Document:

Indenture dated October 1, 2009

 Exhibit 4.1 
 EXECUTION COPY 
 ARCOS DORADOS B.V. 

as Issuer 

THE SUBSIDIARY GUARANTORS 
 named herein 
 CITIBANK N.A. 

as Trustee, Registrar, Paying Agent and Transfer Agent 
 and 
 DEXIA BANQUE INTERNATIONALE À LUXEMBOURG,
SOCIÉTÉ ANONYME 
 as Luxembourg Paying Agent 

 
  

INDENTURE 

Dated as of October 1, 2009 
  

 
 7.500% SENIOR
NOTES DUE 2019 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	Section 1.1	  	Definitions	  	 	1	  
	Section 1.2	  	Rules of Construction	  	 	34	  
	
	ARTICLE II	  
	THE NOTES	  
			
	Section 2.1	  	Form and Dating	  	 	35	  
	Section 2.2	  	Execution and Authentication	  	 	35	  
	Section 2.3	  	Registrar, Transfer Agent and Paying Agent	  	 	36	  
	Section 2.4	  	Paying Agent to Hold Money in Trust	  	 	37	  
	Section 2.5	  	CUSIP and ISIN Numbers	  	 	38	  
	Section 2.6	  	Holder Lists	  	 	38	  
	Section 2.7	  	Global Note Provisions	  	 	38	  
	Section 2.8	  	Legends	  	 	39	  
	Section 2.9	  	Transfer and Exchange	  	 	39	  
	Section 2.10	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	43	  
	Section 2.11	  	Temporary Notes	  	 	43	  
	Section 2.12	  	Cancellation	  	 	44	  
	Section 2.13	  	Defaulted Interest	  	 	44	  
	Section 2.14	  	Additional Notes	  	 	45	  
	
	ARTICLE III	  
	COVENANTS	  
			
	Section 3.1	  	Payment of Notes	  	 	45	  
	Section 3.2	  	Maintenance of Office or Agency	  	 	46	  
	Section 3.3	  	Corporate Existence	  	 	46	  
	Section 3.4	  	Payment of Taxes	  	 	46	  
	Section 3.5	  	Further Instruments and Acts	  	 	47	  
	Section 3.6	  	Waiver of Stay, Extension or Usury Laws	  	 	47	  
	Section 3.7	  	Change of Control	  	 	47	  
	Section 3.8	  	Limitation on Incurrence of Additional Indebtedness	  	 	48	  
	Section 3.9	  	Limitation on Restricted Payments	  	 	52	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	Section 3.10	  	Limitation on Asset Sales	  	 	56	  
	Section 3.11	  	Limitation on Designation of Unrestricted Subsidiaries	  	 	59	  
	Section 3.12	  	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	61	  
	Section 3.13	  	Limitation on Liens	  	 	63	  
	Section 3.14	  	Limitation on Transactions with Affiliates	  	 	63	  
	Section 3.15	  	Conduct of Business	  	 	65	  
	Section 3.16	  	Reports to Holders	  	 	65	  
	Section 3.17	  	Listing	  	 	66	  
	Section 3.18	  	Payment of Additional Amounts	  	 	66	  
	Section 3.19	  	Use of Proceeds	  	 	68	  
	Section 3.20	  	Covenant Suspension	  	 	68	  
	Section 3.21	  	Compliance Certificates	  	 	69	  
	
	ARTICLE IV	  
	LIMITATION ON MERGER, CONSOLIDATION AND SALE OF ASSETS	  
			
	Section 4.1	  	Merger, Consolidation and Sale of Assets	  	 	70	  
	
	ARTICLE V	  
	REDEMPTION OF NOTES	  
			
	Section 5.1	  	Redemption	  	 	73	  
	Section 5.2	  	Election to Redeem	  	 	73	  
	Section 5.3	  	Notice of Redemption	  	 	73	  
	Section 5.4	  	Selection of Notes to Be Redeemed in Part	  	 	74	  
	Section 5.5	  	Deposit of Redemption Price	  	 	74	  
	Section 5.6	  	Notes Payable on Redemption Date	  	 	74	  
	Section 5.7	  	Unredeemed Portions of Partially Redeemed Note	  	 	75	  
	
	ARTICLE VI	  
	DEFAULTS AND REMEDIES	  
			
	Section 6.1	  	Events of Default	  	 	75	  
	Section 6.2	  	Acceleration	  	 	76	  
	Section 6.3	  	Other Remedies	  	 	77	  
	Section 6.4	  	Waiver of Past Defaults	  	 	77	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	Section 6.5	  	Control by Majority	  	 	77	  
	Section 6.6	  	Limitation on Suits	  	 	78	  
	Section 6.7	  	Rights of Holders to Receive Payment	  	 	78	  
	Section 6.8	  	Collection Suit by Trustee	  	 	78	  
	Section 6.9	  	Trustee May File Proofs of Claim, etc.	  	 	79	  
	Section 6.10	  	Priorities	  	 	79	  
	Section 6.11	  	Undertaking for Costs	  	 	80	  
	
	ARTICLE VII	  
	 TRUSTEE
	   

			
	Section 7.1	  	Duties of Trustee	  	 	80	  
	Section 7.2	  	Rights of Trustee	  	 	81	  
	Section 7.3	  	Individual Rights of Trustee	  	 	83	  
	Section 7.4	  	Trustee’s Disclaimer	  	 	84	  
	Section 7.5	  	Notice of Defaults	  	 	84	  
	Section 7.6	  	Reports by Trustee to Holders	  	 	84	  
	Section 7.7	  	Compensation and Indemnity	  	 	84	  
	Section 7.8	  	Replacement of Trustee	  	 	85	  
	Section 7.9	  	Successor Trustee by Merger	  	 	86	  
	Section 7.10	  	Eligibility	  	 	86	  
	Section 7.11	  	Intentionally Omitted	  	 	86	  
	Section 7.12	  	Paying Agent, Registrar and Luxembourg Paying Agent	  	 	87	  
	
	ARTICLE VIII	  
	DEFEASANCE; DISCHARGE OF INDENTURE	  
			
	Section 8.1	  	Legal Defeasance and Covenant Defeasance	  	 	87	  
	Section 8.2	  	Conditions to Defeasance	  	 	88	  
	Section 8.3	  	Application of Trust Money	  	 	89	  
	Section 8.4	  	Repayment to Company	  	 	90	  
	Section 8.5	  	Indemnity for U.S. Government Obligations	  	 	90	  
	Section 8.6	  	Reinstatement	  	 	90	  
	Section 8.7	  	Satisfaction and Discharge	  	 	90	  

  
 iii

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	ARTICLE IX	  
	AMENDMENTS	  
			
	Section 9.1	  	Without Consent of Holders	  	 	91	  
	Section 9.2	  	With Consent of Holders	  	 	92	  
	Section 9.3	  	Revocation and Effect of Consents and Waivers	  	 	93	  
	Section 9.4	  	Notation on or Exchange of Notes	  	 	93	  
	Section 9.5	  	Trustee to Sign Amendments and Supplements	  	 	93	  
	
	ARTICLE X	  
	SUBSIDIARY GUARANTEES	  
			
	Section 10.1	  	Subsidiary Guarantees	  	 	94	  
	Section 10.2	  	Limitation on Liability; Termination, Release and Discharge	  	 	96	  
	Section 10.3	  	Right of Contribution	  	 	97	  
	Section 10.4	  	No Subrogation	  	 	97	  
	Section 10.5	  	Additional Subsidiary Guarantees	  	 	97	  
	
	ARTICLE XI	  
	MISCELLANEOUS	  
			
	Section 11.1	  	Notices	  	 	98	  
	Section 11.2	  	Certificate and Opinion as to Conditions Precedent	  	 	99	  
	Section 11.3	  	Statements Required in Officers’ Certificate or Opinion of Counsel	  	 	100	  
	Section 11.4	  	Rules by Trustee, Paying Agent and Registrar	  	 	100	  
	Section 11.5	  	Legal Holidays	  	 	100	  
	Section 11.6	  	Governing Law, etc.	  	 	100	  
	Section 11.7	  	No Recourse Against Others	  	 	102	  
	Section 11.8	  	Successors	  	 	102	  
	Section 11.9	  	Duplicate and Counterpart Originals	  	 	102	  
	Section 11.10	  	Severability	  	 	102	  
	Section 11.11	  	Currency Indemnity	  	 	102	  
	Section 11.12	  	Table of Contents; Headings	  	 	103	  

  
 iv 

			
		
	EXHIBIT A	  	Form of Note
		
	EXHIBIT B	  	Form of Certificate for Transfer to QIB
		
	EXHIBIT C	  	Form of Certificate for Transfer Pursuant to Regulation S
		
	EXHIBIT D	  	Form of Certificate for Transfer Pursuant to Rule 144
		
	EXHIBIT E	  	Form of Supplemental Indenture for Subsidiary Guarantee

  
 v 

 INDENTURE, dated as of October 1, 2009, between Arcos Dorados B.V., a besloten
vennootschap organized and existing under the laws of the Netherlands (the “Company”), the Subsidiary Guarantors named herein (as defined below), Citibank, N.A., a national banking association as trustee (the
“Trustee”), registrar (the “Registrar”), paying agent and transfer agent, Dexia Banque Internationale à Luxembourg, société anonyme, as Luxembourg paying agent (the “Luxembourg Paying
Agent”). 
 Each party agrees as follows for the benefit of the other parties and of the Holders of the Initial Notes
and any Additional Notes (in each case as defined herein): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 
 “Accounts Receivable”
means (1) accounts receivable, (2) franchise fee payments and other revenues related to franchise agreements, (3) royalty and other similar payments made related to the use of trade names and other intellectual property, business
support, training and other services and (4) revenues related to distribution and merchandising of the products of the Company and its Restricted Subsidiaries. 
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates
with the Company or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets from such Person. Acquired Indebtedness will be deemed to have been Incurred at the time such Person becomes a Restricted Subsidiary or
at the time it merges or consolidates with the Company or a Restricted Subsidiary or at the time such Indebtedness is assumed in connection with the acquisition of assets from such Person. 

