Document:

Document

Exhibit 4.12

AMENDMENT REQUEST
IRREVOCABLE STANDBY/DOCUMENTARY
LETTER OF CREDIT
DATE: October 30, 2015
						
	LETTER OF CREDIT NO.:
    TS-07004845
	DATE OF ISSUE:
    November 10, 2008
	APPLICANT:
Arcos Dorados B.V.
Barbara Strozzilaan 101
1083 HN Amsterdam
The Netherlands
	BENEFICIARY
McDonald’s Latin America , LLC
c/o McDonald Corporation
2915 Jorie Boulevard
Oak Brook, IL 60523

KINDLY AMEND THE ABOVE-REFERENCED LETTER OF CREDIT AS FOLLOWS:
						
	
	NEW EXPIRY DATE:
	
	PLEASE INCREASE THE AMOUNT BY
TO A NEW BALANCE OF

	☑
	PLEASE DECREASE THE AMOUNT BY $20MM
TO A NEW BALANCE OF $45MM

	
	OTHERS:  (USE A SEPARATE SHEET IF NECESSARY)

						
		
		
		
		
		
		

									
	Arcos Dorados B.V.		FOR BANK USE ONLY
	COMPANY NAME

/s/ Mariano Tannenbaum
	

	AUTHORIZED SIGNATURE

Mariano Tannenbaum

	PRINT NAME & TITLE	SIGNATURE VERIFIED

						
	

	Trade Finance/Services Department

AMENDMENT TO
IRREVOCABLE STANDBY LETTER OF CREDIT
No. TS-07004845
November 4, 2015
McDonald’s Latin America, LLC
c/o McDonald’s Corporation
2915 Jorie Boulevard
Oak Brook, IL 60523
Attention:  Treasurer , McDonald’s Corporation
Sir/Madam:
At the request and for the account of ARCOS DORADOS B.V., we hereby amend the above referenced Letter of Credit as follows:
1)    The Original Stated Amount is reduced by US$20,000,000.00 from US65,000,000.00 to US$45,000,000.00.
2)    Bank’s Presentation Office means (i) Eleven Madison Avenue, 6th 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.
All other terms and conditions remain unchanged.  This amendment forms an integral part of the original credit.
This amendment is subject to your consent.  Please indicate your reply on both documents and keep the original for your records.  The signed non-negotiable copy must be sent to our office listed above by courier.
Very truly yours,
CREDIT SUISSE AG
acting through its CAYMAN ISLANDS BRANCH
									
	/s/ Jack D. Madej		/s/ Emma Artun
	Jack D. Madej		Emma Artun
	Assistant Vice President		Authorized Signatory
	NON-NEGOTIABLE

	REDUCTION APPROVED (X)		REDUCTION REJECTED ( )

						
	/s/ Manuel Favela	
	McDonald’s Latin America, LLC	
	NAME:    Manuel Favela	
	TITLE:    Latin America Vice President – Chief Financial Officer

															
	4-027/1.06/50000		COPY 1		2Document

Exhibit 4.28

JPMORGAN CHASE BANK, N.A.
GLOBAL TRADE OPERATIONS
10420 HIGHLAND MANOR DRIVE, FLOOR 04
TAMPA, FL 33610-9128
SWIFT: CHASUS33

TO:
ARCOS DORADOS BV
Barbara Strozzilaan 101
1083 HN Amsterdam
NETHERLANDS

Date: 02 Nov 2021
Subject: Acknowledgement Advice for Standby Letter of Credit Amendment 
Our Reference: TFTS-865131

Dear Sir/Madam,

									
	Standby LC Reference	:	TFTS-865131

	Account Party	:	ARCOS DORADOS BV

			BARBARA STROZZILAAN 101

			1083 HN AMSTERDAM

			THE NETHERLANDS
	Beneficiary
	:	MCDONALD’S LATIN AMERICA, LLC 

			ONE MCDONALD’S PLAZA

			OAK BROOK, ILLINOIS 60523

			U.S.A.

As per your request we have issued our Irrevocable Standby Letter of Credit Amendment under our reference number stated above.

We hereby enclose the copy of the Irrevocable Standby Letter of Credit Amendment for your information and record purpose.

All inquiries regarding this transaction may be directed to our Client Service Group quoting our reference TFTS-865131 using the following contact details:
Telephone Number: 1-800-634-1969
Email Address: gts.client.services@jpmchase.com

This is a computer generated document and therefore does not require a signature

															
	Organized under the laws of U.S.A. with limited liability
	United States	TFTS-865131		02 Nov 2021	Page – 1/2

Continuation of our Reference    TFTS-865131

COPY OF STANDBY LETTER OF CREDIT AMENDMENT

TO: MCDONALD’S LATIN AMERICA, LLC 
ONE MCDONALD’S PLAZA
OAK BROOK, ILLINOIS 60523
U.S.A.

DATE : 02 Nov 2021
SUBJECT: STANDBY LETTER OF CREDIT AMENDMENT 
OUR REFERENCE: TFTS-865131

DEAR SIR/MADAM,

									
	AMENDMENT NUMBER	:	2
	ACCOUNT PARTY	:	ARCOS DORADOS BV

			BARBARA STROZZILAAN 101

			1083 HN AMSTERDAM

			THE NETHERLANDS

WE HEREBY AMEND THE ABOVE REFERENCED STANDBY LETTER OF CREDIT AS FOLLOWS: 

NEW EXPIRY DATE        :    11 JUN 2024

ALL OTHER TERMS AND CONDITIONS OF THE STANDBY LETTER OF CREDIT REMAIN UNCHANGED.

