Crédito, así como también, ejecutar todos los actos y realizar todos aquellos procedimientos que puedan ser necesarios o convenientes a fin de satisfacer los objetivos de este
mandato, y especialmente para rea1izar, obtener o autorizar las inscripciones y anotaciones marginales relativas a la constitución, rectificación, modificación, alzamiento y/o cancelación de las prendas y prohibiciones en
los conservadores y registros competentes, públicos o privados, en Chile, según corresponda incluyéndose todas aquellas rectificaciones, aclaraciones o complementaciones que sean necesarias o requeridas para tales
propósitos. Los Mandatarios estarán facultados para autocontratar.

 
and/or any other entity, shall execute with the purpose of amending the pledges or other security interests granted in favor of the Lenders pursuant to the terms of the Existing Credit Agreement
in order to secure the fidfil1ment of the obligations assumed by the Borrower or that may be assumed in the future under the Credit Agreement and the other Security Documents. 
 THIRD: The Agents will be also empowered to amend, modify, rectify, ratify, supplement and release the Security Interests, in accordance with the Credit Agreement, and to take such other
actions and perform all the necessary acts as may be necessary or convenient to satisfy the purposes of this power of attorney, and specifically to cause, obtain or authorize the registrations and marginal annotations regarding the amendment,
rectification, release and/or cancellation of the pledges, prohibitions and liens in the competent public or private registries in Chile or any other relevant jurisdiction, including amendments, clarifications or supplements required or needed for
such purposes. In the execution of the powers granted hereto, the Agents will also be empowered to self-contract. 

 

  
 /s/ Wanda Camacho

 pp. DEUTSCHE BANK TRUST COMPANY AMERICAS 
 Nombre/Name: Wanda Camacho 
 Cargo/Title: Vice President 

 [STAMP] 
  

 Name Executive Officer: Wanda Camacho 
 Position: Vice President 
 On behalf of:    Deutsche Bank Trust Company
Americas 
 The Notary Public authorizing this instrument, certifies that she has seen the documents that evidence that Deutsche Bank Trust
Company Americas, is a company organized and existing under the laws of the State of New York, United States of America, and that it is in good standing, and certifies also that she has seen the documents that evidence that the person appearing
herein is officer of Deutsche Bank Trust Company Americas duly empowered to execute and deliver this Power of Attorney on behalf of Deutsche Bank Trust Company Americas.

 Nombre Compareciente: Wanda Camacho 
 Cargo: Vice President 
 p.p.:    Deutsche Bank Trust Company Americas

 El Notario Público que autoriza este documento, certifica que ha tenido a la vista los instrumentos que acreditan que Deutsche Bank
Trust Company Americas, es una sociedad constituida y existente en conformidad a las leyes del Estado de Nueva York, Estados Unidos de América, y que se encuentra en vigencia, y certifica asimismo que ha tenido a la vista los instrumentos que
acreditan que el compareciente es apoderado de Deutsche Bank Trust Company Americas, investido de suficiente autoridad para otorgar este Mandato en nombre y representación de Deutsche Bank Trust Company Americas.

 

  
 /s/ Wanda Camacho

 Signature/Firma 
 Deutsche Bank Trust Company Americas 
 [COUNTY CLERK NEW YORK COUNTY STAMP]

 /s/ Annie Jaghatspanyan 
  

			
	 State of New York
	 	
	 County of New York
	 	670910                    

I, NORMAN GOODMAN, County Clerk and Clerk of the Supreme Court of the State of New York, in and for the County of New York, a Court of
Record, having by law a seal, DO HEREBY CERTIFY pursuant to the Executive Law of the State of New York, that Annie Jaghatspanyan whose name is subscribed to the annexed affidavit, deposition, certificate of acknowledgment of proof, was at the time
of taking the same a NOTARY PUBLIC in and for the State of New York duly commissioned, sworn and qualified to act as such; that pursuant to law, a commission or a certificate of his official character, with his autograph signature has been filed in
my office; that at the time of taking such proof; acknowledgment or oath, he was duly authorized to take the same; that I am well acquainted with the hand writing of such NOTARY PUBLIC or have compared the signature on the annexed instrument with
his autograph deposited in my office, and I believe that such signature is genuine. 
 IN WITNESS WHEREOF, I have hereunto set
my hand affixed my official seal this NOV 03 2008 Fee paid $3.00 
 /s/ Norman Goodman 

County Clerk and Clerk of the Supreme Court, New York County 

 EXHIBIT 4 

CURRENT ESCROWING SHAREHOLDER, 
 CERTIFICATED EQUITY INTERESTS AND 
 ESCROWED CONSTITUENT DOCUMENTS

  

							
	 Escrowing
 Shareholder(s)
	  	 Certificated Equity

Interests or Escrowed
 Constituent Documents
	  	 Local Stock

Power / Escrowed
 Constituent
 Documents
	  	 Local Voting

Power

	 Arcos Dorados B.V.
	  	100% of the Equity Interests of LatAm, LLC	  	Annex A	  	Annex B
				
	 LatAm, LLC and Woods Staton
	  	100% of the Equity Interests of Arcos Dorados Argentina S.A. (formerly known as Arcos Dorados S.A.)	  	Annex C	  	Annex D
				
	 Arcos Dourados Participações Ltda. and Arcos Dorados Caribbean Development
Corp.
	  	The Escrowed Constituent Documents of Arcos Dourados Comercio de Alimentos Ltda.	  	Annex G	  	Annex H
				
	 Arcos Dorados B.V., LatAm, LLC and Arcos Dorados Caribbean Development Corp.
	  	The Escrowed Constituent Documents of Arcos Dourados Participações Ltda.	  	Annex I	  	Annex J
				
	 Arcos Dourados Participações Ltda. and Arcos Dorados Caribbean Development
Corp.
	  	The Escrowed Constituent Documents of Arras Comercio de Alimentos Ltda.	  	Annex K	  	Annex L
				
	 LatAm, LLC and Arcos Dorados Caribbean Development Corp.
	  	The Escrowed Constituent Documents of Arcos Dorados Restaurantes de Chile Ltda.	  	Annex M	  	Annex N
				
	 LatAm, LLC, Arcos Dorados Caribbean Development Corp., Luis Perez, Carlos Urrutia and Carlos
Umana
	  	100% of the Equity Interests of Arcos Dorados Colombia S.A. (formerly known as Franchise System de Colombia Ltda. y Compañía Sociedad en Comandita
Por Acciones)	  	Annex O	  	Annex P
				
	 LatAm, LLC
	  	100% of the Equity Interests	  	Annex Q	  	Annex R

  
 4:1

							
	 Escrowing
 Shareholder(s)
	  	 Certificated Equity

Interests or Escrowed
 Constituent Documents
	  	 Local Stock

Power / Escrowed
 Constituent
 Documents
	  	 Local Voting

Power

		  	of Hamburgue S.A.S.3	  		  	
				
	 LatAm, LLC
	  	100% of the Equity Interests of Arcos Dorados Aruba N.V. (formerly known as McDonald’s Aruba, N.V.)	  	Annex S	  	Annex T
				
	 LatAm, LLC
	  	100% of the Equity Interests of Arcos Dorados Curaçao N.V. (formerly known as McDonald’s St. Marteen and Curaçao, N.V.)	  	Annex U	  	Annex V
				
	 LatAm, LLC and Arcos Dorados Caribbean Development Corp.
	  	100% of the Equity Interests of Arcgold del Ecuador S.A.	  	Annex W	  	Annex X
				
	 Arcos Dorados B.V.
	  	100% of the Equity Interests of Arcos Dorados Panamá, S.A. (formerly known as McDonald’s Sistemas de Panamá, S.A.)	  	Annex Y	  	Annex Z
				
	 Eduardo de Alba
	  	100% of the Equity Interests of Sistemas McOpCo Panamá, S.A.	  	Annex AC	  	Annex AD
				
	 LatAm, LLC
	  	100% of the Equity Interests of Operaciones Arcos Dorados de Perú S.A.	  	Annex AE	  	Annex AF
				
	 LatAm, LLC
	  	100% of the Equity Interests of Arcos Dorados Puerto	  	Annex AG	  	Annex AH

 

	3	 As of the date hereof, the Escrow Agent does not have in its possession any Escrowed Property for this Escrowed MF Subsidiary. Pursuant to the terms of
that certain letter agreement of even date herewith by and among Master Franchisee, the Collateral Agent and McDonald’s, Master Franchisee shall deliver, or cause to be delivered, to the Escrow Agent all Escrowed Property for this Escrowed MF
Subsidiary as promptly as practicable and in no event later than 10 Business Days following the preparation and execution of such Escrowed Property, the Secured Creditor Foreign Pledge Agreement and the McDonald’s Foreign Pledge Agreement. The
Escrow Agent shall not have any obligation to bring any action to enforce any obligation under the aforementioned letter agreement. 

  
 4:2

							
	 Escrowing
 Shareholder(s)
	  	 Certificated Equity

Interests or Escrowed
 Constituent Documents
	  	 Local Stock

Power / Escrowed
 Constituent
 Documents
	  	 Local Voting

Power

		  	Rico, Inc. (formerly known as McDonald’s System de Puerto Rico, Inc.)	  		  	
				
	 LatAm, LLC
	  	100% of the Equity Interests of Gauchito de Oro, S.A.	  	Annex AI	  	Annex AJ
				
	 LatAm, LLC and Arcos Dorados Caribbean Development Corp.
	  	The Escrowed Constituent Documents of Arcos del Sur S.R.L.	  	Annex AK	  	Annex AL
				
	 LatAm, LLC
	  	100% of the Equity Interests of Alimentos Arcos Dorados de Venezuela, C.A.	  	Annex AM	  	Annex AN
				
	 Management Operations Company
	  	100% of the Equity Interests of Compañía Operativa de Alimentos COR, C.A.	  	Annex AO	  	Annex AP
				
	 Administrative Development Company
	  	100% of the Equity Interests of Gerencia Operativa ARC, C.A.	  	Annex AQ	  	Annex AR
				
	 LatAm, LLC
	  	100% of the Equity Interests of Arcos Dorados Caribbean Development Corp. (formerly known as McDonald’s Caribbean Development Corporation)	  	Annex AS	  	Annex AT
				
	 LatAm, LLC
	  	100% of the Equity Interests of Administrative Development Company	  	Annex AU	  	Annex AV
				
	 LatAm, LLC
	  	100% of the Equity Interests of Golden Arch Development Corporation	  	Annex AW	  	Annex AX
				
	 Administrative Development Company
	  	100% of the Equity Interests of Logistics and Manufacturing LOMA Co.	  	Annex AY	  	Annex AZ

  
 4:3

							
	 Escrowing
 Shareholder(s)
	  	 Certificated Equity

Interests or Escrowed
 Constituent Documents
	  	 Local Stock

Power / Escrowed
 Constituent
 Documents
	  	 Local Voting

Power

	 LatAm, LLC
	  	100% of the Equity Interests of Management Operations Company	  	Annex BA	  	Annex BB
				
	 LatAm, LLC
	  	100% of the Equity Interests of Restaurant Realty of Mexico, Inc.	  	Annex BC	  	Annex BD
				
	 Arcos Dorados B.V.
	  	100% of the Equity Interests of Alimentos Latinoamericanos Venezuela ALV, C.A.4	  	Annex BE	  	Annex BF

  

	4	 As of the date hereof, the Escrow Agent does not have in its possession any Escrowed Property for this Escrowed MF Subsidiary. Pursuant to the terms of
that certain letter agreement of even date herewith by and among Master Franchisee, the Collateral Agent and McDonald’s, Master Franchisee shall deliver, or cause to be delivered, to the Escrow Agent all Escrowed Property for this Escrowed MF
Subsidiary as promptly as practicable and in no event later than 10 Business Days following the preparation and execution of such Escrowed Property, the Secured Creditor Foreign Pledge Agreement and the McDonald’s Foreign Pledge Agreement. The
Escrow Agent shall not have any obligation to bring any action to enforce any obligation under the aforementioned letter agreement. 

  
 4:4

 EXHIBIT 5 

FORM OF McDONALD’S VOTING NOTICE 
 [Date] 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New York, New York 10013 
 Attention: Marie Ladolcetta 

Telephone: (212) 816-6086 
 Fax:
(212) 657-2762 
 cc: 
 LatAm,
LLC 
 Arcos Dorados B.V. 
 Naritaweg
165 
 Amsterdam 
 1043 BW 

The Netherlands 
 Telephone: 011-5411-4711-2639

 Fax: 011-5411-4711-2094 (int. 2639) 

Attention: Juan David Bastidas 
  

	 	Re:	McDonald’s Voting Notice 

 Ladies
and Gentlemen: 
 Reference is made to (i) the Master Franchise Agreement, dated as of August 3, 2007, as amended and
restated pursuant to the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee, each of the MF Subsidiaries and Owner; and (ii) the Amended and
Restated Escrow Agreement, dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the
Collateral Agent. Terms used and not otherwise defined herein shall have the meaning given to them in the MFA or the Escrow Agreement, as the case may be. 
 McDonald’s hereby notifies you that it has exercised a Call Option pursuant to the Default Exercise Notice dated [date], a copy of which is attached hereto, and on the one month anniversary of the
exercise thereof there is no Unresolved Dispute. 
 Escrow Agent is hereby instructed to solely accept written instructions from
McDonald’s with regards to the voting of the following Escrowed Equity Interests in accordance with Section 5.1.3 of the Escrow Agreement: 

  
 5:1

 [List Escrowed Equity Interests] 

 

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 5:2

 EXHIBIT 6 

FORM OF SECURED CREDITOR VOTING NOTICE 
 [Date] 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New York, New York 10013 
 Attention: Marie Ladolcetta 

Telephone: (212) 816-6086 
 Fax:
(212) 657-2762 
 cc: 
 LatAm,
LLC 
 Arcos Dorados B.V. 
 Naritaweg
165 
 Amsterdam 
 1043 BW 

The Netherlands 
 Telephone: + 31 (0) 20
521 4887 
 Fax: + 31 (0) 20 521 4888 
  

	Re:	Secured Creditor Voting Notice 

 Ladies
and Gentlemen: 
 Reference is made to (i) the Master Franchise Agreement, dated as of August 3, 2007, as amended and
restated pursuant to the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Amended and
Restated Escrow Agreement, dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral
Agent. Terms used and not otherwise defined herein shall have the meaning given to them in the MFA or the Escrow Agreement, as the case may be. 
 Collateral Agent hereby notifies you that an Event of Default (as defined in the Amended and Restated Intercreditor Agreement) has occurred and is continuing. 

Escrow Agent is hereby instructed to solely accept written instructions from Collateral Agent with regards to the voting of the Escrowed
Equity Interests of the following Secured Credit Grantor(s), subject to and in accordance with Section 5.1.4 of the Escrow Agreement: 

  
 6:1

 [List Escrowed Equity Interests] 

 

			
	[Collateral Agent], solely in its capacity as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 6:2

 EXHIBIT 7 

FORM OF SETTLEMENT NOTICE 
 [Date] 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New York, New York 10013 
 Attention: Marie Ladolcetta 

Telephone: (212) 816-6086 
 Fax:
(212) 657-2762 
 cc: 
 LatAm,
LLC 
 Arcos Dorados B.V. 
 Naritaweg
165 
 Amsterdam 
 1043 BW 

The Netherlands 
 Telephone: + 31 (0) 20
521 4887 
 Fax: + 31 (0) 20 521 4888 
 Re: Settlement Notice 
 Ladies and Gentlemen: 

Reference is made to (i) the Master Franchise Agreement, dated as of August 3, 2007, as amended and restated pursuant to the
Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Amended and Restated Escrow Agreement,
dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent. Terms used and
not otherwise defined herein shall have the meaning given to them in the MFA or the Escrow Agreement, as the case may be. 

McDonald’s hereby certifies that as of the date hereof there is no Unresolved Dispute and it has received any approval from, or made
any filing with, any applicable Governmental Authority in connection with the Transfer of the Subject Business, which, in each case, is necessary for the Closing, or has waived the condition for such approval or filing. 

You are hereby instructed as follows: 
  

	 	1.	The Option Closing Date shall be [date]. 

  
 7:1

	 	2.	The Call Option Price (without giving effect to any reduction thereto due to the Lender Payable set forth below) to be delivered by McDonald’s is $[amount]. [There
is a good faith dispute relating to Disputed Amounts in the amount of $[amount]]. 

  

	 	3.	On the Option Closing Date, against payment of the Call Option Price set forth in paragraph 1 above by McDonald’s, Escrow Agent shall take the following actions:

  

	 	a.	[if LatAm, LLC or MCDC] (i) Register or cause its agent to register McDonald’s as the owner of the Equity Interests of each Person referred to in
paragraph 3(b) below in the share registry of the applicable Person; (ii) issue, to the extent permitted by Applicable Law, certificates evidencing such Equity Interests in the name of McDonald’s; and (iii) against McDonald’s
receipt therefor, deliver to McDonald’s such share registry. 