“Additional Amounts” has the meaning set forth under Section 3.18. 

“Additional Note Board Resolutions” means resolutions duly adopted by the Board of Directors of the Company and
delivered to the Trustee in an Officers’ Certificate providing for the issuance of Additional Notes. 
 “Additional
Note Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Article IX providing for the issuance of Additional Notes. 

“Additional Notes” means any additional Notes as specified in the relevant Additional Note Board Resolutions or
Additional Note Supplemental Indenture issued therefor in accordance with this Indenture. 
 “Affiliate” means,
with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under 

  
 1 

 
common control with, such specified Person. Solely for purposes of this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common
control with” have correlative meanings. 
 “Agent Members” has the meaning assigned to it in
Section 2.7(b). 
 “Asset Acquisition” means: 

(1) an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person will
become a Restricted Subsidiary, or will be merged with or into the Company or any Restricted Subsidiary; or 

(2) the acquisition by the Company or any Restricted Subsidiary of the assets of any Person (other than a Subsidiary of
the Company) which constitute all or substantially all of the assets of such Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business; or

 (3) any Revocation with respect to an Unrestricted Subsidiary. 

“Asset Sale” means (1) any direct or indirect sale, disposition, issuance, conveyance, transfer, lease, assignment
or other transfer, including, without limitation, a Sale and Leaseback Transaction (each, a “disposition”), by the Company or any Restricted Subsidiary of: 

(a) any Capital Stock other than Capital Stock of the Company (other than directors’ qualifying shares and shares
issued to foreign nationals to the extent required by applicable law); or 
 (b) any property or assets (other
than cash, Cash Equivalents or Capital Stock) of the Company or any Restricted Subsidiary; and 
 (2) the
exercise by McDonald’s of the McDonald’s Call Option in respect of any Subsidiary of the Company other than the Master Franchisee or the Brazilian Master Franchisee. 
 Notwithstanding the preceding, the following items will not be deemed to be Asset Sales: 
 (1) the disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries as permitted under Section 4.1 or any disposition which constitutes a Change of
Control; 
 (2) the sale of property or equipment that, in the reasonable determination of the Company, has
become worn out, obsolete or damaged or otherwise unused in connection with the business of the Company or any Restricted Subsidiary; 

  
 2 

 (3) sales or other dispositions of equipment, inventory, accounts receivable
or other assets in the ordinary course of business; 
 (4) for purposes of Section 3.10 only, the
making of a Restricted Payment permitted under Section 3.9 and any Permitted Investment; 
 (5) a
disposition to the Company or a Restricted Subsidiary, including a Person that is or will become a Restricted Subsidiary immediately after the disposition; 
 (6) the creation of a Permitted Lien; 
 (7) sales of Accounts
Receivable, or participations therein, and any related assets, in connection with any Permitted Receivables Financing; 
 (8) dispositions of receivables and related assets or interests in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings and exclusive of factoring or similar arrangements; 
 (9) (i) the licensing or sublicensing of
intellectual property or other general intangibles, including entering into cross-licensing arrangements, in the ordinary course of business and (ii) the abandonment or other disposition of intellectual property that is, in the reasonable
judgment of management of the Company or the relevant Restricted Subsidiary, no longer economically convenient to maintain or useful in the conduct of the Permitted Business; 

(10) any sale of Capital Stock in, or Indebtedness of other securities of, an Unrestricted Subsidiary; and 

(11) any transaction or series of related transactions involving property or assets with a Fair Market Value not in excess
of U.S.$3,500,000 (or the equivalent in other currencies). 
 “Asset Sale Offer” has the meaning assigned to it
in Section 3.10. 
 “Asset Sale Offer Amount” has the meaning assigned to it in
Section 3.10. 
 “Asset Sale Offer Notice” has the meaning assigned to it in
Section 3.10. 
 “Asset Sale Offer Payment Date” means a Business Day no earlier than 30 days nor
later than 60 days from the date the Asset Sale Offer Notice is mailed (other than as may be required by applicable law). 

“Asset Sale Transaction” means any Asset Sale and, whether or not constituting an Asset Sale, (1) any sale or other
disposition of Capital Stock, (2) any Designation with respect to an Unrestricted Subsidiary and (3) any sale or other disposition of property or assets excluded from the definition of Asset Sale by clause (4) of that definition.

  
 3 

 “Authenticating Agent” has the meaning assigned to it in
Section 2.2(d). 
 “Authorized Agent” has the meaning assigned to it in Section 11.6(d). 

“Bankruptcy Law” means Title 11, U.S. Code or any similar U.S. federal or state law or non-U.S. law for the relief
of debtors. 
 “Bankruptcy Law Event of Default” means: 

(1) the Company or any Restricted Subsidiary, or group of Subsidiaries that, taken together, would constitute a
Significant Subsidiary, pursuant to or under or within the meaning of any Bankruptcy Law: 
 (a) commences a
voluntary case or proceeding; 
 (b) consents to the making of a Bankruptcy Order in an involuntary case or
proceeding or consents to the commencement of any case against it (or them); 
 (c) consents to the appointment
of a custodian, receiver, liquidator, assignee, trustee, síndico, conciliador, sequestrator or similar official of it (or them) or for all or any substantial part of its property; 

(d) makes a general assignment for the benefit of its (or their) creditors; 

(e) files an answer or consent seeking reorganization or relief; 

(f) admits in writing its inability to pay its (or their) debts generally; or 

(g) consents to the filing of a petition in bankruptcy; 

(2) a court of competent jurisdiction in any involuntary case or proceeding enters a Bankruptcy Order against the Company,
or any Restricted Subsidiary, or group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, or of all or any substantial part of the property of the Company, or any Restricted Subsidiary, or group of Subsidiaries that,
taken together, would constitute a Significant Subsidiary, and such Bankruptcy Order remains unstayed and in effect for 60 consecutive days; or 
 (3) a custodian, receiver, liquidator, assignee, trustee, síndico, conciliador, sequestrator or similar official is appointed out of court with respect to the Company, or any Restricted
Subsidiary, or group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, or with respect to all or any substantial part of the assets or properties of the Company, or any Restricted Subsidiary, or group of Subsidiaries
that, taken together, would constitute a Significant Subsidiary. 

  
 4 

 “Bankruptcy Order” means any court order made in a proceeding pursuant to
or within the meaning of any Bankruptcy Law, containing an adjudication of bankruptcy or insolvency, or providing for liquidation, receivership, winding-up, dissolution, suspension of payments, reorganization or similar proceedings, or appointing a
custodian of a debtor or of all or any substantial part of a debtor’s property, or providing for the staying, arrangement, adjustment or composition of indebtedness or other relief of a debtor. 

“Board of Directors” means, with respect to any Person, the board of directors or similar governing body of such Person
or any duly authorized committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a
resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Brazilian Master Franchisee” means Arcos Dourados Comercio de Alimentos Ltda., or any successor to its
rights and obligations under the Second Amended and Restated Master Franchise Agreement, dated as of November 10, 2008, among McDonald’s Latin America and Arcos Dourados Comercio de Alimentos Ltda. 

“Business Day” means a day other than a Saturday, Sunday or any day on which banking institutions are authorized or
required by law to close in New York City, United States or in the Netherlands. 
 “Call Option Closing Date”
means the date on which the equity interests of the Master Franchisee or the Brazilian Master Franchisee are transferred to McDonald’s upon McDonald’s exercise of the McDonald’s Call Option and the Call Option Price in respect thereof
is paid by McDonald’s to the Company. 
 “Call Option Price” means the price payable by McDonald’s to
the Company upon exercise by McDonald’s of the McDonald’s Call Option in respect of the equity interests of the Master Franchisee or the Brazilian Master Franchisee. 
 “Call Option Redemption Event” means the occurrence of the Call Option Closing Date and the payment of the Call Option Price by McDonald’s to the Company, but only with respect to
the Master Franchisee and/or the Brazilian Master Franchisee. 
 “Capital Stock” means, with respect to any
Person, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated and whether or not voting) of equity of such Person, including each class of Common Stock,
Preferred Stock, limited liability interests or partnership interests, but excluding any debt securities convertible into such equity. 
 “Capitalized Lease Obligations” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations
under GAAP. For purposes of this definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such date, determined in accordance with GAAP. 