All inquiries regarding this transaction may be directed to our Client Service Group quoting our reference
TFTS-865131 using the following contact details:
Telephone Number: 1-800-634-1969
Email Address: gts.client.services@jpmchase.com

END OF COPY

															
	Organized under the laws of U.S.A. with limited liability
	United States	TFTS-865131		02 Nov 2021	Page – 2/1

Buenos Aires, October 27th, 2021

JPMorgan Chase Bank, N.A.
  Ref: SBLC nr NUSCGS009466

Dear all,

We formally request the extension of the Irrevocable Standby Letter of Credit TPS # NUSCGS009466 / legacy LC # TFTS-865131 from November 6, 2021 to the date June 11, 2024.

Very truly yours,

Arcos Dorados B.V.

						
	By:	/s/ Lucas Brizuela
		Name:    Lucas Brizuela
		Title:    Corporate TreasurerDocument

Exhibit 4.31
FIRST AMENDMENT TO
AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is made and dated as of March 8, 2021 among ARCOS DORADOS HOLDINGS INC., a company incorporated under the laws of the British Virgin Islands (the “Borrower”), certain subsidiaries of the Borrower as guarantors (the “Guarantors”), and JPMORGAN CHASE BANK, N.A., as lender (the “Lender”) and amends that certain Amended and Restated Credit Agreement dated as of December 11, 2020, among the Borrower, the Guarantors and the Lender (as may be further amended or modified from time to time, the “Credit Agreement”).
R E C I T A L S
WHEREAS, the Borrower, the Guarantors and the Lender have agreed, subject to the terms and conditions hereinafter set forth, to amend the Credit Agreement as set forth below.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:
1.Terms.  All terms used herein shall have the same meanings as in the Credit Agreement unless otherwise defined herein.
2.Amendment.  Upon the occurrence of the Amendment Effective Date (as defined in Section 4 below), the table in Section 6.5 of the Credit Agreement (“Consolidated Net Indebtedness to EBITDA Ratio”) is hereby amended by deleting the date “September 30, 2022” therein and replacing it with “September 30, 2021”.
3.Representations and Warranties.  As of the date hereof and as of the Amendment Effective Date, the Borrower and each Guarantor, hereby represent and warrant to the Lender that the execution, delivery and performance of this Amendment by the Loan Parties have been duly authorized by all necessary action and that this Amendment is a legal, valid and binding obligation of the Loan Parties party hereto, enforceable in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws.
4.Conditions, Effectiveness.  This Amendment shall become effective as of the date (the “Amendment Effective Date”) on which the Lender shall have received this Amendment duly executed and delivered by or on behalf of the Borrower and each Guarantor.
5.Miscellaneous.
1.1Effectiveness of the Credit Agreement and other Loan Documents.  Except as hereby expressly amended, the Loan Documents shall each remain in full force and effect, are hereby ratified and confirmed in all respects on and as of the date hereof, and each Loan Party hereby reaffirms its obligations thereunder.  
1.2Loan Document.  This Amendment is a Loan Document.
Page 1 of 5

1.3Counterparts.  This Amendment may be executed in any number of counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment.
1.4Governing Law; Jurisdiction. Section 9.10 (“Governing Law; Jurisdiction”) of the Credit Agreement shall apply mutatis mutandis to this Amendment. 
 [Remainder of Page Intentionally Left Blank.]
Page 2 of 5

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
ARCOS DORADOS HOLDINGS INC.,
  as Borrower
						
	By:	/s/ Mariano Tannenbaum
		Name:    Mariano Tannenbaum
		Title:    Chief Financial Officer

ARCOS DOURADOS COMERCIO DE ALIMENTOS S.A.
(formerly known as Arcos Dourados Comercio de Alimentos Ltda.),
as a Guarantor
						
	By:	/s/ Mariano Tannenbaum
		Name:    Mariano Tannenbaum
		Title:    Chief Financial Officer

ADCR INMOBILIARIA S.A., 
as a Guarantor
						
	By:	/s/ Mariano Tannenbaum
		Name:    Mariano Tannenbaum
		Title:    Chief Financial Officer

ARCOS DORADOS COSTA RICA ADCR, S.A., 
as a Guarantor
						
	By:	/s/ Mariano Tannenbaum
		Name:    Mariano Tannenbaum
		Title:    Chief Financial Officer

Page 3 of 5

[Signature Page to Second Amendment to
Amended and Restated Credit Agreement dated as of December 11, 2020]

ARCOS DORADOS PANAMÁ, S.A., 
as a Guarantor
						
	By:	/s/ Mariano Tannenbaum
		Name:    Mariano Tannenbaum
		Title:    Chief Financial Officer

SISTEMAS MCOPCO PANAMÁ, S.A., 
as a Guarantor
						
	By:	/s/ Mariano Tannenbaum
		Name:    Mariano Tannenbaum
		Title:    Chief Financial Officer

LENDER:
JPMORGAN CHASE BANK, N.A.,
  as Lender
						
	By:	/s/ Christophe Vohmann
		Name:    Christophe Vohmann
		Title:    Executive Director

Page 5 of 5

[Signature Page to Second Amendment to
Amended and Restated Credit Agreement dated as of December 11, 2020]

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