 [If any Person other than LatAm, LLC or
MCDC] Direct each Person referred to in paragraph 3(b) below in writing, with a copy to McDonald’s, to register McDonald’s as the owner of the relevant Equity Interests of such Persons in the books and records of the applicable Person
and issue, to the extent permitted by Applicable Law, certificates evidencing such Equity Interests in the name of McDonald’s. 
  

	 	b.	Deliver to McDonald’s all Escrowed Equity Interests held by Escrow Agent subject to the Escrow Agreement with respect to each of the following Persons:

 [list relevant Escrowed MF Subsidiaries] 

 

	 	c.	Segregate any Disputed Amounts referred to in paragraph 2 above and deposit them into the applicable Escrow Account as required by the Escrow Agreement.

  

	 	d.	Deliver to Collateral Agent the Call Option Price set forth in numbered paragraph 2 above by wire transfer to Collateral Agent’s account specified in the Escrow
Agreement. 

  

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 7:2

 EXHIBIT 8 

FORM OF DISPUTED AMOUNTS SETTLEMENT NOTICE 
 [Date] 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New York, New York 10013 
 Attention: Marie Ladolcetta 

Telephone: (212) 816-6086 
 Fax:
(212) 657-2762 
 Re: Disputed Amounts Settlement Notice 
 Ladies and Gentlemen: 
 Reference is made to (i) the Master Franchise
Agreement, dated as of August 3, 2007, as amended and restated pursuant to the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee and the
other parties named therein; and (ii) the Amended and Restated Escrow Agreement, dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF
Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent. Terms used and not otherwise defined herein shall have the meaning given to them in the MFA or the Escrow Agreement, as the case may be. 

Reference is made to the Settlement Notice, dated [date], in which McDonald’s certified to you that there was a good faith dispute
relating to Disputed Amounts and notified you of the amount of such Disputed Amounts. You are hereby notified that the dispute has been resolved, and you are instructed to release out of the applicable Escrow Account and pay $[amount] to [name] and
$[amount] to [name] by wire transfer of immediately available funds to their respective accounts specified in the Escrow Agreement. 
  

									
	McDONALD’S LATIN AMERICA, LLC	 		 	LATAM, LLC
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

  
 8:1

 EXHIBIT 9 

FORM OF SECURED CREDITOR RELEASE NOTICE 
 [Date] 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New York, New York 10013 
 Attention: Marie Ladolcetta 

Telephone: (212) 816-6086 
 Fax:
(212) 657-2762 
 cc: 

McDonald’s Latin America, LLC 
 One
McDonald’s Plaza 
 Oak Brook, Illinois 60523 U.S.A. 
 Attention: General Counsel of the Americas 
 Telephone: (630) 623-6255 

Fax: (630) 623-7012 
 LatAm, LLC

 Arcos Dorados B.V. 
 Naritaweg 165

 Amsterdam 
 1043 BW 

The Netherlands 
 Telephone: + 31 (0) 20
521 4887 
 Fax: + 31 (0) 20 521 4888 
 Re: Secured Creditor Release Notice 
 Ladies and Gentlemen: 

Reference is made to (i) the Second Amended and Restated Intercreditor Agreement, dated as of October 12, 2010, among the
Collateral Agent, McDonald’s and the Grantors (the “Amended and Restated Intercreditor Agreement”); and (ii) the Amended and Restated Escrow Agreement, dated as of October 12, 2010 (the “Escrow
Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent. Terms used and not otherwise defined herein shall have the meaning
given to them in the Amended and Restated Intercreditor Agreement or the Escrow Agreement, as the case may be. 
 Collateral
Agent hereby certifies, as of the date hereof, that the Standstill Period has expired and Escrow Agent is hereby instructed to forward a copy of the executed 

  
 9:1

 
Enforcement Notice, upon receipt by Escrow Agent, to [specify]. 
 As a
result of the foregoing, Escrow Agent is hereby instructed to as soon as practicable take the following actions: 
  

	 	a.	[if LatAm, LLC or MCDC] Remove or cause its agent to remove any notation in the books and records of the Persons referred to in paragraph (b) below with
respect to the Escrow Agreement and issue certificates, to the extent permitted by Applicable Law, evidencing the Equity Interests of such Persons. 

 [If any Person other than LatAm, LLC or MCDC] Direct each Person referred to in paragraph (b) below in writing, with a copy to the Collateral Agent, to remove any notation in the books and
records of the Persons referred to in paragraph (b) below with respect to the Escrow Agreement and issue certificates, to the extent permitted by Applicable Law, evidencing the Equity Interests of such Persons. 

 

	 	b.	Deliver to Collateral Agent all Escrowed Equity Interests of the Secured Credit Grantors held by Escrow Agent subject to the Escrow Agreement with respect to the
following Persons: 

 [list relevant Escrowed MF Subsidiaries] 

 

	 	c.	Deliver to Collateral Agent any amounts on deposit in the Escrow Account(s) established with respect to such Escrowed MF Subsidiary(ies) which are Secured Credit
Grantors listed in (a) above by wire transfer to Collateral Agent’s account specified in the Escrow Agreement. 

  

	 	d.	Execute and deliver the final Enforcement Notice provided by the Collateral Agent to the Persons indicated therein. The Collateral Agent hereby instructs Escrow Agent
(i) to notify Pledgee (as defined in the Enforcement Notice) that it may proceed with the enforcement of the pledge granted pursuant to the Pledge Agreement (as defined in the Enforcement Notice); and (ii) to acknowledge that the
Enforcement Notice provided by the Collateral Agent is the notice required under Section [specify] of the Pledge Agreement and that no further action, notice or authorization is required for Pledgee to enforce the pledge granted pursuant to the
Pledge Agreement. 

  

			
	Deutsche Bank Trust Company Americas, solely in its capacity as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 9:2

 EXHIBIT 10 

FORM OF EXCLUDED SUBSIDIARY TRANSFER INSTRUCTION 
 [Date] 
 Citibank Agency & Trust 
 Citibank, N.A. 
 388 Greenwich Street, 14th Floor 

New York, New York 10013 
 Attention: Marie
Ladolcetta 
 Telephone: (212) 816-6086 
 Fax: (212) 657-2762 
 Re: Excluded Subsidiary Transfer Instruction 

Ladies and Gentlemen: 

Reference is made to (i) the Master Franchise Agreement, dated as of August 3, 2007, as amended and restated pursuant to the
Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Amended and Restated Escrow Agreement,
dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent. Terms used and
not otherwise defined herein shall have the meaning given to them in the MFA or the Escrow Agreement, as the case may be. 

Master Franchisee hereby certifies that it has executed and delivered to McDonald’s and Escrow Agent an instrument of accession, in
form and scope satisfactory to McDonald’s, in which [Transferee] has agreed [if a Subsidiary of Master Franchisee: to be deemed an MF Subsidiary for all purposes of the MFA and] to observe and be bound by all provisions of the MFA and
each other applicable Related Agreement. 
 Master Franchisee hereby certifies that McDonald’s has consented to the
transfer or such consent is not required pursuant to Section [specify] of the MFA. 
 Escrow Agent is hereby instructed to
deliver Equity Interests of [specify Person] to [Transferee]. 
  

			
	LATAM, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Acknowledged and Agreed by: 

  
 10:1

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 10:2

 EXHIBIT 11 

FORM OF RESTRICTED SUBSIDIARY TRANSFER INSTRUCTION 
 [Date] 
 Citibank Agency & Trust 
 Citibank, N.A. 
 388 Greenwich Street, 14th Floor 

New York, New York 10013 
 Attention: Marie
Ladolcetta 
 Telephone: (212) 816-6086 
 Fax: (212) 657-2762 
 Re: Restricted Subsidiary Transfer Instruction 

Ladies and Gentlemen: 

Reference is made to (i) the Master Franchise Agreement, dated as of August 3, 2007, as amended and restated pursuant to the
Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Amended and Restated Escrow Agreement,
dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent. Terms used and
not otherwise defined herein shall have the meaning given to them in the MFA or the Escrow Agreement, as the case may be. 

Master Franchisee hereby certifies that it has executed and delivered to McDonald’s and Escrow Agent an instrument of accession, in
form and scope satisfactory to McDonald’s, in which [Transferee] has agreed [if a Subsidiary of Master Franchisee: to be deemed an MF Subsidiary for all purposes of the MFA and] to observe and be bound by all provisions of the MFA and
each other applicable Related Agreement. 
 Master Franchisee hereby certifies that McDonald’s has consented to the
transfer or such consent is not required pursuant to Section [specify] of the MFA. 
 Escrow Agent is hereby instructed to
deliver Equity Interests of [specify Person] to [Transferee]. 
  

			
	LATAM, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Acknowledged and Agreed by: 

  
 11:1

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Acknowledged and Agreed by: 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 11:2

 EXHIBIT 12 

FORM OF DEFAULT EXERCISE NOTICE 
 [Date] 
 LatAm, LLC 
 Arcos Dorados B.V. 
 Naritaweg 165 
 Amsterdam 
 1043 BW 
 The Netherlands 
 Telephone: + 31 (0) 20 521 4887 

Fax: + 31 (0) 20 521 4888 
 cc:

 Citibank Agency & Trust 

Citibank, N.A. 
 388 Greenwich Street, 14th Floor

 New York, New York 10013 
 Attention:
Marie Ladolcetta 
 Telephone: (212) 816-6086 
 Fax: (212) 657-2762 
  

	 	Re:	Default Exercise Notice 

 Ladies and
Gentlemen: 
 Reference is made to the Master Franchise Agreement, dated as of August 3, 2007, as amended and restated
pursuant to the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008 (the “MFA”), among McDonald’s, Master Franchisee and the other parties named therein. Terms used and not otherwise defined
herein shall have the meaning given to them in the MFA. 
 McDonald’s hereby exercises the Call Option in accordance with
Section 21.6.1(b) of the MFA to purchase from [Shareholders] all of the Equity Interests of [names of relevant Persons]. 
  

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 12:1

 EXHIBIT 13 

FORM OF INTERCREDITOR COMPLIANCE NOTICE 
 [Date] 
 Citibank Agency & Trust 
 Citibank, N.A. 
 388 Greenwich Street, 14th Floor 

New York, New York 10013 
 Attention: Marie
Ladolcetta 
 Telephone: (212) 816-6086 
 Fax: (212) 657-2762 
 cc: 
 LatAm, LLC 
 Arcos Dorados B.V. 
 Naritaweg 165 
 Amsterdam 
 1043 BW 
 The Netherlands 
 Telephone: + 31 (0) 20 521 4887 
 Fax: + 31 (0) 20 521 4888 

Deutsche Bank Trust Company Americas, as 

Collateral Agent 
 60 Wall Street 

New York, New York 10005 
 Attention:
Trust & Securities Services – Project Finance Manager 
 Telephone: (212) 250-7727 

Fax: (732) 578-4636 
  

	 	Re:	Intercreditor Compliance Notice 

 Ladies
and Gentlemen: 
 Reference is made to the Second Amended and Restated Intercreditor Agreement, dated as of October 12,
2010, among the Collateral Agent, McDonald’s and the Grantors (the “Amended and Restated Intercreditor Agreement”); and (ii) the Amended and Restated Escrow Agreement, dated as of October 12, 2010 (the “Escrow
Agreement”), among the Escrow Agent, McDonald’s, Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent. Terms used and not otherwise defined herein shall have the meaning given to
them in the Amended and Restated Intercreditor Agreement or the Escrow Agreement, as the case may be. 
 McDonald’s hereby
notifies the Escrow Agent that the Standstill Period has expired 

  
 13:1

 
with respect to the Equity Interests of the following Secured Credit Grantor(s):         . As a result, the Escrow Agent is authorized and directed
to execute and to deliver any Enforcement Notice provided to Escrow Agent by Deutsche Bank Trust Company Americas, as collateral agent, to the Persons indicated therein and required pursuant to the terms of any Common Collateral Agreement to permit
the exercise by Deutsche Bank Trust Company Americas, as collateral agent, of any rights or remedies under such Common Collateral Agreement with respect to such Equity Interests. 

 

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 13:2

 EXHIBIT 14 

FORM OF ENFORCEMENT NOTICE 
 [Date] 
 Deutsche Bank Trust Company Americas, as 

Collateral Agent 
 60 Wall Street 

New York, NY 10005 
 Attention: Trust &
Securities Services – Project Finance Manager 
 Telephone: (212) 250-7727 
 Fax: (732) 578-4636 
 cc: 
 LatAm, LLC 
 Arcos Dorados B.V. 
 Naritaweg 165 
 Amsterdam 
 1043 BW 
 The Netherlands 
 Telephone: + 31 (0) 20 521 4887 
 Fax: + 31 (0) 20 521 4888 

[Name of Second Pledgor, if any] 
 Pursuant to
Section [specify] of the [specify applicable Common Collateral Document] (“Pledge Agreement”), dated as of [date], between [specify applicable pledgor/s] (“Pledgor”), [specify applicable MF Subsidiary] and [Deutsche
Bank Trust Company Americas] [specify other party, if any, identified as pledgee under applicable Common Collateral Document] (“Pledgee[s]”), Citibank, N.A., solely in its capacity as Escrow Agent (the “Escrow
Agent”), acting on the instructions of Deutsche Bank Trust Company Americas, as collateral agent (the “Collateral Agent”), hereby notifies Pledgee that Pledgee may proceed with the enforcement of the pledge granted pursuant
to the Pledge Agreement. 
 The Escrow Agent has been instructed by Collateral Agent that this is the notice required under Section [specify] of
the Pledge Agreement and that no further action, notice or authorization is required for Pledgee to enforce the pledge granted pursuant to the Pledge Agreement. 
 Issued in [place] this [date] day of [specify month and year]. 

  
 14:1

 
			
	CITIBANK, N.A., solely in its capacity as Escrow Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 14:2

 Annex A 
 SECURITY POWER 
 FOR VALUE RECEIVED, Arcos Dorados B.V. (the
“Assignor”) does hereby sell, assign and transfer unto McDonald’s Latin America, LLC all of its right, title and interest in the following securities (the “Securities”) issued by LatAm, LLC (the
“Issuer”): 
 100% of the limited liability company interests of the Issuer 

represented by Membership Certificate Number      
 Assignor does hereby irrevocably constitute and appoint Citibank, N.A. its attorney-in-fact to transfer the said Securities on the books of said Company as of the date hereof, with full power of
substitution in the premises, hereby ratifying and confirming all that said attorney shall lawfully do by virtue hereof. 
  

			
	Dated:	 	                    ,
        

  

			
	Arcos Dorados B.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Annex B 
 IRREVOCABLE PROXY 
 Arcos Dorados B.V. hereby irrevocably appoints
Citibank, N.A. (the “Escrow Agent”), pursuant to the provisions of the Amended and Restated Escrow Agreement, dated as of October 12, 2010 (the “Escrow Agreement”), among the Escrow Agent, McDonald’s,
Master Franchisee, the Escrowed MF Subsidiaries party thereto, Arcos de Chile, the Owner and the Collateral Agent, the proxy and attorney-in-fact of Arcos Dorados B.V., with full power of substitution, to attend any meeting (whether annual or
special or both) of members of LatAm, LLC (the “Company”) on behalf of the undersigned and to vote, or to execute and deliver written consents or otherwise act with respect to, all limited liability company interests of the Company,
now owned or hereafter acquired by the undersigned as fully, to the same extent and with the same effect as Arcos Dorados B.V. might or could do under the Constituent Documents of the Company or pursuant to the provisions of the Delaware Limited
Liability Company Act, as amended, in each case, subject to and in accordance with the terms of the Escrow Agreement. Terms used and not otherwise defined herein shall have the meaning given to them in the Escrow Agreement. This proxy is given for
sufficient and adequate consideration, and, as such, is coupled with an interest sufficient in law to support an irrevocable power. 
 This proxy may be exercised by the Escrow Agent during the period beginning on the date hereof and ending on the earlier to occur of (a) the termination of the Escrow Agreement; and (b) the
registration of McDonald’s Latin America, LLC (or its designee) as the owner of the limited liability company interests of the Company owned by Arcos Dorados B.V. 
 All authority herein conferred or agreed to be conferred shall survive the dissolution or liquidation of Arcos Dorados B.V. Arcos Dorados B.V. shall not give any subsequent proxy (and such proxy, if
given, will be deemed not to be effective), with respect to any of the limited liability company interests to which this proxy relates, that purports to grant authority within the scope of the authority hereby conferred, except on the express
condition that this proxy shall have terminated in accordance with its terms. This proxy shall be governed by the laws of the State of New York 

Dated this [    ] day of October, 2010 

 

			
	Arcos Dorados B.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Annex W 
 STOCK POWER 
 FOR VALUE RECEIVED, LatAm, LLC (the
“Assignor”) does hereby sell, assign and transfer unto McDonald’s Latin America, LLC all of its right, title and interest in the following securities (the “Securities”) issued by Golden Arch Development
Corporation (the “Issuer”): 
 [    ] shares of common stock, par value $[0.01] per share,
of the Issuer, 
 represented by Certificate No. [    ] 

Assignor does hereby irrevocably constitute and appoint Citibank, N.A. its attorney-in-fact to transfer the said Securities on the books of said Company
as of the date hereof, with full power of substitution in the premises, hereby ratifying and confirming all that said attorney shall lawfully do by virtue hereof. 
  