  
 5 

 “Cash Equivalents” means: 

(1) U.S. dollars, or money in the local currency of any country in which the Company or any of its Restricted Subsidiaries
operates; 
 (2) marketable direct obligations issued by, or unconditionally guaranteed by, the United States
government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 

(3) marketable direct obligations issued by any state of the United States of America or any political subdivision of any
such state or any public instrumentality thereof or any country recognized by the Unites States of America maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the three highest ratings
obtainable from either S&P or Moody’s or any successor thereto; 
 (4) commercial paper outstanding at
any time issued by any Person that is organized under the laws of the United States of America, any state thereof or any Latin American country recognized by the United States and rated P-1 or better from Moody’s or A-1 or better from S&P
or, with respect to Persons organized outside of the United States, a local market credit rating at least “BBB-” (or the then equivalent grade) by S&P and the equivalent rating by Moody’s and in each case with maturities of not
more than 360 days from the date of acquisition thereof; 
 (5) demand deposits, certificates of deposit,
overnight deposits and time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any commercial bank that is
organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States and at the time of acquisition thereof has capital and surplus in excess of $500,000,000 (or the foreign currency
equivalent thereof) and a rating of P-1 or better from Moody’s or A-1 or better from S&P or, with respect to a commercial bank organized outside of the United States, a local market credit rating of at least “BBB-” (or the then
equivalent grade) by S&P and the equivalent rating by Moody’s, or with government owned financial institution that is organized under the laws of any of the countries in which the Company’s Restricted Subsidiaries conduct business;

 (6) insured demand deposits made in the ordinary course of business and consistent with the Company’s or
its Subsidiaries’ customary cash management policy in any domestic office of any commercial bank organized under the laws of the United States of America or any state thereof; 

(7) repurchase obligations with a term of not more than 360 days for underlying securities of the types described in
clauses (2), (3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (5) above; 
 (8) substantially similar investments denominated in the currency of any jurisdiction in which the Company or any of its Restricted Subsidiaries conducts business

  
 6 

 
of issuers whose country’s credit rating is at least “BBB-” (or the then equivalent grade) by S&P and the equivalent rating by Moody’s; and 

(9) investments in money market funds which invest at least 95% of their assets in securities of the types described in
clauses (1) through (8) above. 
 “Certificated Note” means any Note issued in fully-registered
certificated form (other than a Global Note), which shall be substantially in the form of Exhibit A, with appropriate legends as specified in Section 2.8 and Exhibit A. 

“Change of Control” means the occurrence of one or more of the following events: 

(1) The Permitted Holders cease to be the “beneficial owners” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act) of 30.0% of the voting power of the Voting Stock of the Company (including any Surviving Entity), the Master Franchisee or the Brazilian Franchisee; 

(2) individuals appointed by the Permitted Holders cease for any reason to constitute a majority of the members of the
Board of Directors of the Company, the Master Franchisee or the Brazilian Franchisee; 
 (3) the sale,
conveyance, assignment, transfer, lease or other disposition of all or substantially all of the assets of the Company, the Master Franchisee or the Brazilian Franchisee, determined on a consolidated basis, to any “person” (as defined in
Sections 13d and 14d under the Exchange Act), whether or not otherwise in compliance with the Indenture, other than a Permitted Holder; or 
 (4) the approval by the holders of Capital Stock of the Company, the Master Franchisee or the Brazilian Franchisee of any plan or proposal for the liquidation or dissolution of the Company, the Master
Franchisee or the Brazilian Franchisee, whether or not otherwise in compliance with the Indenture. 
 “Change of Control
Notice” means notice of a Change of Control Offer made pursuant to Section 3.7, which shall be (i) mailed first-class, postage prepaid, to each record Holder as shown on the Note Register within 30 days following the date
upon which a Change of Control occurred, with a copy to the Trustee, and (ii) as long as the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market and the rules of the Euro MTF Market so require, published in a
newspaper having a general circulation in Luxembourg, which notice shall govern the terms of the Change of Control Offer and shall state: 
 (1) that a Change of Control has occurred, the circumstances or events causing such Change of Control and that a Change of Control Offer is being made pursuant to Section 3.7, and that all
Notes that are timely tendered shall be accepted for payment; 
 (2) the Change of Control Payment, and the
Change of Control Payment Date; 

  
 7 

 (3) that any Notes or portions thereof not tendered or accepted for payment
shall continue to accrue interest; 
 (4) that, unless the Company defaults in the payment of the Change of
Control Payment with respect thereto, all Notes or portions thereof accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest from and after the Change of Control Payment Date; 

(5) that any Holder electing to have any Notes or portions thereof purchased pursuant to a Change of Control Offer shall
be required to tender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date; 
 (6) that any Holder shall be entitled to withdraw
such election if the Paying Agent receives, not later than the close of business on the third Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter, setting forth the name of the Holder, the principal amount
of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to have such Notes or portions thereof purchased pursuant to the Change of Control Offer; 

(7) that any Holder electing to have Notes purchased pursuant to the Change of Control Offer must specify the principal
amount that is being tendered for purchase, which principal amount must be U.S.$100,000 or an integral multiple of U.S.$1,000 in excess thereof; 
 (8) that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part shall be issued new Certificated Notes equal in principal amount to the unpurchased portion of the
Certificated Note or Notes surrendered, which unpurchased portion shall be equal in principal amount to U.S.$100,000 or an integral multiple of U.S.$1,000 in excess thereof; 

(9) that the Trustee shall return to the Holder of a Global Note that is being purchased in part, such Global Note with a
notation on the schedule of increases and decreases thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note; 
 (10) that, in the event that Holders of not less than 95% of the aggregate principal amount of the Outstanding Notes accept a Change of Control Offer and the Company or a third party purchases all of the
Notes held by such Holders, the Company shall have the right, upon prior notice, to redeem all of the Notes that remain outstanding in accordance with Section 3.7(d); and 

(11) any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to
Section 3.7. 
 “Change of Control Offer” has the meaning assigned to it in
Section 3.7(a). 

  
 8 

 “Change of Control Payment” has the meaning assigned to it in
Section 3.7. 
 “Change of Control Payment Date” means a Business Day no earlier than 30 days nor
later than 60 days subsequent to the date on which the Change of Control Notice is mailed (other than as may be required by applicable law); 
 “Commodity Agreement” means, with respect to any Person, any commodity swap agreement, commodity cap agreement, commodity collar agreement, commodity or raw material futures
contract or any other agreement as to which such Person is a party designed to manage commodity risk of such Person. 

“Common Stock” means, with respect to any Person, any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such
common equity interests. 
 “Company” means the party named as such in the introductory paragraph to this
Indenture and its successors and assigns, including any Surviving Entity. 
 “Company Order” has the meaning
assigned to it in Section 2.2(c). 
 “Consolidated Adjusted EBITDA” means, with respect to any
Person for any period, Consolidated Net Income for such Person for such period, plus the following (without duplication) to the extent deducted or added in calculating such Consolidated Net Income: 

(1) Consolidated Interest Expense for such Person for such period; 

(2) Consolidated Income Tax Expense for such Person for such period; 

(3) Consolidated Non-cash Charges for such Person for such period; 

(4) any non-operating and/or non-recurring charges, expenses or losses of such Person and its Subsidiaries (Restricted
Subsidiaries in the case of the Company) for such period; and 
 (5) the amount of loss on any sale of Accounts
Receivables and related assets to a Securitization Subsidiary in connection with a Permitted Receivables Financing; 
 less (x) all
non-cash credits and gains increasing Consolidated Net Income for such Person for such period, (y) all cash payments made by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) during such period relating to
non-cash charges that were added back in determining Consolidated Adjusted EBITDA in any prior period and (z) non-operating and/or non-recurring income or gains (less all fees and expenses related thereto) increasing Consolidated Net Income of
such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period. 

  
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 Notwithstanding the foregoing, the items specified in clauses (1) and (3) above
for any Subsidiary (Restricted Subsidiary in the case of the Company) will be added to Consolidated Net Income in calculating Consolidated Adjusted EBITDA for any period: 

(1) in proportion to the percentage of the total Capital Stock of such Subsidiary (Restricted Subsidiary in the case of
the Company) held directly or indirectly by such Person at the date of determination; and 
 (2) to the extent
that a corresponding amount would be permitted at the date of determination to be distributed to such Person by such Subsidiary (Restricted Subsidiary in the case of the Company) pursuant to its charter and bylaws (estatutos sociales) and
each law, regulation, agreement or judgment applicable to such distribution. 
 “Consolidated Income Tax
Expense” means, with respect to any Person for any period, the provision for federal, state, local and any other income taxes payable by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period
as determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, with
respect to any Person for any period, the sum (without duplication) determined on a consolidated basis in accordance with GAAP of: 
 (1) the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period determined on a consolidated basis in
accordance with GAAP, including, without limitation, the following (whether or not interest expense in accordance with GAAP): 
 (a) any amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) in the form of additional
Indebtedness; 
 (b) any amortization of deferred financing costs; 

(c) the net costs under Hedging Obligations (including amortization of fees) in respect of Indebtedness or that are
otherwise treated as interest expense or equivalent under GAAP; provided that if Hedging Obligations result in net benefits rather than costs, such benefits will be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP,
such net benefits are otherwise reflected in Consolidated Net Income; 
 (d) all capitalized interest;

 (e) the interest portion of any deferred payment obligation; 

(f) any premiums, fees, discounts, expenses and losses on the sale of accounts receivable (and any amortization thereof)
payable by the Company or any Restricted Subsidiary in connection with a Permitted Receivables Financing; 

  
 10 

 (g) commissions, discounts and other fees and charges Incurred in respect of
letters of credit or bankers’ acceptances; and 
 (h) any interest expense on Indebtedness of another Person
that is Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiaries in the case of the Company) or secured by a Lien on the assets of such Person or one of its Subsidiaries (Restricted Subsidiaries in the case of the Company),
whether or not such Guarantee or Lien is called upon; and 
 (2) the interest component of Capitalized Lease
Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) during such period. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or loss) of such Person and its Subsidiaries (after deducting (or adding) the portion
of such net income (or loss) attributable to minority interests in Subsidiaries of such Person) for such period on a consolidated basis, determined in accordance with GAAP; provided that there will be excluded therefrom to the extent
reflected in such aggregate net income (loss): 
 (1) net after-tax gains or losses from Asset Sale Transactions
or abandonments or reserves relating thereto; 
 (2) net after-tax items classified as extraordinary, special
(reflected as a separate line item on a consolidated income statement prepared in accordance with GAAP) gains or losses or income or expense or charge including, without limitation, any severance expense, and fees, expenses or charges related to any
offering of Capital Stock of the Company, any Permitted Investment, Asset Acquisition or Indebtedness permitted to be incurred under Section 3.8; 
 (3) the net income (or loss) of any Person, other than such Person and any Subsidiary of such Person (Restricted Subsidiary in the case of the Company); except that the Company’s equity in the net
income of any Person will be included up to the aggregate amount of cash actually distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or
other distribution to a Restricted Subsidiary, to the limitations contained in clause (4) below); and except further that the Company’s equity in the net loss of any Person will be included to the extent such loss have been funded with
case from the Company or a Restricted Subsidiary; 
 (4) Solely for the purpose of determining the amount
available for Restricted Payments under Section 3.9(a)(C)(1) the net income (but not loss) of any Subsidiary of such Person (Restricted Subsidiary in the case of the Company) to the extent that a corresponding amount could not be
distributed to such Person at the date of determination as a result of any restriction pursuant to the constituent documents of such Subsidiary (Restricted Subsidiary in the case of the Company) or any law, regulation, agreement or judgment
applicable to any such distribution; 

  
 11 

 (5) any restoration to income of any contingency reserve, except to the
extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 
 (6) any gain (or loss) from foreign exchange translation or change in net monetary position; 
 (7) any net gain or loss (after any offset) resulting in such period from Hedging Obligations entered into for bona fide hedging purposes and not for speculative purposes; provided that the net
effect on income or loss (including in any prior periods) will be included upon any termination or early extinguishment of such Hedging Obligations, other than any Hedging Obligations with respect to Indebtedness (that is not itself a Hedging
Obligation) and that are extinguished concurrently with the termination or other prepayment of such Indebtedness; and 
 (8) the cumulative effect of changes in accounting principles. 

“Consolidated Net Tangible Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries,
as shown on the most recent balance sheet of the Company provided to the Trustee pursuant to Section 3.16 (or required to be provided thereunder), less (1) all current liabilities of the Company and its Restricted Subsidiaries after
eliminating (a) all intercompany items between the Company and any Restricted Subsidiary or between Restricted Subsidiaries and (b) all current maturities of long-term Indebtedness; and (2) all goodwill, patents, tradenames,
trademarks, copyrights, franchises, experimental expenses, organization expenses and any other amounts classified as intangible assets in accordance with GAAP; all calculated in accordance with GAAP and calculated on a pro forma basis to give effect
to any acquisition or disposition of companies, divisions, lines of businesses or operations by the Company and its Restricted Subsidiaries subsequent to such date and on or prior to the date of determination. 

“Consolidated Non-cash Charges” means, with respect to any Person for any period, the aggregate depreciation,
amortization and other non-cash expenses or losses of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charge which
constitutes an accrual of or a reserve for cash charges for any future period or the amortization of a prepaid cash expense paid in a prior period). 
 “Consolidated Total Net Indebtedness” means, with respect to any Person as of any date of determination, an amount equal to the aggregate amount (without duplication) of all Indebtedness
of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) outstanding at such time less the sum of (without duplication) consolidated cash and Cash Equivalents and consolidated marketable securities recorded as
current assets (except for any Capital Stock in any Person) in all cases determined in accordance with GAAP and as set forth in the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries. 

  
 12 

 “Corporate Trust Office” means the principal office of the Trustee at which
at any time its corporate trust business shall be administered, which office at the date hereof is located at (a) 111 Wall Street, 15th Floor, New York, NY 10005, Attention: 15th Floor Window, for Note transfer purposes and presentment of the
Notes for final payment thereon, and (b) 388 Greenwich Street, 14th Floor, New York, NY 10013, Attention: Global Transaction Services—Arcos Dorados B.V., Fax 212-816-5527, for all other purposes, or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the
Company). 
 “Covenant Defeasance” has the meaning assigned to it in Section 8.1(c). 

“Covenant Suspension Event” has the meaning assigned to it in Section 3.20. 

“Credit Agreement” means the Amended and Restated Credit Agreement, dated as of October 22, 2008, among the
Company, various lenders, Deutsche Bank Trust Company Americas, as administrative agent and collateral agent, and Santander Investment Securities Inc., as lead arranger and book runner. 

“Currency Agreement” means, with respect to any Person, any foreign exchange contract, currency swap agreement or other
similar agreement as to which such Person is a party designed solely to hedge foreign currency risk of such Person. 

“Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or
both would be, an Event of Default. 
 “Defaulted Interest” has the meaning assigned to it in paragraph 1 of
the Form of Reverse Side of Note contained in Exhibit A. 
 “Designation” and “Designation
Amount” have the respective meanings assigned to them in Section 3.11. 
 “Disqualified Capital
Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof. 
 “Distribution Compliance Period” means, with respect to any Regulation S Global Note, the 40 consecutive days beginning on and including the later of (a) the day on which any
Notes represented thereby are offered to persons other than distributors (as defined in Regulation S under the Securities Act) pursuant to Regulation S and (b) the issue date for such Notes. 

“DTC” means The Depository Trust Company, its nominees and their respective successors and assigns, or such other
depositary institution hereinafter appointed by the Company that is a clearing agency registered under the Exchange Act. 

  
 13 

 “ECOFIN” has the meaning assigned to it in Section 2.3(d).

 “Equity Offering” means an offering for cash, after the Issue Date, of Qualified Stock of the Company or of
any direct or indirect parent of the Company (to the extent the proceeds thereof are contributed to the common equity of the Company). 
 “Event of Default” has the meaning assigned to it in Section 6.1. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 

“Fair Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to
such assets) which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction; provided that the
Fair Market Value of any such asset or assets will be determined conclusively by the Board of Directors of the Company acting in good faith, and will be evidenced by a Board Resolution. 

“Fitch” means Fitch Ratings Ltd. and its successors. 

“Four-Quarter Period” has the meaning set forth in the definition of Net Debt to EBITDA Ratio below. 

“Franchise Documents” means the Master Franchise Agreements and any other documents pursuant to which the Company or any
of its Restricted Subsidiaries has acquired the right to operate any franchised restaurant in Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curacao, Ecuador, French Guiana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, Uruguay,
Venezuela and the U.S. Virgin Islands of St. Thomas and St. Croix, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “GAAP” means generally accepted accounting principles in effect in the United States. 
 “Global Note” means any Note issued in fully-registered certificated form to DTC (or its nominee), as depositary for the beneficial owners thereof, which shall be substantially in the
form of Exhibit A, with appropriate legends as specified in Section 2.8 and Exhibit A. 

“Governmental Authority” means any government, court, tribunal, arbitrator, authority, agency, commission, official or
other instrumentality of any country, state, county, city or other political subdivision, having jurisdiction over the matter or matters in question. 
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person: 

(1) to purchase or pay, or advance or supply funds for the purchase or payment of, such Indebtedness of such other Person,
whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, 

  
 14 

 
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise; or 
 (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part;

 provided that “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business.
“Guarantee,” when used as a verb, has a corresponding meaning. 
 “Hedging Obligations” means the
obligations of any Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement. 

“Holder” means the Person in whose name a Note is registered in the Note Register. 

“Holdings” means Arcos Dorados Coöperatieve U.A., a coöperatieve organized under the laws of the
Netherlands. 
 “Incur” means, with respect to any Indebtedness or other obligation of any Person, to create,
issue, incur (including by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance sheet of such Person (and “Incurrence” and
“Incurred” will have meanings correlative to the foregoing); provided that (1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company will be deemed to be Incurred by
such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Company and (2) neither the accrual of interest nor the accretion of original issue discount nor the payment of interest in the form of additional Indebtedness
with the same terms and the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of the same class of Disqualified Stock or Preferred Stock will be considered an Incurrence of Indebtedness. 