			
	Dated:	 	                    ,
        

  

			
	LatAm, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Annex AI 
 STOCK POWER 
 FOR VALUE RECEIVED, LatAm, LLC (the
“Assignor”) does hereby sell, assign and transfer unto McDonald’s Latin America, LLC all of its right, title and interest in the following securities (the “Securities”) issued by McDonald’s Caribbean
Development Corporation (the “Issuer”): 
 [    ] shares of common stock, par value $[0.01]
per share, of the Issuer, 
 represented by Certificate No. [    ] 

Assignor does hereby irrevocably constitute and appoint Citibank, N.A. its attorney-in-fact to transfer the said Securities on the books of said Company
as of the date hereof, with full power of substitution in the premises, hereby ratifying and confirming all that said attorney shall lawfully do by virtue hereof. 
  

			
	Dated:	 	                    ,
        

  

			
	LatAm, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Annex AK 
 STOCK POWER 
 FOR VALUE RECEIVED, LatAm, LLC (the
“Assignor”) does hereby sell, assign and transfer unto McDonald’s Latin America, LLC all of its right, title and interest in the following securities (the “Securities”) issued by McDonald’s System de
Puerto Rico, Inc. (the “Issuer”): 
 [    ] shares of common stock, par value $[0.01] per
share, of the Issuer, 
 represented by Certificate No. [    ] 

Assignor does hereby irrevocably constitute and appoint Citibank, N.A. its attorney-in-fact to transfer the said Securities on the books of said Company
as of the date hereof, with full power of substitution in the premises, hereby ratifying and confirming all that said attorney shall lawfully do by virtue hereof. 
  

			
	Dated:	 	                    ,
        

  

			
	LatAm, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 Annex AP 
 STOCK POWER 
 FOR VALUE RECEIVED, LatAm, LLC (the
“Assignor”) does hereby sell, assign and transfer unto McDonald’s Latin America, LLC all of its right, title and interest in the following securities (the “Securities”) issued by Logistics and Manufacturing
LOMA Co. (the “Issuer”): 
 [    ] shares of common stock, par value $[0.01] per share, of
the Issuer, 
 represented by Certificate No. [    ] 
 Assignor does hereby irrevocably constitute and appoint Citibank, N.A. its attorney-in-fact to transfer the said Securities on the books of said Company as of the date hereof, with full power of
substitution in the premises, hereby ratifying and confirming all that said attorney shall lawfully do by virtue hereof. 
  

			
	Dated:	 	                    ,
        

  

			
	LatAm, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE A 
 AUTHORIZED LIST OF SIGNERS 
 OR OFFICER’S CERTIFICATE 

LatAm, LLC 
 c/o Forrestal Capital Limited
Company 
 1221 Brickell Avenue #1170 

Miami, Florida 33131 
 Attention: Carlos
Hernandez 
 Telephone: (305) 961-2840 
 Fax: (305) 961-2844 
  

							
		 		 		  	Specimen Signature
		 		 		  	 
	Name	 	  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 
		 		 		  	
	  
 Name
	 	  
  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 
		 		 		  	
	  
 Name
	 	  
  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 

TEST WORD 
  

					
		 	 	  	

 Test Words must contain at least 8 alphanumeric characters, and should be established at document execution and
changed each time the List of Authorized Signers/Approvers is updated. All instructions should clearly display the Test Word, which may be used in lieu of a callback to confirm the authenticity of the instruction. However, Citi reserves the right to
perform the callback in addition to the Test Word if circumstances warrant. 

 SCHEDULE B 
 AUTHORIZED LIST OF SIGNERS 
 OR OFFICER’S CERTIFICATE 

Deutsche Bank Trust Company Americas 
 60 Wall
Street 
 New York, New York 10005 

Attention: Trust & Securities Services 

Telephone: (212) 250-7727 
 Fax:
(732) 578-4636 
  

							
		 		 		  	Specimen Signature
		 		 		  	 
	Name	 	  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 
		 		 		  	
	  
 Name
	 	  
  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 
		 		 		  	
	  
 Name
	 	  
  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 

TEST WORD 
  

					
		 	 	  	

 Test Words must contain at least 8 alphanumeric characters, and should be established at document execution and
changed each time the List of Authorized Signers/Approvers is updated. All instructions should clearly display the Test Word, which may be used in lieu of a callback to confirm the authenticity of the instruction. However, Citi reserves the right to
perform the callback in addition to the Test Word if circumstances warrant. 

 SCHEDULE C 
 AUTHORIZED LIST OF SIGNERS 
 OR OFFICER’S CERTIFICATE 

McDonald’s Latin America, LLC 
 One
McDonald’s Plaza 
 Oak Brook, Illinois 60523 U.S.A. 
 Attention: General Counsel of the Americas 
 Telephone: (630) 623-6255 

Fax: (630) 623-7012 
  

							
		 		 		  	Specimen Signature
		 		 		  	 
	Name	 	  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 
		 		 		  	
	  
 Name
	 	  
  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 
		 		 		  	
	  
 Name
	 	  
  
	 		  	 
	Title	 	  
	 		  	 
	Phone	 	  
	 		  	 
	E-mail Address	 	  
	 		  	 

TEST WORD 
  

					
		 	 	  	

 Test Words must contain at least 8 alphanumeric characters, and should be established at document execution and
changed each time the List of Authorized Signers/Approvers is updated. All instructions should clearly display the Test Word, which may be used in lieu of a callback to confirm the authenticity of the instruction. However, Citi reserves the right to
perform the callback in addition to the Test Word if circumstances warrant.Letter of Credit Reimbursement Agreement dated August 3, 2007

 Exhibit 10.5 
 Execution Copy 
 IRREVOCABLE STANDBY LETTER OF CREDIT # TS-07004119

 LETTER OF CREDIT REIMBURSEMENT AGREEMENT 
 between 
 ARCOS DORADOS B.V. 

and 
 CREDIT
SUISSE, 
 acting through its CAYMAN ISLANDS BRANCH 
 dated as of 
 August 3, 2007 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Section 1. Definitions
	  	 	1	  
	 Section 2. Issuance of the Letter of Credit
	  	 	6	  
	 Section 3. Reimbursement and Fees; Additional Reimbursement Security
	  	 	6	  
	 Section 4. Cancellation of the Letter of Credit
	  	 	10	  
	 Section 5. Expenses
	  	 	10	  
	 Section 6. Increased Costs; Break Funding Payments
	  	 	11	  
	 Section 7. Taxes
	  	 	12	  
	 Section 8. Bank Not Liable for Obligations of Beneficiary
	  	 	12	  
	 Section 9. Recourse
	  	 	13	  
	 Section 10. Conditions Precedent
	  	 	13	  
	 Section 11. Obligations Absolute
	  	 	18	  
	 Section 12. Representations and Warranties
	  	 	18	  
	 Section 13. Affirmative Covenants
	  	 	25	  
	 Section 14. Negative Covenants
	  	 	29	  
	 Section 15. Events of Default
	  	 	31	  
	 Section 16. Amendments, Etc.
	  	 	32	  
	 Section 17. Notices
	  	 	32	  
	 Section 18. No Waiver; Remedies Cumulative
	  	 	33	  
	 Section 19. Indemnification
	  	 	33	  
	 Section 20. Continuing Obligation
	  	 	34	  
	 Section 21. Letter of Credit Transfer or Extension; Termination; Related Matters
	  	 	34	  
	 Section 22. Liability of the Bank
	  	 	34	  
	 Section 23. Limitation of Liability
	  	 	35	  
	 Section 24. Severability
	  	 	35	  
	 Section 25. Governing Law
	  	 	35	  
	 Section 26. Counterparts
	  	 	35	  
	 Section 27. Currency
	  	 	35	  
	 Section 28. Headings
	  	 	35	  
	 Section 29. No Assignment Without Consent
	  	 	35	  
	 Section 30. Jurisdiction; Venue; Waiver of Jury Trial
	  	 	36	  
	 Section 31. Process Agent
	  	 	36	  
	 Section 32. Judgment Currency
	  	 	37	  
	 Section 33. Confidentiality
	  	 	37	  
	 Section 34. Patriot Act
	  	 	38	  

							
	 EXHIBIT A
	 	Form of Letter of Credit	  			
	 EXHIBIT B
	 	Form of Subsidiary Guaranty	  			
	 EXHIBIT C
	 	Forms of Opinions of Counsel	  			
	 EXHIBIT D
	 	Form of Security Agreement	  			
	 EXHIBIT E
	 	Form of U.S. Intercompany Note Pledge Agreement	  			
	 EXHIBIT F
	 	Form of U.S. Stock Pledge Agreement	  			
			
	 SCHEDULE I
	 	Proper Legal Form	  			

 LETTER OF CREDIT REIMBURSEMENT AGREEMENT, dated as of August 3, 2007 (as amended,
restated or otherwise modified from time to time, this “Agreement”), between ARCOS DORADOS B.V., a private company With limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of The
Netherlands (together with its successors and assigns, the “Obligor”), and CREDIT SUISSE, acting through its CAYMAN ISLANDS BRANCH (together with its branches, agencies, successors and assigns, the “Bank”).

 PRELIMINARY STATEMENTS 
 A. Pursuant to the Purchase Agreement, the Obligor has agreed to acquire all of the issued and outstanding Capital Stock of the Companies. 

B. Pursuant to the Master Franchise Agreement, the Obligor and/or certain Subsidiaries of the Obligor have agreed to acquire the right to
operate the Franchised Restaurants in the Territories. 
 C. Pursuant to the Purchase Agreement and the Master Franchise
Agreement, the payment of certain amounts by the Obligor and/or certain Subsidiaries of the Obligor under the Master franchise Agreement is to be supported by an irrevocable standby letter of credit to be issued by the Bank for the account of the
Obligor and for the benefit of the Beneficiary (as defined below). 
 NOW. THEREFORE, in consideration of the premises and in
order to induce the Bank to issue the Letter of Credit, the parties hereto agree as follows: 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the definitions assigned in
the Credit Agreement. dated as of August 2, 2007 as in effect on the date hereof (the “Credit Agreement”). among the Obligor, as borrower, the various lenders party thereto, Deutsche Bank Trust Company Americas, as
administrative agent (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”), and collateral agent, and Santander Investment Securities Inc., as lead arranger and book runner, as the
Credit Agreement is in effect as of the date hereof (and regardless of whether the Credit Agreement is hereafter terminated or discharged). In this Agreement and any other document that references this Agreement, the following capitalized terms
shall have the respective meanings assigned below (each such meaning to be equally applicable to the singular and plural forms of the respective terms so defined): 
 “Allocated Headquarters Costs” means, with respect to any Territory for any period, the product of (x) the Total Headquarters Costs for such period, multiplied by
(y) a fraction, expressed as a decimal to the nearest one-thousandth, the numerator of which is the portion of the systemwide sales (as set forth in the consolidated financial statements of the Obligor and its consolidated Subsidiaries)
of the Obligor and its Subsidiaries for such period attributable to the Subsidiaries incorporated or organized (or operating exclusively or holding assets) in such Territory and the denominator of which is the total the systemwide sales of the
Obligor and its Subsidiaries for such period. 

 “Applicable Margin” means 4.5% per annum, provided that,
from and after the occurrence of a Local Take-out Event, Applicable Margin shall mean 5.0% per annum. 

“Authorized Officer” means any of the chief executive officer, president, chief financial officer, general counsel,
treasurer, director, vice president, assistant vice president, managing member, manager and any officer with equivalent authority. 
 “Average Daily Stated Amount” means, for any period, 
 ADSA =
[SA1 +
SA2 + ... + SAd] /
[DiP] 
 where 
 “SA1
” means the Stated Amount as of the first day of the relevant period; 
 “SAd
” means the Stated Amount as of last day of the relevant period; and 
 “DiP” means number of days in the relevant period. 

“Bank’s Presentation Office” means (i) One Madison Avenue, 2nd Floor, New York, NY 10010. Attention:
Trade Finance/Services Department, or (ii) such other branch or office of the Bank which may be designated by the Bank by written notice to the Beneficiary. 
 “Bank” has the meaning assigned to it in the preamble to this Agreement. 
 “Beneficiary” bas the meaning assigned to it in the Letter of Credit. 
 “Business Day” means any day except Saturday, Sunday and any day which shall be in New York. New York, a legal holiday or a day on which banking institutions are authorized or required by
law or other government action to close. 
 “Closing Date” has the meaning assigned to it in Section 2.

 “Collateral” shall mean all property (whether real or personal) with respect to which any security interests
have been granted (or purported to be granted) pursuant to the U.S. Intercompany Note Pledge Agreement, the U.S. Stock Pledge Agreement Collateral and the Security Agreement. 
 “Collateral Agent” shall mean Deutsche Bank Trust Company Americas, as collateral agent. 
 “Credit Agreement” has the meaning assigned to it in the Preliminary Statements. 
 “Event of Default” has the meaning assigned to it in Section 15. 
 “Expiration Date” has the meaning assigned to it in the Letter of Credit. 

  
 2 

 “Fee Increase Event” means any default of the Obligor in the performance of
any of the covenants set forth in Section 13(a)(i), (a)(ii), (b), (c), (d) or (e) that shall continue unremedied for a period of 30 days from the occurrence of such default. 

“Fee Letter” has the meaning assigned to it in Section 3(b)(i). 

“Fees” has the meaning assigned to it in Section 3(b). 

“Foreclosure Leverage Ratio” has the meaning assigned to it in Section 3(e). 

“Initial Hedging Agreement” means the 2002 ISDA Master Agreement, Schedule and Confirmation, each dated as of
August 3, 2007, between Banco Santander Central Hispano and Arcos Dorados B.V. related to the hedging of the foreign exchange currency risk of the Obligor under the Credit Agreement, as amended, supplemented, extended or otherwise modified from
time to time. 
 “Interest Role” means U.S. Dollar LIBOR plus the Applicable Margin. 

“Lender U.S. Intercompany Note Pledge Agreement” has the meaning assigned to the term “U.S. Intercompany Note
Pledge Agreement” in the Credit Agreement. 
 “Lender Security Agreement” has the meaning assigned to the
term “Security Agreement” in the Credit Agreement. 
 “Lender U.S. Stock Pledge Agreement” has the
meaning assigned to the term “U.S. Stock Pledge Agreement” in the Credit Agreement. 
 “Letter of
Credit” means the Irrevocable Standby Letter Of Credit No. TS-07004119, issued by the Bank. 
 “Letter of
Credit Fee” has the meaning assigned to it in Section 3(b)(ii). 
 “Leverage Ratio Test Period”
means a period of four consecutive fiscal quarters of the Obligor (taken as one accounting period for which financial statements have or are required to be delivered pursuant to Section 13(a)), provided that (i) no Leverage
Ratio Test Period shall commence prior to July 1, 2007, and each Leverage Ratio Test Period ending on or prior to June 30, 2008, shall commence on July 1, 2007, and (ii) the results for each Leverage Ratio Test Period
ending on or prior to March 31, 2008, shall be adjusted to obtain a result comparable to a result for four full fiscal quarters as follows: (x) any income statement items used in calculations for the Leverage Ratio Test Period
ending September 30, 2007, shall be multiplied by four; (y) any income statement items used in calculations for the Leverage Ratio Test Period ending December 31, 2007, shall be multiplied by two; and (z) any income
statement items used in calculations for the Leverage Ratio Test Period ending March 31, 2008, shall be multiplied by four-thirds. 
 “Local Take-Out Event” means the repayment in whole or in part of the indebtedness incurred by the Obligor under the Credit Agreement through a Refinancing. 

  
 3 

 “Master Franchise Agreement” or “MFA” means the Master
Franchise Agreement for McDonald’ s Restaurants, dated as of August 3, 2007, among McDonald’s Latin America, LLC, LatAm, LLC, each of the MF Subsidiaries, Arcos Dorados Limited, Arcos Dorados Cooperatieve U.A., Arcos Dorados B.V. and
Los Laureles, Ltd., as amended, modified or supplemented from time to time in accordance with such agreement and this Agreement. 
 “Material Adverse Effect” shall mean any material adverse effect on (i) the business, condition (financial or otherwise), operations, performance or properties of the Obligor
or the Obligor and its Subsidiaries, taken as a whole, (ii) the rights or remedies of the Bank hereunder or under any other Related Document or (iii) the ability of any Credit Party to perform its obligations hereunder or
under any other Related Document. 
 “MF Subsidiaries” has the meaning assigned to it in the Master Franchise
Agreement. 
 “Obligor” has the meaning assigned to it in the preamble to this Agreement. 

“Original Stated Amount” means U.S.$80,000,000. 

“Related Documents” means, collectively, this Agreement, the Letter of Credit, the Fee Letter, the Security Agreement,
the Subsidiary Guaranties, the McDonald’s Intercreditor Agreement, the L/C Intercreditor Agreement, the U.S. Stock Pledge Agreement and the U.S. Intercompany Note Pledge Agreement. 

“Security Agreement” has the meaning assigned to it in Section 10(k). 

“Secured Hedging Agreements” has the meaning assigned to it in the Lender Security Agreement. 

“Solvent,” when used with respect to any Person or group of Persons, on a consolidated basis, means that, as of any date
of determination, (a) the assets of such Person(s) would, as of such date, (x) be sufficient to satisfy the liabilities of such Person(s), if such assets were attached upon failure to pay such liabilities when due and
(y) be sufficient to satisfy a final judgment in respect of the liabilities of such Person(s) if such assets were attached as a means of foreclosure of a final judgment, (b) such Person(s) has not made a general assignment
for the benefit of creditors, requested that it/they be declared bankrupt or initiated a suspension of payments proceeding, and (c) such Person(s) will be able to pay its/their debts as they mature. For purposes of this definition,
(i) “debt” means liability on a “claim” and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured, or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an
equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

“Stated Amount” has the meaning assigned to it in the Letter of Credit. 