“Indebtedness” means, with respect to any Person, without duplication: 

(1) the principal amount (or, if less, the accreted value) of all obligations of such Person for borrowed money;

 (2) the principal amount (or, if less, the accreted value) of all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments; 
 (3) all Capitalized Lease Obligations of such Person;

 (4) all obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all obligations under any title retention agreement (but excluding trade accounts payable in the ordinary course of business); 
 (5) all reimbursement obligations in respect of letters of credit, banker’s acceptances or similar credit transactions (except to the extent they relate to trade

  
 15 

 
payables in the ordinary course of business and such obligation is satisfied within 20 Business Days of Incurrence); 

(6) the amount of all Permitted Receivables Financings of such Person; 

(7) Guarantees and other contingent obligations of such Person in respect of Indebtedness referred to in clauses (1)
through (6) above and clauses (9) through (11) below; 
 (8) all Indebtedness of any other Person
of the type referred to in clauses (1) through (7) above which is secured by any Lien on any property or asset of such Person, the amount of such Indebtedness being deemed to be the lesser of the Fair Market Value of such property or asset
and the amount of the Indebtedness so secured; 
 (9) all net obligations under Hedging Obligations of such
Person (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at such time); 

(10) all liabilities recorded on the balance sheet of such Person in connection with a sale or other disposition of
accounts receivables and related assets; and 
 (11) all Disqualified Capital Stock issued by such Person with
the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided
that: 
 (a) if the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed
repurchase price will be calculated in accordance with the terms of the Disqualified Capital Stock as if the Disqualified Capital Stock were purchased on any date on which Indebtedness will be required to be determined pursuant to the Indenture; and

 (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the
Disqualified Capital Stock, the fair market value will be the Fair Market Value thereof. 
 The amount of Indebtedness of any Person at any date
will be the outstanding balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingency obligations at such date.

 “Indenture” means this Indenture, as amended or supplemented from time to time, including the Exhibits
hereto, and any supplemental indenture hereto. 
 “Independent Financial Advisor” means an accounting firm,
appraisal firm, investment banking firm or consultant of internationally recognized standing that is, in the 

  
 16 

 
judgment of the Company’s Board of Directors, qualified to perform the task for which it has been engaged and which is independent in connection with the relevant transaction. 

“Initial Notes” means any of the Company’s 7.500% Senior Notes due 2019 issued on the Issue Date, and any
replacement Notes issued therefor in accordance with this Indenture. 
 “Initial Purchasers” means
(i) with respect to the Initial Notes issued on the Issue Date, Morgan Stanley & Co. Incorporated, Banc of America Securities LLC, Citigroup Global Markets Inc., Banco Itaú Europa, S.A. – London Branch, Santander Investment
Securities Inc., and Scotia Capital (USA) Inc. and (ii) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related purchase agreement. 

“Interest Payment Date” means the stated due date of an installment of interest on the Notes as specified in the Form of
Face of Note contained in Exhibit A. 
 “Interest Rate Agreement” means, with respect to any
Person, any interest rate protection agreement (including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed solely to hedge interest rate
risk of such Person. 
 “Investment” means, with respect to any Person, any: 

(1) direct or indirect loan, advance or other extension of credit (including, without limitation, a Guarantee) to any
other Person (other than advances or extensions of credit to customers in the ordinary course of business); 

(2) capital contribution (by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others) to any other Person; or 
 (3) any purchase or acquisition by such
Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by, any other Person. 

“Investment” will exclude accounts receivable or deposits arising in the ordinary course of business. “Invest,”
“Investing” and “Invested” have corresponding meanings. 
 For purposes of
Section 3.9, the Company will be deemed to have made an “Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net assets of such Unrestricted
Subsidiary at the time of its Designation and the amount of any Indebtedness of such Unrestricted Subsidiary or owed to the Company or any Restricted Subsidiary immediately following such Designation. Any property transferred to or from an
Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of a Restricted Subsidiary (including any issuance and sale of
Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition, such Restricted Subsidiary would cease to be a Subsidiary of the Company, the 

  
 17 

 
Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the sum of the Fair Market Value of the Capital Stock of such former Restricted Subsidiary
held by the Company or any Restricted Subsidiary immediately following such sale or other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Company or any Restricted Subsidiary or owed to the
Company or any other Restricted Subsidiary immediately following such sale or other disposition. 
 “Investment Grade
Rating” means a rating equal to or higher than (1) BBB-, in the case of S&P and Fitch, and (2) Baa3, in the case of Moody’s. 
 “Issue Date” means the date of this Indenture (being the original issue date of Notes hereunder). 
 “L/C Documents” means the Letter of Credit, the Letter of Credit Agreement, the L/C Security Documents and each other agreement, instrument or document delivered in connection with the
foregoing, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “L/C Security
Documents” means the Security Agreement dated as of August 3, 2007 made by the Subsidiaries of the Company party thereto and the Pledge Agreement dated as of August 3, 2007 made by the Subsidiaries of the Company party thereto, in
each case to secure the obligations under the Letter of Credit Agreement. 
 “Legal Defeasance” has the meaning
assigned to it in Section 8.1(b). 
 “Legal Holiday” has the meaning assigned to it in
Section 11.5. 
 “Letter of Credit” means the irrevocable standby letter of credit issued on
August 3, 2007, for the account of the Company and the subsidiary guarantors identified thereto, for the benefit of McDonald’s Latin America, pursuant to the Letter of Credit Agreement. 

“Letter of Credit Agreement” means the Letter of Credit Reimbursement Agreement, dated as of August 3, 2007,
between the Company and Credit Suisse, Cayman Islands Branch, as issuing bank. 
 “Lien” means any lien,
mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest);
provided that the lessee in respect of a Capitalized Lease Obligation or Sale and Leaseback Transaction will be deemed to have Incurred a Lien on the property leased thereunder; provided that in no event shall an operating lease be
deemed to constitute a Lien. 
 “Luxembourg” means the Grand Duchy of Luxembourg. 

“Luxembourg Paying Agent” means the party named as such in the introductory paragraph of this Indenture until such party
resigns or is removed by the Company from such role; provided that, if such party is replaced by a successor in accordance with the terms of this Indenture, “Luxembourg Paying Agent” shall thereafter mean such successor. 

  
 18 

 “Master Franchise Agreements” means the Amended and Restated Master
Franchise Agreement, dated as of November 10, 2008, among McDonald’s Latin America, the Company and the other parties thereto, and the Second Amended and Restated Master Franchise Agreement, dated as of November 10, 2008, among
McDonald’s Latin America and Arcos Dourados Comercio de Alimentos Ltda., as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Master Franchisee” means LatAm, LLC, or any successor to its rights and obligations under the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008, among
McDonald’s Latin America, the Company and the other parties thereto. 
 “McDonald’s” means
McDonald’s Corporation and its Subsidiaries. 
 “McDonald’s Call Option” means the “Call
Option” referred to in the Master Franchise Agreements. 
 “McDonald’s Deposit” shall mean any cash
and investments, in an aggregate amount not to exceed $15,000,000, serving as credit support to obligations owing by the Company and the Subsidiary Guarantors to McDonald’s Latin America under the Franchise Documents. 

“McDonald’s Deposit Pledge Agreement” means documentation, pursuant to which a lien in favor of McDonald’s
Latin America is granted over the McDonald’s Deposit (and to the extent perfection of such lien is by “control” as provided in Section 9-314 of the Uniform Commercial Code, any related control agreements in customary form
providing for such perfection). 
 “McDonald’s Foreign Pledge Agreements” means, collectively, the pledge
agreements listed on Schedule IV to the Credit Agreement. 
 “McDonald’s Latin America” means
McDonald’s Latin America, LLC, a limited liability company organized under the laws of the State of Delaware. 

“McDonald’s Mortgage” means any mortgages granted in favor of McDonald’s Latin America on Secured Restricted
Real Estate, in each case securing obligations owing to McDonald’s Latin America under the Amended and Restated Master Franchise Agreement, dated as of November 10, 2008, among McDonald’s Latin America, the Company and the other
parties thereto, in an aggregate amount not to exceed the undrawn portion of the Letter of Credit on the date of termination thereof. 
 “McDonald’s Security Documents” means the McDonald’s U.S. Stock Pledge Agreement, dated as of August 3, 2008, made by the Company and the other parties thereto in favor of
McDonald’s Latin America, the McDonald’s Foreign Pledge Agreements and the McDonald’s Deposit Pledge Agreement and any other agreement, instrument or document under which any Lien is granted to secure obligations under the Franchise
Documents, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

  
 19 

 “Maturity Date” means, when used with respect to any Note, the date on
which the principal of such Note becomes due and payable as therein or herein provided, whether at Stated Maturity or by declaration of acceleration, call for redemption, exercise of the repurchase right or otherwise. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents,
including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by the Company or any of its Restricted Subsidiaries from such Asset Sale, net of: 

(1) reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal,
accounting and investment banking fees and sales commissions); 
 (2) taxes paid or payable in respect of such
Asset Sale after taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements; 
 (3) repayment of Indebtedness secured by a Lien permitted under the Indenture that is required to be repaid in connection with such Asset Sale; 

(4) all distributions and other payments required to be made to minority interest holders in Subsidiaries or joint
ventures as a result of such Asset Sale; and 
 (5) appropriate amounts to be provided by the Company or any
Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including,
without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, but excluding any reserves with respect to
Indebtedness. 
 “Net Debt to EBITDA Ratio” means, with respect to any Person as of any date of determination,
the ratio of the aggregate amount of Consolidated Total Net Indebtedness for such Person as of such date to Consolidated Adjusted EBITDA for such Person for the four most recent full fiscal quarters for which financial statements are available
ending prior to the date of such determination (the “Four-Quarter Period”). 
 For purposes of this definition,
Consolidated Total Net Indebtedness and Consolidated Adjusted EBITDA will be calculated after giving effect on a pro forma basis in good faith for the period of such calculation for the following: 

(1) the Incurrence, repayment or redemption of any Indebtedness (including Acquired Indebtedness) of such Person or any of
its Subsidiaries (Restricted Subsidiaries in the case of the Company), and the application of the proceeds thereof, including the Incurrence of any Indebtedness (including Acquired Indebtedness), and the application of

  
 20 

 
the proceeds thereof, giving rise to the need to make such determination, occurring during such Four-Quarter Period or at any time subsequent to the last day of such Four-Quarter Period and prior
to or on such date of determination, to the extent, in the case of an Incurrence, such Indebtedness is outstanding on the date of determination, as if such Incurrence, and the application of the proceeds thereof, repayment or redemption occurred on
the first day of such Four-Quarter Period; and 
 (2) any Asset Sale Transaction or Asset Acquisition by such
Person or any of its Subsidiaries (Restricted Subsidiaries in the case of the Company), including any Asset Sale or Asset Acquisition giving rise to the need to make such determination, occurring during the Four-Quarter Period or at any time
subsequent to the last day of the Four-Quarter Period and prior to or on such date of determination, as if such Asset Sale Transaction or Asset Acquisition occurred on the first day of the Four-Quarter Period. 

For purposes of making such pro forma computation, the amount of Indebtedness under any revolving credit facility will be computed
based on: 
 (a) the average daily balance of such Indebtedness during such Four-Quarter Period; or 

(b) if such facility was created after the end of such Four-Quarter Period, the average daily balance of such Indebtedness
during the period from the date of creation of such facility to the date of such calculation, 
 in each case giving pro forma effect to
any borrowings related to any transaction referred to in clause (2) above. 
 “Non-Guarantor Restricted
Subsidiary” means (1) any Restricted Subsidiary of the Company incorporated or organized in French Guiana, Guadeloupe or Martinique, and 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, Adcon S.A., a
sociedad anónima organized and existing under the laws of Argentina, Compañía de Inversiones Inmobiliarias (C.I.I.) S.A., a sociedad anónima organized and existing under the laws of Argentina, Arcos de
Viña, S.A., a sociedad anónima organized and existing under the laws of Chile, Arcos Dorados Paisas, Ltda., 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, Operaciones Arcos Dorados de Perú, S.A., a sociedad anónima organized and existing under the laws of Peru and Bohemia
Corp. S.A., a sociedad anónima organized and existing under the laws of Peru, and any subsidiary thereto, so long as such Restricted Subsidiary and any such entity is prevented by local law or the existence of minority shareholders
from guaranteeing the Notes, and (2) any other Restricted Subsidiaries designated pursuant to the terms of the Indenture by the Company as a Non-Guarantor Restricted Subsidiary because such Subsidiary is prevented by local law or the existence
of minority shareholders from guaranteeing the Notes; provided that in no event shall a Non-Guarantor Restricted Subsidiary be a Significant Subsidiary. For the avoidance of 

  
 21 

 
doubt, all Non-Guarantor Restricted Subsidiaries shall be Restricted Subsidiaries under the Indenture. 
 “Non-U.S. Person” means a person who is not a U.S. person, as defined in Regulation S. 
 “Note Custodian” means the custodian with respect to any Global Note appointed by DTC, or any successor Person thereto, and shall initially be the Trustee. 

“Note Register” has the meaning assigned to it in Section 2.3(a). 

“Notes” means, collectively, the Initial Notes and any Additional Notes issued under this Indenture. 

“Obligations” means, with respect to any Indebtedness, any principal, interest (including, without limitation,
Post-Petition Interest), premium, Additional Amounts, penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness, including in the case of the Notes and the
Subsidiary Guarantees, the Indenture. 
 “Offering Memorandum” means the Company’s offering memorandum
dated September 24, 2009, used in connection with the Original Offering of Notes. 
 “Officer” means, when
used in connection with any action to be taken by the Company or Subsidiary, the Chairman of the Board, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Director of Corporate Finance, the Chief Legal
Officer, the Treasurer or any Assistant Treasurer and the Secretary or any Assistant Secretary (or, in each case, the officers of the Company with equivalent positions). 
 “Officers’ Certificate” means, when used in connection with any action to be taken by the Company or Subsidiary, a certificate signed by two Officers of the Company or such
Subsidiary, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may
be an employee of or counsel for the Company (except as otherwise provided in this Indenture), obtained at the expense of the Company, a Surviving Entity or a Restricted Subsidiary, and who is reasonably acceptable to the Trustee. 

“Original Offering of Notes” means the original private offering of the Initial Notes, which were issued on the Issue
Date. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and
delivered under this Indenture, except: 
 (1) Notes theretofore canceled by the Trustee or delivered to
the Trustee for cancellation; 

  
 22 

 (2) Notes, or portions thereof, for the payment, redemption or, in the case
of an Asset Sale Offer or Change of Control Offer, purchase of, which money in the necessary amount has been theretofor deposited with the Trustee or any Paying Agent (other than the Company or an Affiliate of the Company) in trust or set aside and
segregated in trust by the Company or an Affiliate of the Company (if the Company or such Affiliate of the Company is acting as Paying Agent) for the Holders of such Notes; provided that, if Notes (or portions thereof) are to be redeemed or
purchased, notice of such redemption or purchase has been duly given pursuant to this Indenture or provision therefor reasonably satisfactory to the Trustee has been made; 

(3) Notes which have been surrendered pursuant to Section 2.10 or in exchange for or in lieu of which other
Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose
hands such Notes are valid obligations of the Company; and 
 (4) solely to the extent provided in Article VIII,
Notes which are subject to Legal Defeasance or Covenant Defeasance as provided in Article VIII; 
 provided, however, that in determining
whether the Holders of the requisite aggregate principal amount of the Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other obligor under the Notes
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

“Parent” means Arcos Dorados Limited, a company organized under the laws of the British Virgin Islands. 

“Paying Agent” has the meaning assigned to it in Section 2.3(a). 

“Permitted Business” means the business or businesses conducted by the Company and its Restricted Subsidiaries as of the
Issue Date and any business ancillary or complementary thereto. 
 “Permitted Holders” means (1) Woods W.
Staton and any Related Party of Mr. Staton and (2) any Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the beneficial interests in which) are owned directly or indirectly 51% or more by Persons
specified in clause (1). 
 “Permitted Indebtedness” has the meaning set forth under
Section 3.8(b). 

  
 23 

 “Permitted Investments” means: 

(1) Investments by the Company or any Restricted Subsidiary in any Person that is, or that result in any Person becoming,
immediately after such Investment, a Restricted Subsidiary (other than a Venezuelan Subsidiary) or constituting a merger or consolidation of such Person into the Company or with or into a Restricted Subsidiary (other than a Venezuelan Subsidiary);
provided that such Person is engaged solely in a Permitted Business; 
 (2) Investments by any Restricted
Subsidiary in the Company; 
 (3) Investments in cash and Cash Equivalents; 

(4) Investments in existence on the Issue Date; 

(5) any extension, modification or renewal of any Investments existing as of the Issue Date (but not Investments involving
additional advances, contributions or other investments of cash or property or other increases thereof, other than as a result of the accrual or accretion of interest or original issue discount or payment-in-kind pursuant to the terms of such
Investment as of the Issue Date); 
 (6) Investments permitted pursuant to Section 3.14(b)(ii);
Section 3.14(b)(v), Section 3.14(b)(viii) or Section 3.14(b)(x); 
 (7)
Investments received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other resolution of claims or disputes, and, in each case, extensions, modifications and renewals thereof; 

(8) Investments made by the Company or its Restricted Subsidiaries as a result of non-cash consideration permitted to be
received in connection with an Asset Sale made in compliance with the covenant described under Section 3.10; 
 (9) Investments in the form of Hedging Obligations permitted under Section 3.8(b)(iii); 
 (10) receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided
that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances and that are consistent with industry practice; 

(11) Investments arising as a result of any Permitted Receivables Financing; 

(12) any Investment acquired solely in exchange for Qualified Capital Stock of the Company; 

(13) Investments by the Company or any Restricted Subsidiary (other than a Venezuelan Subsidiary) in any Venezuelan
Subsidiary (A) in the form of intercompany 

  
 24 

 
Indebtedness permitted under Section 3.8(b)(iv)(2) and (B) other Investments; provided that such Venezuelan Subsidiary is engaged solely in a Permitted Business and the
aggregate amount of such other Investments do not exceed U.S.$25,000,000 in any fiscal year of the Company; 