“Subsidiary Guaranty” shall have the meaning assigned to it in Section 10(j). 

  
 4 

 “Total Headquarters Costs” means, for any period, the aggregate sum of
(i) Caribbean headquarters and general & administrative costs, plus (ii) Central American headquarters and general & administrative costs, plus (iii) overall company headquarters
and general & administrative costs, without duplication, in each case as set forth in the consolidated financial statements of the Obligor and its consolidated Subsidiaries for such period. 

“Total Pro Forma EBITDA” means, with respect to the Obligor and its Subsidiaries on a consolidated basis for any period,
Adjusted Consolidated EBITDA for such period (excluding, for purposes of this definition, (i) the portion of Adjusted Consolidated EBITDA attributable to any Territory (other than Territories in which any Subsidiary guaranties the
obligations of the Obligor hereunder), if the Subsidiary Guaranties of the Subsidiaries incorporated or organized (or operating primarily or holding assets primarily for use) in such Territory are to be released in accordance with the Credit
Agreement, the L/C Intercreditor Agreement and the McDonald’s Intercreditor Agreement upon the occurrence of the relevant Refinancing, but, for the avoidance of doubt, not excluding the portion of Adjusted Consolidated EBITDA attributable to
Excluded Subsidiaries, and (ii) Allocated Headquarter Costs attributable to each Territory excluded in accordance with clause (i) above). 
 “Total Pro Forma Leverage Ratio” means, as of any determination date, the ratio of (i) the sum of Consolidated Indebtedness on such date (excluding, for purposes of this
definition, the portion of Consolidated Indebtedness attributable to any Territory (other than Territories in which any Subsidiary guaranties the obligations of the Obligor hereunder), if the Subsidiary Guaranties of the Subsidiaries incorporated or
organized (or operating primarily or holding assets primarily for use) in such Territory are to be released in accordance with the Credit Agreement, the L/C Intercreditor Agreement and the McDonald’s Intercreditor Agreement upon the occurrence
of the relevant Refinancing) plus (if and to the extent that such amount is not included in Consolidated Indebtedness) the Original Stated Amount to (ii) Total Pro Forma EBITDA for the Leverage Ratio Test Period ending on or
immediately prior to such date. 
 “Transfer” has the meaning assigned to it in the Master Franchise Agreement.

 “U.S. Dollar LIBOR” means, for any period, the rate per annum which appears on the relevant page
(currently BBAM) of the Bloomberg Professional service (or, if not available, on the relevant page of any service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British
Bankers’ Association Interest Settlement Rates for Dollar deposits) as London interbank offered rate for deposits in Dollars with maturities equal to 30 days (provided that, if such page is not available or if no such rate is quoted for
the relevant Interest Period, then “ U.S. Dollar LIBOR” shall mean the arithmetic mean of the offered quotation of two or more reference banks selected by the Bank from among major banks in the London interbank market for Dollar
deposits of amounts comparable to the Stated Amount for which an interest rate is then being determined with maturities comparable to 30 days (in each such case, rounded upward to the next whole multiple of 1/16th of 1%)), determined as of 11:00
A.M. (London time) on the second Business Day prior to the first day of such period. 
 “U.S. Intercompany Note Pledge
Agreement” has the meaning assigned to it in Section 10(1). 

  
 5 

 “U.S. Intercompany Note Pledge Agreement Collateral” shall mean all
“Creditor Collateral” as defined in the U.S. Intercompany Note Pledge Agreement. 
 “U.S. Stock Pledge
Agreement” has the meaning assigned to it in Section 10(l). 
 “U.S. Stock Pledge Agreement
Collateral” shall mean all “Pledge Collateral” as defined in the U.S. Stock Pledge Agreement. 

“Venezuela EBITDA” means, with respect to the Venezuelan Subsidiaries on a consolidated basis for any period, the
portion of the amount equal to (x) Adjusted Consolidated EBITDA for such period attributable to Venezuelan Subsidiaries minus (y) Allocated Headquarters Costs attributable to Venezuela. 

Section 2. Issuance of the Letter of Credit. Subject to the conditions set forth in Section 10, the Bank agrees to
issue on August 3, 2007 (the “Closing Date”), the Letter of Credit in an Original Stated Amount equal to U.S.$80,000,000. 
 Section 3. Reimbursement and Fees; Additional Reimbursement Security. 
 (a) The Obligor agrees to pay to the Bank (A) immediately following any payment by the Bank with respect to a drawing under the Letter of Credit, the amount of such payment, and
(B) interest on any portion of such amount remaining unpaid by the Obligor under this Section 3(a) for each day unpaid, from the date such amount becomes payable until such amount is paid in full (after as well as before judgment),
payable on demand, at a rate per annum equal to the Interest Rate then in effect. Any reimbursement obligation or interest accrued and payable pursuant to Section 3(a) and not paid within 30 Business Days after the date of the draw
giving rise to such reimbursement obligation shall accrue interest from the date that is 30 Business Days after the date of such draw until such amount is paid in full (after as well as before judgment), at a rate per annum equal to the
Interest Rate then in effect plus 2.00%. 
 (b) The Obligor agrees to pay the Bank the following fees (the
“Fees”): 
 (i) the fees set forth in the Fee Letter Agreement, dated on or about the date
hereof (the “Fee Letter”). between the Obligor and the Bank; and 
 (ii) a letter of credit fee
(the “Letter of Credit Fee”), payable on each Quarterly Payment Date in respect of the Average Daily Stated Amount for the quarterly period ending on such Quarterly Payment Date (and, in the event of the expiration of the Letter of
Credit or the cancellation of the Letter of Credit in accordance with Section 4 on a date that is not a Quarterly Payment Date, on the Expiration Date or the effective date of such cancellation, as applicable, in respect of (1) the
Average Daily Stated Amount for the period ending on such date, multiplied by (2) a fraction. expressed as a decimal to the nearest one-thousandth, the numerator of which is the number of calendar days elapsed from the day after
the immediately-preceding Quarterly Payment Date through such date and the denominator of which is 90), at a rate equal to 

  
 6 

 (x) 3.00% per annum, if either (A) no Local
Take-Out Event has occurred on or prior to such Quarterly Payment Date or (B) if a Local Take-Out Event has occurred, (i) the Total Pro Forma Leverage Ratio as of such Quarterly Payment Date is less than 3.0:1.0 and
(ii) the Venezuela EBITDA as of such Quarterly Payment Date is less than the product of (a) Total Pro Forma EBITDA as of such Quarterly Payment Date and (b) 0.4, and 

(y) 3.25% per annum, if (A) a Local Take-Out Event has occurred on or prior to such Quarterly
Payment Date and (B) either (x) the Total Pro Forma Leverage Ratio as of such Quarterly Payment Date is greater than 3.0:1.0 or (y) the Venezuela EBITDA as of such Quarterly Payment Date is greater than the
product of (1) Total Pro Forma EBITDA and (2) 0.4, 
 provided that the Letter of Credit Fee shall
be increased in accordance with the following clauses (A), (B) and (C) (it being understood, for the avoidance of doubt, that the amount of any such increase shall be payable on the Quarterly Payment Date following the delivery of written
notice of such increase by the Bank): 
 (A) if the Obligor shall deliver a consolidated balance sheet and
related consolidated statements of income and retained earnings and statements of cash flow of the Obligor and its consolidated Subsidiaries, in accordance with Sections 13(a)(i) or 13(a)(ii) (collectively, the “Financial
Statements”), and the Leverage Ratio calculated pursuant to such Financial Statements is greater than 3.5:1.0, then, commencing on the date of such delivery until the Obligor shall have delivered Financial Statements, the Leverage Ratio
calculated pursuant to which is equal to or less than 3.5:1.0, the Letter of Credit Fee shall be increased automatically as set forth below in the column headed “Letter of Credit Fee,” as applicable: 

  
 7 

			
	LEVERAGE RATIO	  	LETTER OF CREDIT FEE
		
	 Greater than

  3.5:1.0
 but less than or equal
to
   3.75:1.0
	  	 stated Letter of Credit Fee

increased by 0.25% per annum

		
	 Greater than

  3.75:1.0
 but less than or equal
to
   4.00:1.0
	  	 stated Letter of Credit Fee

increased by 0.50% per annum

		
	 Greater than

  4.00:1.0
 but less than or equal
to
   4.50:1.0
	  	 stated Letter of Credit Fee

increased by 1.00% per annum

		
	 Greater than

  4.50:1.0
 but less than or equal
to
   5.00:1.0
	  	 stated Letter of Credit Fee

increased by 1.50% per annum

		
	 Greater than

  5.00:1.0
	  	 stated Letter of Credit Fee

increased by 2.00% per annum

 (B) upon the occurrence and during the continuance of an Event of Default (other than (x) an Event of Default under Section 15(c) arising from a default in respect of Section 14(c)
(Leverage Ratio)) or (y) an Event of Default under Section 15(h), the Letter of Credit Fee shall be increased automatically by 1.00% per annum (for the avoidance of doubt, an Event of Default shall not be deemed to have
occurred hereunder until the relevant cure period shall have expired); and 
 (C) upon the occurrence and during
the continuance of a Fee Increase Event (for the avoidance of doubt, a Fee Increase Event shall not be deemed to have occurred hereunder until the cure period contemplated in the definition of such term shall have expired), the Letter of Credit Fee
shall be increased automatically by 0.50% per annum, provided that (A) in the event that a Fee Increase Event resulting from a default in the performance of any covenant set forth in Sections 13(a)(i) or 13(a)(ii) has
not been cured within 30 days after the occurrence of such Fee Increase Event, the Letter of Credit Fee shall be increased automatically by 0.75% per annum, and (B) in the event that a Fee Increase Event resulting from a
default in the performance of any covenant set forth in Sections 13(a)(i) or 13(a)(ii) has not been cured within 60 days after the occurrence of such Fee Increase Event, the Letter of Credit Fee shall be increased automatically by 1.00% per
annum, 
 provided that, notwithstanding anything to the contrary set forth in the foregoing, in no event shall the
Letter of Credit Fee at any time exceed by more than 2.00% per annum  

  
 8 

 
the level stated in either (i) clause (x) of this Section 3(b)(ii), or (ii) clause (y) of this Section 3(b)(ii), as applicable. 

For purposes of the foregoing, (i) the Leverage Ratio shall be determined as of the end of each fiscal quarter of the Obligor’s fiscal
year, based upon the Financial Statements in respect of such period, and (ii) each change in the Letter of Credit Fee resulting from a change in the Leverage Ratio shall be effective during the period commencing on and including the date
of delivery to the Bank of the Financial Statements indicating such change and ending on the date immediately preceding the effective date of the next such change. 
 (c) Interest and Fees payable hereunder shall be computed on the basis of a 360-day year for the actual number of days elapsed. 
 (d) All payments by the Obligor to the Bank hereunder and under any other Related Documents shall be made free and clear of set-off or counterclaim in lawful currency of the United States and in
immediately available funds at the Bank’s Presentation Office. Whenever any payment hereunder shall be due on a day that is not an Business Day, the date for payment thereof shall be extended to the next succeeding Business Day, and interest
thereon shall be payable for such extended time, provided that if any such date on which a payment is due is a day which is not an Business Day but is a day of the month after which no further Business Day occurs in such month, then the date
on which such payment is due shall be the next preceding Business Day. 
 (e) In the event that 

(x) the Collateral Agent shall consummate, or cause to be consummated, the sale in foreclosure of a material
portion of the Equity Interests of any Subsidiary incorporated or organized (or operating primarily or holding assets primarily for use) in a Major Territory in which security interests are purported to be created under, any of the Foreign Pledge
Agreements or the U.S. Pledge Agreement, as applicable, and 
 (y) the ratio of (i) the sum of
(A) Consolidated Indebtedness after giving effect to such sale in foreclosure (excluding, for purposes of this provision, the portion of Consolidated Indebtedness attributable to Subsidiaries the Equity Interests of which have been sold
in foreclosure, if and to the extent that neither the Obligor nor any other Subsidiary is directly or indirectly liable for such Indebtedness or has any obligation in respect of such Indebtedness) plus (B) (if and to the extent
that such amount is not included in Consolidated Indebtedness) the Stated Amount to (ii) Adjusted Consolidated EBITDA after giving effect to such sale in foreclosure (excluding, for purposes of this provision, the portion of Adjusted
Consolidated EBITDA attributable to Subsidiaries the Equity Interests of which have been sold in foreclosure) (such ratio, the “Foreclosure Leverage Ratio”) for the Leverage Ratio Test Period ending on or immediately prior to such
date is greater than 3.5:1.0, 

  
 9 

 then, within 10 Business Days after such sale in foreclosure, the Obligor shall deliver to a
collateral agent and create and perfect a first-priority security interest, on terms and conditions reasonably acceptable to the Bank, additional security for the reimbursement and other payment obligations of the Obligor under this Agreement and
the other Related Documents. in the form of cash or cash equivalents reasonably acceptable to the Bank, in an amount equal to the product of: 
 (A) the difference, expressed as a decimal to the nearest one-thousandth, of (i) the Foreclosure Leverage Ratio (calculated in accordance with this Section 3(e)(i)) minus
(ii) 3.5:1.0, 
 multiplied by 

(B) Adjusted Consolidated EBITDA after giving effect to such sale in foreclosure (excluding, for purposes of this
provision, the portion of Adjusted Consolidated EBITDA attributable to Subsidiaries the Equity Interests of which have been sold in foreclosure), as calculated in accordance with clause (y) above. 

provided that the agreement(s) governing such additional security shall provide for the release of the unapplied collateral to the
Obligor upon the first to occur of (x) the cure or waiver of all Events of Default hereunder, (y) the Expiration Date and (z) the subsequent delivery by the Obligor of Financial Statements, the Leverage Ratio
calculated pursuant to which is equal to or less than 3.5:1.0. 
 Section 4. Cancellation of the Letter of
Credit. The Letter of Credit shall be cancelled, and shall terminate, and the Obligor shall provide the Bank written notice of such cancellation and shall promptly pay the Bank any cancellation fee due in respect of such cancellation in
accordance with the Fee Letter, upon the occurrence of the Expiration Date. 
 (a) Optional Cancellation. The Obligor may
cancel the Letter of Credit, by written notice to the Bank, countersigned by an Authorized Officer of the Beneficiary and shall concurrently with such cancellation, pay the Bank any cancellation fee due in respect of such cancellation in accordance
with the Fee Letter, provided that the original of such Letter of Credit must accompany such written notice, and provided further that the Obligor may not deliver such a notice for effect as of any date prior to the third anniversary
of the Closing Date other than with the written consent of the Bank, which consent may be granted or withheld by the Bank in its sole discretion. 
 Section 5. Expenses. The Obligor agrees to pay or cause to be paid to the Bank, (i) on or prior to the Closing Date, all reasonable and documented fees and expenses of each legal
counsel to the Bank specified in clauses (ix) through (xiv) of Section 10(d) incurred in connection with this Agreement and the Related Documents and (ii) on each Quarterly Payment Date and on the Expiration Date, an amount equal
to the Bank’s reasonable and documented aggregate expenses (including reasonable attorneys’ fees and disbursements) incurred prior to such date, and with respect to which a reasonably detailed invoice specifying such expenses has been
delivered to the Obligor at least 5 Business Days prior to the relevant payment date, in connection with (i) all expenses incurred in connection with the enforcement or preservation of the Bank’s rights

  
 10 

 
hereunder or under any of the Related Documents or to respond to any notice of forgery, fraud, abuse or illegality in connection with this Agreement or any other Related Document (including
active defense by the Bank in any action in which an injunction is sought or obtained against presentation or honor) and (ii) any stamp taxes, recording taxes, or similar taxes or fees payable in connection with the Letter of Credit or
any other Related Document. 
 Section 6. Increased Costs; Break Funding Payments. 

(a) If the Bank determines in good faith that the introduction or effectiveness of, or any change in, any treaty, international
agreement, law, rule or regulation or compliance with any directive, guideline or request from any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), or any change in generally accepted
accounting principles or in the Bank’s accounting for the Letter of Credit (including changing the capital adequacy conversion factor), or any change in the interpretation of any of the foregoing, except, in each case, with respect to Taxes or
Excluded Taxes, (i) affects or would affect the amount of capital, insurance or reserves (including special deposits or similar requirements) required or expected to be maintained by the Bank or any corporation controlling the Bank or
otherwise increases the costs of, or reduces the amount received or receivable by, the Bank or any corporation controlling the Bank, and the Bank determines in good faith that the amount of such capital, insurance or reserve (including any special
deposit or similar requirement) or other increased cost (including any tax or insurance premium) or reduction, as the case may be, is increased by or based upon the existence of this Agreement, the Letter of Credit or any other Related Document or
(ii) imposes, modifies or deems applicable any reserve (including without limitation any reserve imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by the Bank with respect to letters of credit, or imposes on the Bank any other condition affecting this Agreement or the Letters of Credit, and the Bank determines in good faith that the result of any of the
foregoing is to increase the cost to, or to impose a cost on, the Bank of issuing or maintaining the Letter of Credit or of making any payment or disbursement under the Letter of Credit, or to reduce the amount of any sum received or receivable by
the Bank under this Agreement, then the Obligor shall pay the Bank on demand from time to time additional amounts sufficient in the Bank’s good faith judgment to compensate for the increase or reduction, as the case may be, provided that
such additional amount shall be payable only if the Bank requires other similarly situated borrowers or obligors to pay comparable amounts and the Bank uses averaging and attribution methods that are reasonable. Determinations and statements of the
Bank pursuant to this Section 6 shall be made in good faith and shall be conclusive absent demonstrable error, and the provisions of this Section 6 shall survive termination of this Agreement. 