(14) payroll, travel, moving and other loans or advances to, or Guarantees issued to support the obligations of, officers
and employees, in each case in the ordinary course of business; 
 (15) extensions of credit and prepayment of
expenses to customers, suppliers, utility providers, licensees, franchisees and other trade creditors in the ordinary course of business consistent with past practice; 

(16) any Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or
related activities arising in the ordinary course of business consistent with past practice; 
 (17) Investments
in the nature of deposits with respect to leases provided to third parties in the ordinary course of business; 

(18) Investments in negotiable instruments received in the ordinary course and held for collection; 

(19) Investments by the Company or any of its Restricted Subsidiaries, together with all other Investments pursuant to
this clause (19), in an aggregate amount at the time of such Investment not to exceed the greater of U.S.$30,000,000 and 2.5% of Total Assets of the Company at the time of Investment (or the equivalent in other currencies), outstanding at any
one time (with the Fair Market Value of each such Investment being measured at the time made and without giving effect to subsequent changes in value); provided that any Person in which such Investments are made is engaged solely in a
Permitted Business. 
 “Permitted Liens” means any of the following Liens: 

(1) (a) Liens existing on the Issue Date and any extension, renewal or replacement thereof, other than any Liens created
pursuant to the Credit Agreement, and (b) Liens existing on the Issue Date created pursuant to the Credit Agreement, provided that such Liens created pursuant to the Credit Agreement must be extinguished within 30 days following the
Issue Date; 
 (2) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers,
materialmen, repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP
shall have been made in respect thereof; 
 (3) (a) licenses, sublicenses, leases or subleases granted by the
Company or any of its Restricted Subsidiaries to other Persons not materially interfering with the 

  
 25 

 
conduct of the business of the Company or any of its Restricted Subsidiaries and (b) any interest or title of a lessor, sublessor or licensor under any lease or license agreement permitted
by the Indenture to which the Company or any Restricted Subsidiary is a party; 
 (4) Liens Incurred or deposits
made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with
past practice in connection therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, customs duties, bids, leases, government performance and return-of-money bonds and other similar obligations (exclusive
of obligations for the payment of borrowed money); 
 (5) Liens upon specific items of inventory or other goods
and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(6) Liens on patents, trademarks, service marks, trade names, copyrights, technology, know-how and processes to the extent
such Liens arise from the granting of license to use such patents, trademarks, service marks, trade names, copyrights, technology, know-how and processes to any Person in the ordinary course of business of the Company or any of its Restricted
Subsidiaries; 
 (7) Liens securing reimbursement obligations with respect to commercial letters of credit which
encumber documents and other property relating to such letters of credit and products and proceeds thereof; 

(8) Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty
requirements of the Company or a Restricted Subsidiary, including rights of offset and set-off; 
 (9) Liens for
taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings, provided that appropriate reserves required pursuant to GAAP have been made
in respect thereof; 
 (10) encumbrances, ground leases, easements or reservations of, or rights of others for,
licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar
encumbrances) as to the use of real properties or liens incidental to the conduct of the business of such Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of such Person; 
 (11) deposits in the ordinary
course of business securing liability for reimbursement obligations of insurance carriers providing insurance to the Company or its Restricted Subsidiaries and any Liens thereon; 

  
 26 

 (12) judgment Liens not giving rise to an Event of Default so long as such
Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceeding may be initiated has not expired;

 (13) Liens arising solely by virtue of any statutory or common law provisions relating to banker’s Liens,
rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; 
 (14) Liens securing Hedging Obligations; 
 (15) Liens to secure any
Refinancing Indebtedness which is Incurred to Refinance any Indebtedness below which has been secured by a Lien permitted under the covenant described under Section 3.13 not incurred pursuant to clause (18) or (20) and which
Indebtedness has been Incurred in accordance with Section 3.8; provided that such new Liens: 

(a) are no less favorable to the Holders of Notes and are not more favorable to the lienholders with respect to such Liens
than the Liens in respect of the Indebtedness being Refinanced; and 
 (b) do not extend to any property or
assets other than the property or assets securing the Indebtedness Refinanced by such Refinancing Indebtedness; 

(16) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another
Restricting Subsidiary and permitted to be Incurred under the Indenture; 
 (17) Liens securing Acquired
Indebtedness Incurred in accordance with Section 3.8 not incurred in connection with, or in anticipation or contemplation of, the relevant acquisition, merger or consolidation; provided that 

(a) such Liens secured such Acquired Indebtedness at the time of and prior to the Incurrence of such Acquired Indebtedness
by the Company or a Restricted Subsidiary and were not granted in connection with, or in anticipation of the Incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary; and 

(b) such Liens do not extend to or cover any property of the Company or any Restricted Subsidiary other than the property
that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary and are no more favorable to the lienholders than the Liens securing the Acquired Indebtedness prior to
the Incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary; 

  
 27 

 (18) purchase money Liens securing Purchase Money Indebtedness or
Capitalized Lease Obligations Incurred to finance the acquisition or leasing of property of the Company or a Restricted Subsidiary used in a Permitted Business; provided that: 

(a) the related Purchase Money Indebtedness does not exceed the cost of such property and will not be secured by any
property of the Company or any Restricted Subsidiary other than the property so acquired; and 
 (b) the Lien
securing such Indebtedness will be created within 365 days of such acquisition; 
 (19) Liens arising under
any Permitted Receivables Financing; 
 (20) Liens securing an amount of Indebtedness outstanding at any one time
not to exceed the greater of (a) U.S.$50,000,000 (or the equivalent in other currencies) or (b) 7.5% of Consolidated Tangible Assets; 
 (21) Liens on the Capital Stock of Unrestricted Subsidiaries; 

(22) Liens under the L/C Documents; 

(23) Liens in favor of McDonald’s Latin America created pursuant to the McDonald’s Security Documents and the
McDonald’s Mortgages; and 
 (24) the interest of McDonald’s Latin America, as franchisor under the
Franchise Documents. 
 “Permitted Receivables Financing” means any receivables financing facility or
arrangement pursuant to which a Securitization Subsidiary purchases or otherwise acquires Accounts Receivable of the Company or any Restricted Subsidiaries and enters into a third party financing thereof on terms that the Board of Directors has
concluded are customary and market terms fair to the Company and its Restricted Subsidiaries. 
 “Person” means
an individual, partnership, limited partnership, corporation, company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

“Post-Petition Interest” means all interest accrued or accruing after the commencement of any insolvency or liquidation
proceeding (and interest that would accrue but for the commencement of any insolvency or liquidation proceeding) in accordance with and at the contract rate (including, without limitation, any rate applicable upon default) specified in the agreement
or instrument creating, evidencing or governing any Indebtedness, whether or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a claim in such insolvency or liquidation proceeding. 

“Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights over
any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 

  
 28 

 “Private Placement Legend” has the meaning assigned to it in
Section 2.8(b). 
 “Purchase Money Indebtedness” means Indebtedness Incurred for the purpose of
financing all or any part of the purchase price, or other cost of construction or improvement of any property; provided that the aggregate principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such
property or such purchase price or cost, including any Refinancing of such Indebtedness that does not increase the aggregate principal amount (or accreted amount, if less) thereof as of the date of the Refinancing. 

“Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock and any warrants, rights or
options to purchase or acquire Capital Stock that is not Disqualified Capital Stock that are not convertible into or exchangeable into Disqualified Capital Stock. 
 “QIB” means any “qualified institutional buyer” (as defined in Rule 144A). 
 “Record Date” has the meaning assigned to it in the Form of Face of Note contained in Exhibit A. 
 “Redemption Date” means, with respect to any redemption of Notes, the date fixed for such redemption pursuant to this Indenture and the Notes. 

“Refinance” means, in respect of any Indebtedness, to issue any Indebtedness in exchange for or to refinance, replace,
defease or refund such Indebtedness in whole or in part. “Refinanced” and “Refinancing” have correlative meanings. 
 “Refinancing Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary issued to Refinance any other Indebtedness of the Company or a Restricted Subsidiary so long as:

 (1) the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of
the date of such proposed Refinancing does not exceed the aggregate principal amount (or initial accreted value, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the
instrument governing such Indebtedness and the amount of reasonable expenses incurred by the Company in connection with such Refinancing); 
 (2) such new Indebtedness has: 
 (a) a Weighted Average Life to
Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced; and 
 (b) a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced; and 
 (3) if the Indebtedness being Refinanced is: 

  
 29 

 (a) Indebtedness of the Company, then such Refinancing Indebtedness will be
Indebtedness of the Company; 
 (b) Indebtedness of a Restricted Subsidiary, then such Refinancing Indebtedness
will be Indebtedness of the Company and/or such Restricted Subsidiary; and 
 (c) Subordinated Indebtedness, then
such Refinancing Indebtedness will be subordinate to the Notes or any relevant Subsidiary Guarantee, if applicable, at least to the same extent and in the same manner as the Indebtedness being Refinanced. 

“Registrar” has the meaning assigned to it in Section 2.3(a). 

“Regulation S” means Regulation S under the Securities Act or any successor regulation. 

“Regulation S Global Note” has the meaning assigned to it in Section 2.1(e). 