(b) In the event the Obligor makes any payment required pursuant to Section 3(a) other than on the last day of a Reference Period,
then, in any such event, the Obligor shall compensate the Bank for any loss, cost and expense attributable thereto. Without limiting the effect of the preceding sentence, the loss to the Bank attributable to any such event may include an
amount determined by the Bank to be equal to the excess, if any, of: 

  
 11 

 (i) the amount of interest that the Bank would pay for a deposit equal to
the amount of the applicable drawing for the period from the date of such payment for such drawing if the interest rate payable on such deposit were equal to U.S. LIBOR for such period; over  

(ii) the amount of interest that the Bank would earn on such drawing amount for such period if the Bank were to invest
such principal amount for such period at the interest rate that would be bid by the Bank (or an Affiliate of the Bank) for U.S. Dollar deposits from other banks in the London interbank eurodollar market at the commencement of such period.

 (c) A certificate of the Bank setting out (i) any amount or amounts that the Bank is entitled to receive pursuant
to Section 6(b) and (ii) in reasonable detail how such amount or amounts were calculated, which description shall in no event contain any disclosure of matters deemed by the Bank in good faith to be confidential or proprietary,
shall be delivered to the Obligor and shall be conclusive absent manifest error. The Obligor shall pay the Bank the amount shown as due on any such certificate within ten days after receipt thereof. 

Section 7. Taxes. All payments to the Bank hereunder and under any Related Document shall be made free and clear of and
without deduction for any present or future taxes, fees, duties, levies, imposts, deductions, charges or withholdings, and all related liabilities, excluding income, franchise, branch profits and similar taxes imposed by the jurisdiction of the
Bank’s head office or the office issuing the Letter of Credit or any of its political subdivisions (“Excluded Taxes”; all non-excluded taxes. levies, imposts, deductions, charges, withholdings and related liabilities are called
“Taxes”). If any Taxes shall be required to be withheld or deducted from any sum payable under this Agreement or under any Related Document, then: (i) the sum payable under this Agreement or under any Related Document
shall be increased so that after making all required deductions the Bank receives an amount equal to the sum the Bank would have received had no such withholdings or deductions been required; (ii) the Obligor shall be responsible for
payment of the amount to the relevant taxing authority; (iii) the Obligor shall promptly forward to the Bank an official receipt or other documentation satisfactory to the Bank evidencing such payment to such authority; and
(iv) the Obligor shall indemnify the Bank on demand for any Taxes paid by the Bank and any liability (including penalties, interest and expenses) arising from its payment or in respect of such Taxes, whether or not such Taxes were
correctly or legally asserted. Moreover, if any Taxes are directly asserted against the Bank or on any payment received by the Bank hereunder or under any Related Document, the Bank may pay such Taxes and the Obligor will promptly pay such
additional amount (including any penalty, interest or expense) as is necessary in order that the net amount received by the Bank after the payment of such Taxes (including any Taxes on such additional amount) shall equal the amount the Bank would
have received had no such Taxes been asserted. The Bank shall file any certificate or document or furnish to the Obligor any information, in each case, as reasonably requested by the Obligor that may be necessary to establish any available exemption
from, or reduction in the amount of, any Taxes. 
 Section 8. Bank Not Liable for Obligations of Beneficiary.
The Bank shall not be in any way responsible for performance by the Beneficiary of any of its obligations to the Obligor. 

  
 12 

 Section 9. Recourse. Notwithstanding anything to the contrary contained in
this Agreement or the Security Agreement or any Related Document, the Bank agrees that neither it nor any Person acting on its behalf may assert any claim or cause of action for payment of any of the obligations of the Obligor hereunder, under the
Security Agreement or any other Related Document against any manager, officer, director, agent or other representative, stockholder, equity holder, or member (whether direct or indirect), successor or assign of the Obligor (each, a “Pledgor
Party”) or any manager, officer, director, agent, other representative, stockholder, equity holder, member (whether direct or indirect), successor or assign of any Pledgor Party. 

Section 10. Conditions Precedent. The obligation of the Bank to issue the Letter of Credit on the Closing Date is
subject to the satisfaction of the following conditions: 
 (a) Related Documents; Effective Date. Each of this Agreement
and each other Related Document shall have been executed and delivered by the parties thereto and the Effective Date shall have occurred in accordance with the terms of the Credit Agreement. 

(b) No Default; Representations and Warranties. As of the date of issuance of the Letter of Credit and after giving effect
thereto, (i) no default or event of default shall have occurred and be continuing under this Agreement or any Related Document, (ii) the representations made by the Seller (as such term is defined in the Purchase Agreement)
in the Purchase Agreement, but only to the extent that the Obligor has the right to terminate its obligations under the Purchase Agreement as a result of breach of such representations and (iii) the representations made by the Obligor in
Sections 12(a), (b), (c)(i), (d), (g), (h), (i), (j), (m), (n), (o), (p) and (q), and (iv) solely with respect to the Obligor, Holdings and Parent, Sections 12(c)(ii), (c)(iii), (c)(iv), (g)(ii), (g)(iii), (l) and (r),
shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of such date (it being understood and agreed that any representation or
warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date), provided that any representation and warranty that is qualified as to
“materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates. 

(c) Officer’s Certificate. The Bank shall have received a certificate from the Obligor, dated the Closing Date and signed on
behalf of the Obligor by an Authorized Officer of the Obligor, substantially in the form of Exhibit E to the Credit Agreement with appropriate insertions, together with copies of the certificate or articles of incorporation and by-laws (or other
equivalent organizational documents), as applicable, of the Obligor and the resolutions of the Obligor referred to in such certificate. 
 (d) Opinions of Counsel. The Bank shall have received original counterparts of each of the following legal opinions, which legal opinions shall be dated as of the Closing Date and addressed to each
Secured Creditor (including without limitation the Bank), which shall be in form and substance reasonably satisfactory to the Bank: 
 (i) a legal opinion of Debevoise & Plimpton LLP, special New York counsel to the Credit Parties, substantially in the form of Exhibit C-1; 

  
 13 

 (ii) a legal opinion of Pérez Alati, Grondona. Benites,
Arnsten & Martinez, special Argentine counsel to the Credit Parties, substantially in the form of Exhibit C-2; 
 (iii) a legal opinion of Greenberg Traurig LLC, special Delaware counsel to the Credit Parties, substantially in the form of Exhibit C-3; 

(iv) a legal opinion of Greenberg Traurig LLC, special District of Columbia counsel to the Credit Parties, substantially
in the form of Exhibit C-4; 
 (v) a legal opinion of Greenberg Traurig LLC, special Aruban, Dutch and
Netherlands Antilles counsel to the Credit Parties, substantially in the form of Exhibit C-5; 
 (vi) a legal
opinion of Tozzini Freire Advogados, special Brazilian counsel to the Credit Parties, substantially in the form of Exhibit C-6; 
 (vii) a legal opinion of Mijares, Angoitia, Cortes y Fuentes, special Mexican counsel to the Credit Parties, substantially in the form of Exhibit C-7; 

(viii) a legal opinion of Fiddler, Gonzalez & Rodriguez, special Puerto Rican counsel to the Credit Parties,
substantially in the form of Exhibit C-8; 
 (ix) a legal opinion of Hoet Pelaez Castillo & Duque,
special Venezuelan counsel to the Credit Parties, substantially in the form of Exhibit C-9; 
 (x) a legal
opinion of Skadden Arps, Slate Meagher & Flom LLP, special New York counsel to the Bank, substantially in the form of Exhibit C-10; 
 (xi) a legal opinion of Loyens & Loeff, special Aruban, Dutch and Netherlands Antilles counsel to the Bank, substantially in the form of Exhibit C-11; 

(xii) a legal opinion of Bruchou, Fernández Madero & Lombardi, special Argentine counsel to the Bank,
substantially in the form of Exhibit C-12; 
 (xiii) a legal opinion of Demarest e Almeida Advogados, special
Brazilian counsel to the Bank, substantially in the form of Exhibit C-13; 
 (xiv) a legal opinion of Galicia y
Robles, S.C., special Mexican counsel to the Bank, substantially in the form of Exhibit C-14; 
 (xv) a legal
opinion of O’Neill & Borges, special Puerto Rican counsel to the Bank, substantially in the form of Exhibit C-15; and 
 (xvi) a legal opinion of Torres, Plaz & Araujo, special Venezuelan counsel to the Bank, substantially in the form of Exhibit C-16. 

(e) Approvals. All necessary governmental (domestic and foreign) and third party approvals and/or consents in connection with the
Transaction, the other transactions 

  
 14 

 
contemplated hereby, by the Related Documents and by the Credit Documents shall have been obtained and remain in full force and effect, and all applicable waiting periods with respect thereto
shall have expired without any action being taken by any competent authority which restrains, prevents or imposes materially adverse conditions upon the consummation of the Transaction, the other transactions contemplated hereby and by the Related
Documents and the granting of Liens under the Credit Documents, the Related Documents or otherwise referred to herein or therein. All corporate and legal proceedings and all instruments and agreements in connection with the transactions contemplated
by this Agreement shall be reasonably satisfactory in form and substance to the Bank. 
 (f) Consummation of the
Transactions. 
 (i) On or prior to the Closing Date, the Equity Financing shall have been consummated in
accordance with the Equity Financing Documents and all applicable Laws and (A) the Parent shall have received cash proceeds in an amount at least equal to the Minimum Equity Financing Amount, in the form of a capital contribution by the
Sponsors and then immediately used all such cash proceeds to make a capital contribution to the Obligor and (B) the Obligor shall have utilized (and caused its Subsidiaries to utilize) the Minimum Equity Financing Amount received by it
as provided in the preceding clause (A) to make payments owing in connection with the Transactions prior to, or concurrently with, the utilization by the Obligor of any proceeds of Loans for such purpose. 

(ii) On or prior to the Closing Date, (A) the Acquisition shall have been consummated in accordance with
(x) the terms and conditions of the Acquisition Documents therefor (without any waiver by the Obligor or its Subsidiaries of any conditions precedent to their obligations thereunder) and (y) all applicable Laws and
(B) after giving effect thereto, (x) the Permitted Holder shall be the controlling shareholder of the Obligor and its Subsidiaries and (y) the management and corporate and capital structure of the Obligor and its
Subsidiaries (including without limitation the Companies) and any Equity Financing Documents (including shareholders’ agreements) related thereto shall be reasonably satisfactory to the Bank. 

(iii) On or prior to the Closing Date, the Lenders shall have made the Loans to the Obligor under the Credit Agreement in
the aggregate amount of U.S.$350,000,000 and the Obligor shall have used such proceeds as required in the Credit Agreement. 
 (iv) After giving effect to the consummation of the Transaction, there shall not exist (i) any Indebtedness (other than (x) the Obligations and (y) Indebtedness permitted under
Section 8.04(ii) or (iii) of the Credit Agreement) of any of the Obligor and its Subsidiaries or (ii) any Liens (other than Permitted Liens) on any Equity Interests, property or assets of any of the Obligor and its
Subsidiaries. 
 (g) Delivery of Documents. On the Closing Date, (i) the Bank shall have received true and
correct copies of the Credit Documents, all Equity Financing Documents, the Master Franchise Agreement, all Acquisition Documents (with those Acquisition Documents which were executed on or before March 28, 2007 (together with the exhibits and
schedules thereto to 

  
 15 

 
the extent finalized on or prior to such date) to be in the form so executed (and finalized)), all other Related Documents, the Lender U.S. Intercompany Note Pledge Agreement, the Lender U.S.
Stock Pledge Agreement, the Lender Security Agreement and the McDonald’s U.S. Stock Pledge Agreement, in each case certified as such by an Authorized Officer of the Obligor, (ii) all the Related Documents and all terms and
conditions thereof shall be in form and substance reasonably satisfactory to the Bank and (iii) all such Documents shall be in full force and effect. 
 (h) Intercreditor Agreements. The Bank shall have received the L/C Intercreditor Agreement and the McDonald’s Intercreditor Agreement, in each case duly executed by each of the parties
thereto. 
 (i) No Acquisition Material Adverse Effect. Since November 30, 2006, no Acquisition Material Adverse
Effect shall have occurred. 
 (j) Subsidiary Guaranties. Each Subsidiary of the Obligor (other than the Excluded
Subsidiaries) shall have duly authorized, executed and delivered a Subsidiary Guaranty, substantially in the form of Exhibit B (each, as amended, modified and/or supplemented from time to time, a “Subsidiary Guaranty”), and each
Subsidiary Guaranty shall be in full force and effect. 
 (k) Security Agreements. The Obligor shall have duly
authorized, executed and delivered the Security Agreement in the form of Exhibit D (as amended, modified and/or supplemented from time to time, the “Security Agreement”) covering all of the Obligor’s Security Agreement
Collateral, together with: 
 (i) proper financing statements (Form UCC-1 or the equivalent) in form appropriate
for filing under the UCC or other appropriate filing offices of each jurisdiction specified in Schedule VI to the Credit Agreement; 
 (ii) certified copies of requests for information or copies (Form UCC-11), or equivalent reports as of a recent date, listing all effective financing statements that name the Obligor or any of its
Subsidiaries as debtor and that are filed in the jurisdictions referred to in clause (i) above and in such other jurisdictions in which Collateral is located on the Closing Date, together with copies of such other financing statements that name
the Obligor or any of its Subsidiaries as debtor (none of which shall cover any of the Collateral except (x) to the extent evidencing Liens created pursuant to the Lender Security Agreement or (y) those in respect of which
the Collateral Agent shall have received termination statements (Form UCC-3) or such other termination statements as shall be required by local Law fully executed for filing); and 

(iii) evidence that all other actions necessary or, in the reasonable opinion of the Collateral Agent, desirable to
perfect and protect the security interests purported to be created by the Security Agreement have been taken, and the Security Agreement shall be in full force and effect. 
 (l) U.S. Pledge Agreements. On the Closing Date, each Credit Party shall have duly authorized, executed and delivered (i) the U.S. Intercompany Note Pledge Agreement in the

  
 16 

 
Form of Exhibit E (as amended, modified and/or supplemented from time to time, the “U.S. Intercompany Note Pledge Agreement”), and shall have delivered to the Collateral Agent,
as pledgee thereunder, all of the U.S. Intercompany Note Pledge Agreement Collateral, if any, referred to therein and then owned by such Credit Party, together with all Intercompany Notes endorsed in blank, along with evidence that all other actions
necessary or, in the reasonable opinion of the Collateral Agent, desirable, to perfect the security interests purported to be created by the U.S. Intercompany Note Pledge Agreement have been taken, and the U.S. Intercompany Pledge Agreement shall be
in full force and effect and (ii) the U.S. Stock Pledge Agreement in the Form of Exhibit F (as amended, modified and/or supplemented from time to time, the “U.S. Stock Pledge Agreement”), and shall have delivered to the
Collateral Agent, as pledgee thereunder, all of the U.S. Stock Pledge Agreement Collateral, if any, referred to therein and then owned by such Credit Party, together with executed and undated endorsements for transfer in the case of Equity Interests
constituting certificated U.S. Stock Pledge Agreement Collateral, along with evidence that all other actions necessary or, in the reasonable opinion of the Collateral Agent, desirable, to perfect the security interests purported to be created by the
U.S. Stock Pledge Agreement have been taken, and the U.S. Stock Pledge Agreement shall be in full force and effect. 
 (m)
Financial Statements; Projections. The Bank shall have received true and correct copies of (i) the Unaudited Company Financial Statements, (ii) the Unaudited Existing Territory Financial Statements of each Existing
Territory and (iii) the Projections referred to in Section 6.05(b) of the Credit Agreement. 
 (n) Solvency
Certificate. The Bank shall have received a solvency certificate, substantially in the form of Exhibit K to the Credit Agreement, dated the Closing Date and duly executed by the chief financial officer of the Obligor. 

(o) Compliance Matters. At least five Business Days prior to the Closing Date, the Bank shall have received all documentation and
other information required by regulatory authorities under applicable “know your customer” and anti-money laundering Laws, including without limitation the USA PATRIOT ACT (Title III of Pub. L. 107-56 (signed into law October 26,
2001), as amended). 
 (p) Fees, etc. The Obligor shall have paid to the Bank all Fees, costs, expenses (including
without limitation reasonable legal fees and expenses) and other compensation contemplated herein, to the extent then due and payable hereunder. 
 (q) Application. The Bank shall have received a completed letter of credit application, no less than two Business Days prior to the Closing Date and dated as of the date of delivery thereof. which
application shall (i) include, without limitation, the name, address, telephone and facsimile numbers and contact person for the Beneficiary and delivery instructions for the Letter of Credit, (ii) attach thereto the form of
the Letter of Credit and (iii) be duly executed by the Obligor. 
 (r) Appointment of Process Agent. The Bank
shall have received a letter from the Process Agent indicating its consent to its appointment by the Obligor as its agent to receive service of process as specified in Section 30 of this Agreement. 

  
 17 

 Section 11. Obligations Absolute. The obligations of the Obligor under this
Agreement shall be absolute, unconditional and irrevocable, and shall be discharged strictly in accordance with the terms of each such agreement, under all circumstances whatsoever, including without limitation the following circumstances:

 (i) any lack of validity or enforceability of any of the Related Documents or any other agreement or
instrument relating thereto; 
 (ii) any amendment or waiver of or any consent to departure from all or any of
the provisions of the Security Agreement or any of the other Related Documents; 
 (iii) the existence of any
claim, setoff, defense or other right which the Obligor may have at any time against any Beneficiary, the Bank (other than the defense of payment to the Bank in accordance with the terms of this Agreement) or any other person or entity, whether in
connection with this Agreement, the other Related Documents or any unrelated transaction; 
 (iv) any statement
or any other document presented under the Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; 

(v) payment by the Bank under the Letter of Credit against presentation of a demand or certificate that does not comply
with the terms of such Letter of Credit, provided that neither the Bank’s determination that documents presented under such Letter of Credit comply with the terms thereof, nor such payment, shall have constituted gross negligence or
willful misconduct of the Bank or failure to comply with the relevant standard of care prescribed by the UCC; and 
 (vi) any other act or omission to act or delay of any kind by the Bank or any other Person or any other event or circumstance whatsoever that might, but for the provisions of this Section, constitute a
legal or equitable discharge of or defense to the Obligor’s obligations hereunder. 

Section 12. Representations and Warranties. In order to induce the Bank to issue the Letter of credit in accordance with
this Agreement, the Obligor makes the following representations and warranties, in each case as of the Closing Date, all of which shall survive the execution and delivery of this Agreement (it being understood and agreed that any representation or
warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date). 
 (a) Company Status. Each of the Credit Parties and Holdings (i) is a duly organized and validly existing company in good standing under the laws of the jurisdiction of its organization,
(ii) has the company power and authority to own its property and assets and to transact the business in which it is engaged and presently proposes to engage and (iii) is duly qualified and is authorized to do business and is
in good standing in each jurisdiction where the ownership, leasing or operation of its property or the conduct of its business requires such 

  
 18 

 
qualifications except for failures to be so qualified or authorized which, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 

(b) Power and Authority. Each of the Credit Parties and Holdings has the company or partnership power and authority to execute,
deliver and perform the terms and provisions of each of the Documents to which it is party and has taken all necessary company or partnership action to authorize the execution, delivery and performance by it of each of such Documents. Each of the
Credit Parties, Holdings and Parent has duly executed and delivered each of the Documents to which it is party, and each of such Documents constitutes its legal, valid and binding obligation enforceable in accordance with its terms, except to the
extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is
sought in equity or at law). 
 (c) No Violation. Neither the execution, delivery or performance by any of Holdings,
Parent and any Credit Party of the Related Documents to which it is a party, nor compliance by it with the terms and provisions thereof, (i) will violate any applicable Law or any order, writ, injunction or decree of any Governmental
Authority, except, with respect to any Subsidiary of the Obligor, to the extent such violations could not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (ii) will conflict with or result in
any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case
to which any of Holdings, Parent and any Credit Party or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject, except for such conflicts, breaches or defaults as could not, in the
aggregate, reasonably be expected to have a Material Adverse Effect, (iii) will result in the creation or imposition of (or the obligation to create or impose) any Lien (other than Permitted Liens) upon any of the property or assets of
any of Holdings, Parent and any Credit Party or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to
which any of Holdings, Parent and any Credit Party or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject or (iv) will violate any provision of the certificate or
articles of incorporation, certificate of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, of any of Holdings, Parent and any Credit Party or any of its Subsidiaries. 

(d) Approvals. No order, consent, approval, license, authorization or validation of, or filing, recording or registration with
(except for those that have otherwise been obtained or made on or prior to the Closing Date and which remain in full force and effect on the Closing Date), or exemption by, any Governmental Authority is required to be obtained or made by, or on
behalf of, any Credit Party, Holdings or Parent to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party, Holdings or Parent in connection with, (i) the execution, delivery and performance of any Document
or (ii) the legality, validity, binding effect or enforceability of any Document, except (x) orders, consents, approvals, licenses, authorizations, validations, filings, recordings, registrations and exceptions the failure to
obtain of which would not reasonably be expected to give rise to a Material Adverse Effect and (y) the filings referred to in 

  
 19 

 
Section 12(j), and all applicable waiting periods with respect thereto shall have expired without any action being taken by any competent authority which restrains, prevents or imposes
materially adverse conditions upon the consummation of the Transaction or the other transactions contemplated by the Documents or otherwise referred to herein or therein. 
 (e) Financial Condition; Undisclosed Liabilities. 
 (i) On
and as of the Closing Date, and after giving effect to the Transaction and to all Indebtedness (including the Loans and the issuance of the Letter of Credit) being incurred or assumed and Liens created by the Credit Parties in connection therewith,
the Credit Parties, on a consolidated basis, shall be Solvent. 
 (ii) The Projections delivered to the Bank
prior to the Closing Date have been prepared in good faith and are based on assumptions believed by the Obligor to be reasonable at the time of delivery, and there are no statements or conclusions in the Projections which are based upon or include
information known to the Obligor to be misleading in any material respect or which fail to take into account material information known to the Obligor regarding the matters reported therein. On the Closing Date, the Obligor believes that the
Projections are reasonable and attainable, it being recognized by the Bank, however, that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by the Projections may differ
materially from the projected results included in such Projections. 
 (f) Compliance with Employee Benefit Plans.

 (i) Neither the Obligor nor any ERISA Affiliate has ever maintained or contributed to, or had any obligation
to contribute to (or borne any liability with respect to) any Plan that is subject to Section 412 of the Code or Section 302 or Title IV of ERISA, a “ multiple employer plan” (within the meaning of the Code or ERISA) or any
“multiemployer plan” (as defined in Section 4001(a)(3) of ERISA), except to the extent that the same could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Schedule VII to the Credit
Agreement sets forth each Plan as of the Closing Date; each Plan (and each related trust, insurance contract or fund) is in compliance with its terms and with all applicable laws, including without limitation ERISA and the Code, except to the extent
that any such noncompliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; each Plan (and each related trust, if any) which is intended to be qualified under Section 401(a) of the Code has
received a favorable determination letter from the IRS to the effect that it meets the requirements of Sections 401(a) and 501(a) of the Code, except where the failure to be so qualified could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect; all contributions required to be made with respect to a Plan have been timely made or have been reflected on the most recent consolidated balance sheet filed prior to the date hereof or accrued in the
accounting records of the Obligor and its Subsidiaries, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; neither the Obligor nor any ERISA Affiliate has incurred
any liability (including any indirect, contingent or secondary liability) to or on account of any Plan pursuant to 

  
 20 

 
Section 409, 502(i) or 502(l) of ERISA or Section 401(a)(29), 4971 or 4975 of the Code or expects to incur any such liability under any of the foregoing sections with respect to any
Plan, which in any such case could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; no condition exists which presents a risk to the Obligor or any ERISA Affiliate of incurring a liability to or on account
of a Plan pursuant to the foregoing provisions of ERISA and the Code, which in any such case could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; no action, suit, proceeding, hearing, audit or
investigation with respect to the administration, operation or the investment of assets of any Plan (other than routine claims for benefits) is pending, expected or threatened, which in any such case could, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; there has been no violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary or
disqualified person with respect to any Plan for which the Obligor or any ERISA Affiliate may be directly or indirectly liable, except for any such violation which in any such case could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect; neither the Obligor or any ERISA Affiliate has filed, or is considering filing, an application under the IRS Employee Plans Compliance Resolution System or the Department of Labor’s Voluntary Fiduciary
Correction Program with respect to any Plan, which filing in any such case could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; each group health plan (as defined in Section 607(1) of ERISA or
Section 4980B(g)(2) of the Code) which covers or has covered employees or former employees of the Obligor or any ERISA Affiliate has at all times been operated in compliance with the provisions of Part 6 of subtitle B of Title I of ERISA and
Section 49808 of the Code, except for such noncompliance as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; each group health plan (as defined in 45 Code of Federal Regulations
Section 160.103) which covers or has covered employees or former employees of the Obligor or any ERISA Affiliate has at all times been operated in compliance with the provisions of the Health Insurance Portability and Accountability Act of 1996
and the regulations promulgated thereunder, except where the failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and the Obligor and each ERISA Affiliate may cease contributions to
or terminate any employee benefit plan maintained by any of them without incurring any liability which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(ii) Each Foreign Pension Plan has been maintained in substantial compliance with its terms and with the requirements of
any and all applicable Laws and has been maintained, where required, in good standing with applicable regulatory authorities. All contributions required to be made with respect to a Foreign Pension Plan have been timely made. Neither the Obligor nor
any ERISA Affiliate has incurred any material obligation in connection with the termination of or withdrawal from any Foreign Pension Plan. To the knowledge of the Obligor, each Plan and Foreign Pension Plan that is a defined benefit pension plan
that is required to be funded complies in all respects with such applicable funding requirements, except for any failure to so comply that could not, 

  
 21 

 
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (iii) Each of the Obligor and each ERISA Affiliate is in substantial compliance with its respective obligations relating to social security, pension and retirement, and worker’s housing statutory
obligations as well as to all employee benefit plans established, maintained or contributed to by it and does not have outstanding any liabilities with respect to any such employee benefit plans, except for such liabilities as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (g) Litigation. Except as
disclosed in Schedule VIII to the Credit Agreement, there are no actions, suits or proceedings pending or, to the knowledge of the Obligor, threatened in writing, (i) with respect to the Transaction or any Document entered into
contemporaneously with the consummation of the Transaction, (ii) with respect to any Document (other than those referred to in clause (i)) to which the Obligor or any of its Subsidiaries is a party or (iii) that have had, or
could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 (h) Consummation
of the Equity Financing, Consummation of the Acquisition. 
 (i) The Equity Financing has been consummated
and the Obligor has received cash proceeds in an amount at least equal to the Minimum Equity Financing Amount in the form of a capital contribution by the Sponsors to the Obligor in accordance with the Equity Financing Documents and all applicable
Laws. 
 (ii) The Acquisition has been consummated in accordance with the terms and conditions of the Acquisition
Documents and all applicable Laws (without any waiver by the Obligor or its subsidiaries of any conditions precedent to their obligations thereunder which have not been consented to by the Required Lenders). 

(i) True and Complete Disclosure. All factual information (taken as a whole) furnished by or on behalf of the Obligor and the
Subsidiary Guarantors in writing to the Bank (including without limitation all information contained in the Documents) for purposes of or in connection with this Agreement, the other Related Documents or any transaction contemplated herein or
therein is, and all other such factual information (taken as a whole) hereafter furnished by or on behalf of the Obligor in writing to the Bank, in each case to the best of the Obligor’s knowledge, will be, true and accurate in all material
respects on the date as of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the
circumstances under which such information was provided, it being understood and agreed that for purposes of this section, such factual information shall not include the Projections or information of a general economic or industry nature.

  
 22 

 (j) Security Documents. 

(i) The provisions of the Security Agreement are effective to create in favor of the Collateral Agent for the benefit of
the Bank a legal, valid and enforceable security interest in all right, title and interest of the Credit Parties in the Security Agreement Collateral described therein, and the Collateral Agent, for the benefit of the Bank, has a fully perfected
security interest in all right, title and interest in all of the Security Agreement Collateral described therein, subject to no other Liens other than the Liens purported to be created pursuant to the Lender Security Agreement. 

(ii) Upon (i) the delivery to, and continuous possession by, the Collateral Agent (or the Escrow Agent acting
as bailee thereof) of all applicable Instruments, Chattel Paper and Documents in which a security interest is perfected by possession and (ii) the due filing of the financing statements referred to in Section 10(k) in the
appropriate filing offices indicated in Schedule VI of the Credit Agreement, the security interests created under the U.S. Intercompany Note Pledge Agreement in favor of the Collateral Agent, as pledgee, for the benefit of the Bank, constitute
perfected security interests in the U.S. Intercompany Note Pledge Agreement Collateral described in the U.S. Intercompany Note Pledge Agreement, subject to no security interests of any other Person, other than Liens in favor of the Secured Parties
created pursuant to the Lender U.S. Intercompany Note Pledge Agreement). Except as set forth in the immediately preceding sentence, no filings or recordings are required in order to maintain the perfection or priority of the security interests
created in the U.S. Intercompany Note Pledge Agreement Collateral under the U.S. Intercompany Note Pledge Agreement. 
 (iii) Upon (i) the delivery to, and continuous possession by, the Collateral Agent (or the Escrow Agent acting as bailee thereof) of all applicable Equity Interests represented by certificated
securities and (ii) the due filing of the financing statements referred to in Section 10(k) in the appropriate filing offices indicated in Schedule VI of the Credit Agreement, the security interests created under the U.S. Stock
Pledge Agreement in favor of the Collateral Agent, as pledgee, for the benefit of the Bank, constitute perfected security interests in the U.S. Stock Pledge Agreement Collateral described in the U.S. Stock Pledge Agreement, subject to no security
interests of any other Person, other than (x) Liens in favor of McDonald’s created pursuant to the McDonald’s U.S. Stock Pledge Agreement and the Master Franchise Agreement and (y) Liens in favor of the Secured
Parties created pursuant to the Lender U.S. Stock Pledge Agreement. Except as set forth in the immediately preceding sentence, no filings or recordings are required in order to maintain the perfection or priority of the security interests created in
the U.S. Stock Pledge Agreement Collateral under the U.S. Stock Pledge Agreement. 
 (k) Capitalization. On the Closing
Date, the authorized Capital Stock of (i) the Obligor (the “Obligor Common Stock”) consists of 1,000 shares of common stock, €100 par value per share, 200 of which shares are issued and outstanding and owned by Holdings,
(ii) Holdings consists of cooperative interests, all of which are issued and outstanding and 99.9% of which are owned by the Parent and 0.01% of which are owned by the Permitted Holder and
(iii)

  
 23 

 
Parent consists of 400,000 shares of common stock, $1,000 par value per share, 390,000 of which shares are issued and outstanding and owned by the Sponsors. All such outstanding shares have been
duly and validly issued, are fully paid and non-assessable and have been issued free of preemptive rights. On the Closing Date, the Obligor does not have outstanding any securities convertible into or exchangeable for its Capital Stock or
outstanding any rights to subscribe for or to purchase, or any options for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of any character relating to, its Capital Stock
or any stock appreciation or similar rights, except for the McDonald’s Call Option. 
 (l) Subsidiaries. On and as
of the Closing Date, the Obligor has no Subsidiaries other than those Subsidiaries listed on Schedule IX to the Credit Agreement. Schedule IX to the Credit Agreement sets forth, as of the Closing Date, the percentage ownership (direct and indirect)
of the Obligor in each class of Capital Stock or other Equity Interests of each of its Subsidiaries and also identifies the direct owner thereof. On the Closing Date, all outstanding Capital Stock of each Subsidiary of the Obligor have been duly and
validly issued, are fully paid and non-assessable and have been issued free of preemptive rights. On the Closing Date, no Subsidiary of the Obligor has outstanding any securities convertible into or exchangeable for its Capital Stock or outstanding
any right to subscribe for or to purchase, or any options or warrants for the purchase of, or any agreement providing for the issuance (contingent or otherwise) of or any calls, commitments or claims of any character relating to, its Capital Stock
or any stock appreciation or similar rights, except (i) the McDonald’s Call Option and (ii) as assigned to it in Schedule X to the Credit Agreement. 

(m) Compliance with Statutes, etc. 
 (i) Each of the Obligor and each of its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities in
respect of the conduct of its business and the ownership of its property (including without limitation applicable statutes, regulations, orders and restrictions relating to environmental standards and controls), except such non­compliances as
could not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(ii) Each of the Obligor and its Subsidiaries is in compliance with all applicable Environmental Laws, except such
non-compliance as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Obligor has obtained all permits which are required under applicable Environmental Laws in connection with the business or
operations of the Obligor and each of such permits is in full force and effect and the Obligor is in compliance with the requirements of any permits issued under such Environmental Laws, except such permits the failure to obtain, maintain effective
or comply with could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (n)
Investment Company Act. Neither the Obligor nor any of its Subsidiaries is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940,
as amended. 

  
 24 

 (o) Indebtedness. Schedule XI to the Credit Agreement sets forth a list of all
Indebtedness (including Contingent Obligations) of the Obligor and its Subsidiaries as of the Closing Date and which is to remain outstanding after giving effect to the Transaction (excluding the Loans), in each case showing the aggregate principal
amount thereof and the name of the respective borrower and any Credit Party or any of its Subsidiaries which directly or indirectly guarantees such debt. 
 (p) Pari Passu Ranking. The obligations of the Obligor hereunder constitute direct, unconditional and unsubordinated Indebtedness of the Obligor that rank at least pari passu in right of
payment with all other present and future unsubordinated Indebtedness of the Obligor. 
 (q) Form of Documentation.
Except as set forth in Schedule I, each of the Related Documents is in proper legal form under the Laws of each of the jurisdictions comprising the Territory for the enforcement thereof under such Laws. 

(r) Secured Hedging Agreements. None of the Obligor or any of its Subsidiaries is a party to, or has entered into any Secured
Hedging Agreements other than the Initial Hedging Agreement. 
 (s) No Default. No event has occurred and is continuing
which constitutes a Default or an Event of Default. 
 (t) No Immunity. Neither the Obligor, nor any other Credit Party,
nor Holdings, nor any of their respective properties or revenues has any right of immunity on the grounds of sovereignty or otherwise from jurisdiction of any court or from setoff or any legal process (whether through service or notice, attachment
prior to judgment, attachment in aid of execution, execution or otherwise) under the applicable Laws of any jurisdiction. The execution and delivery of the Documents to which they are a party by the Obligor and the other Credit Parties and the
performance by them of their obligations thereunder constitute commercial transactions. 
 Section 13. Affirmative
Covenants. The Obligor hereby covenants and agrees that on and after the Closing Date and until the Expiration Date and obligations of the Obligor incurred hereunder are paid in full: 

(a) Financial Statements and Information. The Obligor will furnish to the Bank, either electronically or in hard copies:

 (i) Annual Financial Statements. As soon as available and in any event within 120 days after the close
of each fiscal year of the Obligor ending after the Closing Date, the consolidated balance sheet of the Obligor and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of income and retained
earnings and statements of cash flows for such fiscal year, certified by Ernst & Young or other independent certified public accountants of recognized international standing to the effect that such financial statements have been prepared in
accordance with U.S. GAAP and fairly present in all material respects the financial condition of the Obligor and its consolidated Subsidiaries as of the dates indicated and the results of their operations and cash flows. 

  
 25 

 (ii) Quarterly Financial Statements. As soon as available and in any
event within 90 days after the close of each quarterly accounting period ending after the Closing Date in each fiscal year of the Obligor, the consolidated balance sheet of the Obligor and its consolidated Subsidiaries as at the end of such
quarterly accounting periods and the related consolidated statements of income and retained earnings and statement of cash flows, prepared in accordance with U.S. GAAP and fairly representing in all material respects the financial condition of the
Obligor and its consolidated Subsidiaries as of the dates indicated and the results of its operations and changes in its cash flows for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes. 

(iii) Officer’s Certificates. Promptly, and in any event within three Business Days after the Obligor delivers
the same to the Beneficiary, copies of all certificates that the Obligor may deliver to the Beneficiary in accordance with Section 7.19 (Compliance Certificate; Notice) of the Master Franchise Agreement. 

(iv) Notices of Event of Default or Fee Increase Event, Document Compliance and Litigation. Promptly, and in any
event within three Business Days after any Authorized Officer of the Obligor or any Subsidiary Guarantor obtains knowledge thereof, notice of (i) the occurrence of any event which constitutes an Event of Default or Fee Increase Event
hereunder, (ii) the occurrence of any Effective Termination or an automatic termination pursuant to Section 22.5 of the Master Franchise Agreement has occurred and the date of such occurrence and (iii) any notice of any
Claim (including, without limitation, any Environmental Claim) pending or threatened in writing (x) against the Obligor, the Parent, Holdings or any of the Subsidiary Guarantors that is a party to the Master Franchise Agreement, which
Claim(s), either individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect or (y) with respect to this Agreement or the Master Franchise Agreement, which could reasonably be expected to
result in the exercise of any remedies under, or termination of, this Agreement or the Master Franchise Agreement. 
 (v) Environmental Matters. Promptly, and in any event within three Business Days after the Obligor delivers the same to the Beneficiary under the Master Franchise Agreement, notice of any pending
or threatened in writing Environmental Claim against the Obligor or any of its Subsidiaries. 
 (vi)
Post-Closing Approvals. Promptly, and in any event within three Business Days after the Obligor delivers the same to the Lead Arranger, copies of all orders, consents or approvals, or confirmations of filings, recordings or registrations
with, or exemption by any Governmental Authority, delivered to the Lead Arranger under the Credit Agreement. 
 (b)
Refinancing; Other Indebtedness. 
 (i) In connection with any Refinancing, the Obligor shall use
commercially reasonable efforts to negotiate the most favorable limitations (in light of then-current market conditions) on the ability of the issuer of the Indebtedness incurred in the 

  
 26 

 
Refinancing to declare dividends and other distributions in respect of its equity interests as are then customarily available in financings of equivalent type and size by similar borrowers.

 (ii) The Obligor shall ensure that the terms of any Indebtedness incurred by any Subsidiary of the Obligor at
any date after the Closing Date (other than Indebtedness incurred in connection with a Refinancing) do not limit or restrict dividends and other distributions in respect of such Subsidiary’s equity interests by the Obligor and its Affiliates or
that the Bank shall have a direct contractual claim against such Subsidiary’s assets and revenues that ranks pari passu with such Indebtedness. 
 (c) Master Franchise Agreement. The Obligor shall use its commercially reasonable efforts to ensure it and its Affiliates retain their respective material rights under the Master Franchise
Agreement, taken as a whole. 
 (d) Existence; Franchises. The Obligor will, and will cause each of its Subsidiaries to,
do or cause to be done, all things necessary to preserve and keep in full force and effect its existence and its material rights, franchises, licenses, permits, copyrights, trademarks and patents, provided, however, that nothing in
this provision shall (i) prevent the withdrawal by the Obligor or any of its Subsidiaries of its qualification as a foreign company in any jurisdiction if such withdrawal could not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect, (ii) require the Obligor or any of its Subsidiaries to preserve or keep in full force and effect any right, franchises, license, permits, copyrights, trademarks or patents, if the failure to do
so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (iii) prevent any transaction permitted pursuant to Section 8.02 of the Credit Agreement. 

(e) Compliance with Statutes, etc. The Obligor will, and will cause each of its Subsidiaries to, comply with all applicable Laws
of, and all applicable restrictions imposed by, all Governmental Authorities in respect of the conduct of its business and the ownership of its property (including applicable Environmental Laws), except such noncompliances as could not, either
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (f) Books, Records and
Inspections. The Obligor will keep proper books of record and accounts in which full, true and correct entries in conformity with Applicable GAAP and all requirements of Law shall be made of all dealings and transactions in relation to its
business and activities. The Obligor will permit officers and designated representatives of the Bank from time to time to visit and inspect, under guidance of representatives of the Obligor, any of the properties of the Obligor, and to examine the
books of account and records of the Obligor and discuss the affairs, finances and accounts of the Obligor with, and be advised as to the same by, its and their officers and independent accountants, all upon reasonable prior notice and at such
reasonable times as the Bank may reasonably request. 
 (g) Performance of Obligations. The Obligor will perform all of
its obligations under the terms of each mortgage, indenture, security agreement, loan agreement or credit agreement and each other agreement, contract or instrument by which it is bound (including, without limitation, (x) all obligations under
Franchise Documents and (y) all claims of materialmen or 

  
 27 

 
warehousemen which, if unpaid, might by operation of Law give rise to a Lien), except to the extent that the failure to permit such obligations (i) could not reasonably be expected to
have a Material Adverse Effect or (ii) with respect to the payment, observance or performance of any Indebtedness (other than the obligations of the Obligor hereunder), would not give rise to an Event of Default. 

(h) Payment of Taxes. The Obligor will pay and discharge all taxes, assessments and governmental charges or levies imposed upon it
or upon its income or profits or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all lawful claims, provided that the Obligor shall not be required to pay any such tax, assessment, charge, levy or
claim to the extent that (x) the validity or amount thereof is being contested in good faith by appropriate proceedings diligently pursued, (y) the Obligor has maintained on its books adequate reserves with respect thereto in
accordance with Applicable GAAP and (z) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect. 
 (i) Pari Passu Ranking. The Obligor will cause its obligations hereunder to rank at least pari passu in right of payment with all of its other present and future unsubordinated Indebtedness,
it being understood, for the avoidance of doubt, that subject to Section 14(e), the incurrence of Indebtedness (including without limitation the Indebtedness incurred under the Credit Agreement) secured by security interests in collateral other
than the collateral in which security interests are purported to be created by the Security Agreement, the U.S. Pledge Agreements and the Foreign Pledge Agreements shall not be deemed to constitute a violation of this Section 13(i). 

(j) End of Fiscal Years; Fiscal Quarters. The Obligor will cause (i) its and each of its Subsidiaries’ fiscal
years to end on December 31 of each calendar year and (ii) its and each of its Subsidiaries’ fiscal quarters to end on March 31, June 30, September 30 and December 31 of each calendar year.

 (k) Post Closing Financial Statements. Promptly, and in any event within three Business Days after the Obligor
delivers the same to the Lead Arranger, and in no event later than 150 days after the Closing Date, the Obligor will furnish to the Bank (i) the Audited Borrower Financial Statements and (ii) the Audited Existing Territory
Financial Statements for Argentina, Brazil, Mexico, Puerto Rico and Venezuela. 
 (l) Maintenance of Property; Insurance.
The Obligor will, and will cause each of the MF Subsidiaries that is a Subsidiary Guarantor, to (i) keep all property necessary to the business of the Obligor and such MF Subsidiaries in good working order and condition, ordinary wear
and tear excepted, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (ii) maintain with financially sound and reputable insurance companies insurance on all such
property and against all such risks as is consistent and in accordance with industry practice for companies similarly situated owning similar properties and engaged in similar businesses as the Obligor and such MF Subsidiaries, except to the extent
that the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

  
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 (m) Intercompany Debt. The Obligor shall, and shall cause LatAm LLC to, evidence each
Intercompany Loan to be evidenced by an Intercompany Note (except Registered Intercompany Notes and to the extent otherwise permitted by the Credit Agreement) and to be duly pledged in first priority to the Collateral Agent pursuant to the U.S.
Intercompany Note Pledge Agreement or in a manner otherwise acceptable to the Collateral Agent. 
 (n) Secured Restricted
Real Estate. Within 180 days following the Effective Date (as such term is defined in the MFA), the Obligor shall grant, and shall cause each of its Subsidiaries to grant, an irrevocable power of attorney in favor of the Bank on terms and scope
reasonably satisfactory to the Bank, authorizing the Bank or its designees to take such actions on behalf of the Obligor and its Subsidiaries as may be required or advisable for the Obligor and its Subsidiaries to comply with Section 7.20 of
the MFA and thereafter to maintain a continuing perfected first priority Lien in favor of McDonald’s in all of its right, title and interest in, to and under the Secured Real Estate (as such term is defined in the MFA). At all times following
the 180-day period following the Effective Date, the Obligor and its Subsidiaries shall maintain and preserve a continuing perfected first priority Lien in favor of McDonald’s in all of its right, title and interest in, to and under the Secured
Real Estate (as such term is defined in the MFA). 
 (o) Secured Hedging Agreements. The Obligor shall not, and shall not
permit any of its Subsidiaries to, enter into any Secured Hedging Agreement (other than the Initial Hedging Agreement) granting a security interest on any asset or property that constitutes collateral under any of the Related Documents. 

(p) Further Assurances. The Obligor agrees that it shall take, and shall cause each Grantor (as defined in the McDonald’s
Intercreditor Agreement) to take, such further action and execute and deliver such additional documents and instruments (in recordable form, if requested) as the Administrative Agent, the Bank or McDonald’s, as applicable, may reasonably
request to effectuate the terms of this Agreement or the McDonald’s Intercreditor Agreement. 
 Section 14.
Negative Covenants. The Obligor hereby covenants and agrees that on and after the Closing Date and until the Expiration Date and obligations of the Obligor incurred hereunder are paid in full: 

(a) Financial Condition. The Obligor shall not permit the Obligor and its Subsidiaries, on a consolidated basis, to cease to be
Solvent at any time. 
 (b) Modifications of Master Franchise Agreement. The Obligor will not (i) cause or permit
any direct or indirect Transfer, in whole or in part, of the Master Franchise Agreement and (ii) amend, modify, change or waive any term or provision of the Master Franchise Agreement without the consent of the Bank, unless such amendment,
modification, change or other action contemplated by this Section 14(b) could not reasonably be expected to be adverse in any material respect to the interests of the Bank (it being understood that any amendment, modification or waiver to the
Master Franchise Agreement that makes the terms of the Master Franchise Agreement less restrictive to, or burdensome on, the Applicant shall be deemed not adverse to the interests of the Bank in any material respect). 

  
 29 

 (c) Leverage Ratio. The Obligor shall not (i) permit the Leverage Ratio
for any Test Period ending on the last day of a fiscal quarter of the Obligor to be greater than 4.0:1.0 and (ii) take, or permit any Credit Party to take, any action at any time that would result in a failure by the Obligor to comply
with the preceding clause (i) if such action were in effect on the last day of a Test Period. 
 (d) Limitation on
Guaranties. The Obligor shall not assume or otherwise become liable for any Contingent Obligation with respect to any Subsidiary, if and to the extent that such assumption or other liability would cause the aggregate amount of such Contingent
Obligations of the Obligor with respect to its Subsidiaries to exceed U.S.$10,000,000 (or its equivalent in any other currency) at any time. 
 (e) No Debt Assumption Election. The Obligor shall not, without the prior consent of the Bank, take or cause to be taken any action to make a “ Debt Assumption Election” (as that term is
defined in the Master Franchise Agreement) under Section 21.6.2 (Call Option) of the Master Franchise Agreement. 

(f) Limitation on Certain Amendments. The Obligor shall not. without the prior written consent of the Bank, amend, supplement or
otherwise modify, or permit the amendment, supplement, or other modification of, any provision of (x) the Credit Agreement if the effect of such amendment, supplement or other modification would be to (i) (A) increase the principal
amount of the indebtedness outstanding under the Credit Agreement to an amount in excess of $375,000,000, (B) increase any interest rate margin on the loans under the Credit Agreement by more than 300 basis points (3.00%) (other than by
operation of a step-up in rate as a result of the passage of time or the imposition of a default rate of interest, as such step-up or default rate of interest exists in the Credit Agreement as of the date hereof), or (C) change the
‘base’ rate to which any such interest rate margin applies, (ii) extend the final maturity of the loans under the Credit Agreement by more than twelve months or (iii) impose on the Obligor any representations, warranties,
covenants, events of default or remedies that are more restrictive or burdensome to the Obligor in any material respect than the terms and provisions of the Credit Agreement as in effect on the date of this Agreement, or alter any definitions to
effect any of the foregoing; provided that nothing contained in this Section 14(f) shall be construed to require the consent of the Bank to any waiver by the lenders under the Credit Agreement of any default or event of default under the Credit
Agreement or other term, provision or condition contained in the Credit Agreement or of any of the rights and remedies of the lenders thereunder, and (y) any of the Lender Security Agreement, the Lender U.S. Stock Pledge Agreement, the
McDonald’s U.S. Stock Pledge Agreement and the Lender U.S. Intercompany Note Pledge Agreement if such amendment, supplement, or modification would be materially adverse to the ‘interests of the Bank or would result in any obligation or
liability (other than those secured thereby on the Closing Date) to be secured by the assets and properties which constitute collateral under any of the foregoing. 
 (g) Limitation on Certain Actions Relating to the Credit Agreement. The Obligor shall not consent pursuant to the Credit Agreement to the assignment or other transfer of loans thereunder
(x) to any Person if, after giving effect to such assignment or transfer, any Person would hold a greater principal amount of loans under the Credit Agreement than the aggregate 

  
 30 

 
principal amount of loans then held by Banco Santander Central Hispano, S.A. and its Affiliates or (y) to any Person other than a financial institution or commercial bank engaged in the
business of making loans in the ordinary course of its business or the Affiliates of any such institution or bank. 

Section 15. Events of Default. The occurrence of any of the following events shall be an “Event of Default”
hereunder: 
 (a) any reimbursement obligation or interest accrued and payable pursuant to Section 3(a) this Agreement
shall not be paid within 30 Business Days after the date of the draw giving rise to such reimbursement obligation; or 
 (b) any
other amount payable under this Agreement or under any Related Document shall not be paid when due and payable and such nonpayment default shall not be cured within 30 Business Days; or 

(c) the Obligor shall default in the performance of any of the covenants set forth in Section 14; or 

(d) the filing by Obligor of a petition or answer or consent seeking relief under Title II of the United States Code, as now or hereafter
in effect, or the initiation of a similar or comparable proceeding under any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by Obligor to the institution of proceedings under such Title 11 or a similar
or comparable proceeding under any such other law or to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) with respect to Obligor or any part of
its property, or the making by Obligor of any assignment for the benefit of creditors, or the failure of Obligor generally to pay its debts as they become due, or the taking of corporate or other action to authorize any of the foregoing; or

 (e) the entry of a decree or order by a court having jurisdiction for relief in respect of Obligor under Title 11 of the
United States Code, as now or hereafter in effect, or any similar or comparable action of any court having jurisdiction under any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of Obligor or any part of its properties, or ordering the winding-up or the liquidation of the affairs of Obligor; or 

(f) a proceeding or case shall be commenced, without the application or consent of the Obligor in any court of competent jurisdiction,
seeking (i) the Obligor’s liquidation, dissolution, arrangement or winding up, or the composition or readjustment of its debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of
the Obligor or of all or substantially all of its property or assets, or (iii) similar relief in respect of the Obligor under any Law relating to bankruptcy, insolvency, winding-up, or composition or adjustment of debts, and such
proceeding or case shall continue undismissed, or any order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 45 days; or 

  
 31 

 (g) the occurrence and continuance of a Material Breach (as such term is defined in the
Master Franchise Agreement) under the Master Franchise Agreement, which Material Breach shall continue for 90 days from the date such Material Breach first occurred and shall not have been waived; or 

(h) the occurrence and continuance of a Material Breach (as such term is defined in the Master Franchise Agreement) under the Master
Franchise Agreement, which Material Breach shall continue for 90 days from the date such Material Breach first occurred, without giving effect to any waiver or modification of, or amendment or supplement to, the Master Franchise Agreement which has
the effect, directly or indirectly, of waiving or curing such Material Breach; or 
 (i) the failure by the Master Franchisee
(as such term is defined in the Master Franchise Agreement) to comply with any of its obligations under Section 7.20 of the Master Franchise Agreement. 
 Section 16. Amendments, Etc. No amendment of any provision of this Agreement shall in any case be effective unless the same shall be in writing and signed by the parties hereto. No waiver of
any provision of this Agreement, or consent to any departure by the Obligor therefrom, shall in any case be effective unless the same shall be in writing and signed by the Bank, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. 
 Section 17. Notices. Except as otherwise expressly
provided herein, all notices, consents, approvals, certifications and other communications provided for herein shall be in writing (the terms “in writing” or “written”, as used herein with respect to such communications, include
reference to communications that are telecopied, sent by overnight courier or messenger) and telecopied or sent by recognized overnight courier or messenger service, or by registered or certified U.S. mail, return receipt requested, to the intended
recipient at the address or telecopy number assigned to it in the Credit Agreement, or as to the Beneficiary, McDonald’s Latin America, LLC, c/o McDonald’s Corporation, 2915 Jorie Boulevard, Oak Brook, IL 60523, facsimile:
(630) 623-5211, Attention: Treasurer McDonald’s Corporation with a copy to McDonald’s Corporation, 2915 Jorie Boulevard, Oak Brook, IL 60523, facsimile: (630) 623­7012, Attention: General Counsel (or such other address as the
initial Beneficiary may notify the Bank in writing from time to time), or as to any other Person, at such address and telecopy number as shall be designated by such Person in a notice to the party sending such communication. Each such notice,
request or other communication shall be effective (i) if given by registered or certified mail, 72 hours after such communication is deposited in the mails with all necessary postage prepaid, addressed as aforesaid or (ii) if
given by any other means, when delivered at the address specified in this Section, provided that notices given by telecopier or other facsimile transmission shall not be effective until received. All notices provided by the Bank to the Obligor
hereunder shall also be provided to each Beneficiary. Any such address, telecopy number or other information with respect to any of the foregoing Persons may be changed at any time by written notice to the parties to this Agreement given in
accordance with the provisions of this Section 17. 

  
 32 

 Section 18. No Waiver; Remedies Cumulative. No failure on the part of the Bank
to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 19.
Indemnification. The Obligor agrees to indemnify and hold harmless the Bank and its directors, officers, affiliates, employees, attorneys and agents (collectively, the “Indemnified Parties”) from and against any and all actions,
causes of action, claims, suits, proceedings, judgments, damages, losses, costs, expenses (including fees and disbursements of counsel, expert witness fees and other dispute resolution expenses) and other liabilities whatsoever (collectively, the
“Indemnified Liabilities”) which the Indemnified Parties may incur (or which may be claimed against any Indemnified Party by any person or entity whatsoever and without regard to whether the applicable Indemnified Party is a party
to any proceeding out of which such indemnified amounts arise) by reason of or in connection with 
 (a) the execution,
delivery, transfer or assignment of proceeds of, or payment or failure to pay under, the Letter of Credit, any pre-advice of the issuance of the Letter of Credit or any transaction(s) underlying the Letter of Credit, 

(b) the execution, delivery, amendment, administration or enforcement of this Agreement or any other Related Document, including without
limitation any violation or breach by the Obligor of this Agreement or any other Related Document to which it is a party, or the occurrence of any Event of Default, 
 (c) any payment or action taken or omitted to be taken in connection with the Letter of Credit, this Agreement or any Related Document (including any action to (i) restrain any presentation,
(ii) compel or restrain any payment or the taking of any other action under the Letter of Credit, (iii) obtain damages for wrongful dishonor or honor of the Letter of Credit or for breach of any other duty arising out of or
related to the Letter of Credit, (iv) compel or restrain the taking of any action under this Agreement or any other Related Document or (v) obtain similar relief (including by way of interpleader, declaratory judgment,
attachment or otherwise), regardless of who the prevailing party is in any such action), 
 (d) the enforcement of this
Agreement or any other Related Document or any rights Or remedies under or in connection with this Agreement, the Letter of Credit or any other Related Document, or 
 (e) any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or governmental authority (including with respect to any document or property
received under this Agreement, the Letter of Credit or any other Related Document) or any other cause beyond the Bank’s control, 

provided that the Obligor shall not be required to indemnify any Indemnified Party for any Indemnified Liabilities to the extent arising from
(A) the willful misconduct or gross negligence of any Indemnified Party or (B) the Bank’s wrongful and willful failure to pay under the Letter 

  
 33 

 
of Credit Caller the presentation to it by the Beneficiary of a demand and cenificate strictly complying with the terms and conditions of such Letter of Credit. 

If and to the extent the foregoing undertaking may be unenforceable for any reason, the Obligor agrees to make the maximum contribution
to the payment of each of the Indemnified Liabilities which is permitted under applicable law. 
 Nothing in this
Section 19 is intended to limit the reimbursement obligation of the Obligor hereunder. If any action shall be brought against any of the Indemnified Parties in respect of which indemnity may be sought against the Obligor, such Indemnified Party
shall promptly notify the Obligor in writing. The Indemnified Parties shall not settle any such action in a manner that constitutes an express admission of liability by the Obligor without consent of the Obligor. 

The obligations of the Obligor under this Section 19 shall survive the Expiration Date, the occurrence of any Event of Default and
any remedies taken by the Bank in connection therewith (including without limitation any foreclosure on the Collateral), the expiration or termination of, or any payment under, the Letter of Credit, the termination of the Security Agreement, any
termination of the security interests create under the Security Agreement, and any payment, distribution, return, reversion, release, substitution or discharge of all or any portion of the Collateral held thereunder. 

Section 20. Continuing Obligation. This Agreement is a continuing obligation and shall be binding upon and inure to the
benefit of and be enforceable by the Bank and Obligor. 
 Section 21. Letter of Credit Transfer or Extension;
Termination; Related Matters. The Letter of Credit shall automatically terminate at the Expiration Date thereof unless it shall have been previously terminated according to the provisions of this Agreement and the Letter of Credit. Not less than
60 days prior to the Expiration Date, the Obligor may request the Bank to extend the Expiration Date in accordance with the provisions hereof, and, if so requested the Bank shall have the right (but not the obligation) to extend the Expiration Date
(as previously so extended, if applicable) for the Letter of Credit for one or more additional periods acceptable to the Bank and the Obligor commencing at the applicable Expiration Date for the Letter of Credit. If the Bank elects to exercise its
right to so extend the Expiration Date for the Letter of Credit it will give prompt written notice amending such Letter of Credit to reflect such election to (i) the Obligor and (ii) the Beneficiary at such address as shall
have been specified to the Bank by the Beneficiary in accordance with Section 17 hereof, whereupon the Expiration Date of the Letter of Credit shall be so extended. No amendment to the Letter of Credit extending the Expiration Date thereof
pursuant to this Section 21 shall amend or waive any other provision of the Letter of Credit unless such amendment or waiver is agreed to by the Obligor. 
 Section 22. Liability of the Bank. Neither the Bank nor any of its officers, directors, employees or agents shall be liable or responsible to the Obligor for (A) the use which may
be made of the Letter of Credit or any acts or omissions of any Beneficiary in connection therewith; (B) the validity, sufficiency or genuineness of documents, even if such documents should in fact prove to be in any or all respects
invalid, insufficient, fraudulent or forged; (C) payments by the Bank against presentation of documents which do not comply strictly with the terms and 

  
 34 

 
conditions of the Letter of Credit, including failure of any documents to bear any reference or adequate reference to the Letter of Credit; or (D) any other circumstances whatsoever
in making or failing to make payment under the Letter of Credit, except only that the Obligor shall have a claim against the Bank, and the Bank shall be liable to the Obligor to the extent, but only to the extent, of any direct and actual (as
opposed to indirect, consequential, special or punitive) damages suffered by the Obligor which the Obligor proves were caused by (i) the Bank’s willful misconduct or gross negligence in honoring documents presented under the Letter
of Credit which do not at least substantially comply with the terms of such Letter of Credit (but only if there shall have been a wrongful payment as a result thereof, or (ii) the Bank’s wrongful and willful failure to pay under the
Letter of Credit after the presentation to it by the Beneficiary of the Letter of Credit and a demand and certificate strictly complying with the terms and conditions of the Letter of Credit. None of the Bank’s rights or obligations hereunder
or under any other Related Documents shall be affected by any acts or omissions of any Beneficiary. 
 Section 23.
Limitation of Liability. No party to this Agreement shall be liable to any other party for any lost profits, diminution in value, incidental, consequential, special, exemplary or punitive damages. 

Section 24. Severability. Any provision of this Agreement which is prohibited, unenforceable or not authorized in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or non-authorization without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such
provision in any other jurisdiction. 
 Section 25. Governing Law. This Agreement shall be governed by, and
construed and enforced in accordance with, the law of the State of New York. 
 Section 26. Counterparts. This
Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

Section 27. Currency. With respect to any monetary amount in a currency other than Dollars, such amount shall be deemed the
Dollar equivalent thereof determined by the amount of Dollars obtained at the time of determination by converting the foreign currency involved in such computation into Dollars at the spot rate for the purchase of Dollars with the applicable foreign
currency as quoted on the Reuters 3000 Xtra or Bloomberg systems (or their respective successors) at approximately 11:00 a.m. (New York time) on the date not more than two Business Days prior to such determination. 

Section 28. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose. 
 Section 29. No Assignment Without Consent. Without
limiting the transfer provisions of the Letter of Credit, neither the Bank nor the Obligor shall assign or otherwise transfer any of its rights or obligations hereunder without the written consent of the other party, and any purported assignment or
transfer without such consent shall be void and without effect; provided however  

  
 35 

 
that (i) the Bank may assign its rights and obligations hereunder, if so long as no Event of Default under Sections 15(a), (d) or (e) is not then existing, the Obligor provides its
prior written consent to such assignment (which consent shall not be unreasonably withheld, conditioned or delayed by the Obligor) and (ii) if an Event of Default under Sections 15(a), (d) or (e) is then existing, the Bank may assign
its right and obligations hereunder and no consent therefor from the Obligor shall be required. In the case of the first such assignment (other than an assignment permitted pursuant to clause (ii) above), prior to such assignment the Obligor
and the Bank shall have entered into amendments to this Agreement reasonably satisfactory to each of the Obligor and the Bank to accommodate the accession of additional Persons hereunder, through, among other things, the appointment of Credit Suisse
or an Affiliate thereof (or any other Person reasonably acceptable to the Obligor) as administrative agent or representative of all “Banks” hereunder. Upon an assignment permitted pursuant to clause (ii) above, the Obligor and the
Bank will endeavor to enter into amendments to this Agreement reasonably satisfactory to each of the Obligor and the Bank to accommodate the accession of additional Persons hereunder, through, among other things, the appointment of Credit Suisse or
an Affiliate thereof (or any other Person reasonably acceptable to the Obligor) as administrative agent or representative of all “Banks” hereunder. 
 Section 30. Jurisdiction; Venue; Waiver of Jury Trial. 
 (a) Each of
the Obligor and the Bank submits to the nonexclusive jurisdiction of any state or federal count located in the Borough of Manhattan, City of New York, State of New York, for itself and its property and agrees that any such court shall be a proper
forum for any such action or suit. Service of process in any legal action or proceeding arising out of or in connection with this Agreement or the Letter of Credit may be made upon any party hereto by mailing a copy of the summons to such party
either at the address set forth herein or at such party’s last address appearing in the Bank’s records. 
 (b) EACH OF
THE OBLIGOR AND THE BANK WAIVES (i) THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING IN WHICH THE BANK AND THE OBLIGOR ARE PARTIES (WHETHER OR NOT THE ONLY PARTIES) ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR THE LETTER OF CREDIT, AND (ii) THE RIGHT TO INTERPOSE ANY CLAIM, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. 
 Section 31. Process Agent. The Obligor hereby agrees that service of all writs, process and summonses in any such suit, action or proceeding brought in the State of New York may be made upon
CT Corporation, presently located at 111 Eighth Avenue, New York, New York 10011, United States, and the Obligor hereby confirms and agrees that the Process Agent has been duly appointed as its agent and true and lawful attorney in fact in its name,
place and stead to accept such service of any and all such writs, process and summonses, and agrees that the failure of the Process Agent to give any notice of any such service of process to the Obligor shall not impair or affect the validity of
such service or of any judgment based thereon. The Obligor covenants and agrees to continue its appointment of the Process Agent (or such other process agent satisfactory to the Bank) during all periods prior to the Expiration Date. The Obligor
hereby further irrevocably consents to the service of process in any suit, action or proceeding in 

  
 36 

 
such courts by the mailing thereof by the Bank by registered or certified mail, postage prepaid, at its address set forth in Section 17. 

Section 32. Judgment Currency. The Obligations of the Obligor hereunder and under the Related Documents to make payments in
Dollars shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than Dollars, except to the extent that such tender or recovery results in the effective receipt by the
Bank of the full amount of Dollars expressed to be payable to the Bank under this Agreement or any of the Related Documents. The Obligor agrees to indemnify the Bank against any loss incurred by the Bank as a result of any judgment or order being
given or made for the payment of any amount due hereunder or under any of the Related Documents which is expressed and paid in a coin or currency other than Dollars (such other coin or currency, the “Judgment Currency”) and as a
result of any variation between (a) the rate of exchange at which the Dollar amount is converted into the Judgment Currency for the purposes of such judgment or order, and (b) the rate of exchange at which the Bank is able to purchase
Dollars with the amount of Judgment Currency actually received by the Bank. The foregoing indemnity shall, to the extent permitted by applicable Law, constitute a separate and independent obligation of the Obligor, shall continue in full force and
effect notwithstanding any such judgment or order as aforesaid, and shall not be affected by judgment being obtained for any other sums due under this Agreement or under any of the Related Documents. The term “rate of exchange” shall
include any premiums and costs payable in connection with the purchase of, or conversion into, the relevant currency. 

Section 33. Confidentiality. 
 (a) Subject to the provisions of clause (b) of this Section 33, the Bank agrees that it will not disclose without the prior consent of the Obligor (other than to its employees, auditors,
advisors or counselor to another entity if in its sole discretion determines that any such party should have access to such information, provided such Persons shall be subject to the provisions of this Section 33 to the same extent as the Bank)
any information with respect to the Obligor or any of its Subsidiaries which is now or in the future furnished by the Obligor or any of its Affiliates pursuant to this Agreement or any other Related Document, provided that the Bank may disclose any
such information (i) as has become generally available to the public other than by virtue of a breach of this Section 33(a) by the Bank, (ii) as may be required or appropriate in any report, statement or testimony submitted to any
municipal, state or Federal regulatory body having or claiming to have jurisdiction over the Bank or to the Federal Reserve Board or the Federal Deposit Insurance Corporation or similar organizations (whether in the United States or elsewhere) or
their successors, (iii) as may be required or appropriate in respect to any summons or subpoena or in connection with any Claim, (iv) in order to comply with any Law applicable to the Bank, (v) to the Collateral Agent, (vi) to
any direct or indirect contractual counterparty in any swap, hedge or similar agreement (or to any such contractual counterparty’s professional advisor), so long as such contractual counterparty (or such professional advisor) agrees to be bound
by the provisions of this Section 33 and (vii) to any prospective or actual transferee or participant in connection with any contemplated transfer or participation of any right under this Agreement or any interest therein by the Bank, so
long as such prospective transferee agrees to be bound by the confidentiality provisions contained in this Section 33. 

  
 37 

 (b) The Obligor hereby acknowledges and agrees that the Bank may share with any of its
affiliates, and such affiliates may share with the Bank, any information related to the Obligor or any of its Subsidiaries (including, without limitation, any non-public customer information regarding the creditworthiness of the Obligor and its
Subsidiaries), provided such Persons shall be subject to the provisions of this Section 33 to the same extent as the Bank. 

Section 34. Patriot Act. The Bank hereby notifies the Obligor that to the extent the Bank is or becomes subject to the USA
PATRIOT ACT (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act” ) pursuant to the requirements of the Act, it is required to obtain, verity and record information that identifies the Obligor and the
other Credit Parties and other information that will allow the Bank to identify the Obligor and the other Credit Parties in accordance with the Act. 

  
 38 

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

			
	ARCOS DORADOS B.V.
		
	By:	 	 /s/ Annette Franqui

		 	Name:
		 	Title:

 
					
	 CREDIT SUISSE,

acting through its CAYMAN ISLANDS BRANCH

		
	By:	 	 /s/ Emiliano Filippi

		 	Name:	 	Emiliano Filippi
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Andreas Schenk Caviezel

		 	Name:	 	Andreas Schenk Caviezel
		 	Title:	 	Director

  
 2

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