“Related Party” means, with respect to any Person, (1) any Subsidiary, spouse, descendant or other immediate family
member (which includes any child, stepchild, parent, stepparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law) (in the case of an individual), of such Person, (2) any estate, trust,
corporation, partnership or other entity, the beneficiaries and stockholders, partners or owners of which consist solely of one or more Permitted Holders referred to in clause (1) of the definition thereof and /or such other Persons referred to
in the immediately preceding clause (1), or (3) any executor, administrator, trustee, manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause (2), acting solely in such capacity. 

“Restricted Payment” has the meaning set forth under Section 3.9. 

“Restricted Subsidiary” means any Subsidiary of the Company which at the time of determination is not an Unrestricted
Subsidiary. 
 “Reversion Date” has the meaning set forth under Section 3.20(b). 

“Resale Restriction Termination Date” means, for any Restricted Note (or beneficial interest therein), one year (or such
other period specified in Rule 144(k)) from the Issue Date or, if any Additional Notes that are Restricted Notes have been issued before the Resale Restriction Termination Date for any Restricted Notes, from the latest such original issue date
of such Additional Notes. 
 “Restricted Note” means any Initial Note (or beneficial interest therein) or any
Additional Note (or beneficial interest therein), until such time as: 
 (1) the Resale Restriction Termination
Date therefor has passed; 

  
 30 

 (2) such Note is a Regulation S Global Note and the Distribution
Compliance Period therefor has terminated; or 
 (3) the Private Placement Legend therefor has otherwise been
removed pursuant to Section 2.9(d) or, in the case of a beneficial interest in a Global Note, such beneficial interest has been exchanged for an interest in a Global Note not bearing a Private Placement Legend. 

“Revocation” has the meaning assigned to it in Section 3.11(c). 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

“Rule 144A” means Rule 144A under the Securities Act (or any successor rule). 

“Rule 144A Global Note” has the meaning assigned to it in Section 2.1(d). 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Special Record Date” has the meaning assigned to it in Section 2.13(a). 

“Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is
a party providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Company
or such Restricted Subsidiary to such Person or to any other Person by whom funds have been or are to be advanced on the security of such Property. 
 “S&P” means Standard & Poor’s Rating Service or any successor thereto. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Secured Restricted Real Estate” means the real estate listed on Schedule XVI to the Credit Agreement. 

“Securitization Subsidiary” means a Subsidiary of the Company: 

(1) that is designated a “Securitization Subsidiary” by the Board of Directors; 

(2) that does not engage in, and whose charter prohibits it from engaging in, any activities other than Permitted
Receivables Financings and any activity necessary, incidental or related thereto; 
 (3) no portion of the
Indebtedness or any other obligation, contingent or otherwise, of which 
 (a) is Guaranteed by the Company or
any Restricted Subsidiary of the Company, 

  
 31 

 (b) is recourse to or obligates the Company or any Restricted Subsidiary of
the Company in any way, or 
 (c) subjects any property or asset of the Company or any Restricted Subsidiary of
the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof; and 
 (4) with
respect to which neither the Company nor any Restricted Subsidiary of the Company (other than an Unrestricted Subsidiary) has any obligation to maintain or preserve such its financial condition or cause it to achieve certain levels of operating
results 
 other than, in respect of clauses (3) and (4), pursuant to customary representations, warranties, covenants and indemnities
entered into in connection with a Permitted Receivables Financing. 
 “Senior Indebtedness” means the Notes and
the Subsidiary Guarantees and any other Indebtedness of the Company or any Restricted Subsidiary that ranks equal in right of payment with the Notes or the relevant Subsidiary Guarantee, as the case may be. 

“Significant Subsidiary” means a Restricted Subsidiary of the Company that would constitute a “Significant
Subsidiary” of the Company in accordance with Rule 1-02 under Regulation S-X under the Securities Act in effect on the Issue Date. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable,
including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred).

 “Subordinated Indebtedness” means, with respect to the Company or any Restricted Subsidiary, any
Indebtedness of the Company or such Restricted Subsidiary, as the case may be, which is expressly subordinated in right of payment to the Notes or the relevant Subsidiary Guarantee, as the case may be. 

“Subsidiary” means, with respect to any Person, any other Person of which such Person owns, directly or indirectly, more
than 50% of the voting power of the other Person’s outstanding Voting Stock. 
 “Subsidiary Guarantee”
means the unconditional guarantee, on a joint and several basis, of the full and prompt payment of all Obligations of the Company under this Indenture and the Notes, in accordance with the terms of Article X. 

“Subsidiary Guarantor” means the Subsidiaries signatories to this Indenture on the Issue Date and any that execute
Supplemental Indentures hereto after the Issue Date. 
 “Surviving Entity” has the meaning set forth under
Section 4.1(a). 
 “Suspended Covenants” has the meaning set forth under Section 3.20(a).

  
 32 

 “Suspension Period” has the meaning set forth under Section 3.20(c).

 “Total Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries, as shown
on the most recent balance sheet of the Company provided to the Trustee pursuant to Section 3.16 (or required to be provided thereunder), calculated on a pro forma basis to give effect to any acquisition or disposition of companies,
divisions, lines of businesses or operations by the Company and its Restricted Subsidiaries subsequent to such date and on or prior to the date of determination. 
 “Transfer Agent” has the meaning assigned to it in Section 2.3(a). 
 “Transparency Directive” has the meaning assigned to it in Section 3.17. 
 “Trustee” means the party named as such in the introductory paragraph of this Indenture until a successor replaces it in accordance with the terms of this Indenture and, thereafter, means
the successor. 
 “Trust Officer” means, when used with respect to the Trustee, any officer within the
corporate trust department (or any successor group of the Trustee) of the Trustee, having direct responsibility for the administration of this Indenture or to whom any corporate trust matter is referred because of such person’s knowledge of and
familiarity with the particular subject. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company
Designated as an Unrestricted Subsidiary pursuant to Section 3.11. Any such Designation may be revoked by a Board Resolution of the Company, subject to the provisions of such covenant. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such
obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the
issuer’s option. 
 “U.S. Dollars” or “U.S.$” means such coin or currency of the United
States of America as at the time of payment shall be legal tender for the payment of public and private debts. 

“Venezuelan Subsidiary” means any direct or indirect Subsidiary of the Company that generates more than 50% of its
revenues or holds more than 50% of its total assets in Venezuela. 
 “Voting Stock” means, with respect to any
Person, securities of any class of Capital Stock of such Person then outstanding and normally entitled to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. The term “normally entitled”
means without regard to any contingency. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness at any date, the number of years (calculated to the nearest one-twelfth) obtained by dividing: 

  
 33 

 (1) the then outstanding aggregate principal amount or liquidation
preference, as the case may be, of such Indebtedness into 
 (2) the sum of the products obtained by multiplying:

 (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of
principal or liquidation preference, as the case may be, including payment at final maturity, in respect thereof, by 
 (b) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. 

Section 1.2 Rules of Construction. Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) “including” means including without limitation; 

(5) words in the singular include the plural and words in the plural include the singular; 

(6) references to the payment of principal of the Notes shall include applicable premium, if any; 

(7) references to payments on the Notes shall include Additional Amounts payable on the Notes, if any; 

(8) all references to Sections or Articles refer to Sections or Articles of this Indenture; 

(9) references to any law are to be construed as including all statutory and regulatory provisions or rules consolidating,
amending, replacing, supplementing or implementing such law; and 
 (10) the term “obligor,”
when used with respect to the Notes, means the Company and any other obligor as of the date of this Indenture. 

  
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 ARTICLE II 
 THE NOTES 
 Section 2.1 Form and Dating. 

(a) The Initial Notes are being originally issued by the Company on the Issue Date. The Notes shall be issued in fully registered
certificated global form without coupon, and in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. The Notes and the certificate of authentication shall be substantially in the form of
Exhibit A. 
 (b) The terms and provisions of the Notes, the form of which is in Exhibit A, shall
constitute, and are hereby expressly made, a part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture expressly agree to such terms and provisions and to be bound thereby.
Except as otherwise expressly permitted in this Indenture, all Notes shall be identical in all respects. Notwithstanding any differences among them, all Notes issued under this Indenture shall vote and consent together on all matters as one class.

 (c) The Notes may have notations, legends or endorsements as specified in Section 2.8 or as otherwise required by
law, stock exchange rule or DTC rule or usage. The Company and the Trustee shall approve the form of the Notes and any notation, legend or endorsement on them. Each Note shall be dated the date of its authentication. 

(d) Notes originally offered and sold to QIBs in reliance on Rule 144A shall be represented by a single permanent global certificate
(which may be subdivided) without interest coupons (each, a “Rule 144A Global Note”). 
 (e) Notes
originally offered and sold outside the United States of America in reliance on Regulation S shall be represented by a single permanent global certificate (which may be subdivided) without interest coupons (each, a “Regulation S Global
Note”). 
 Section 2.2 Execution and Authentication. 

(a) An Officer shall sign the Notes for the Company by manual or facsimile signature. If an Officer whose signature is on a Note no
longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 (b) A Note
shall not be valid until an authorized signatory of the Trustee manually authenticates the Note. The signature of the Trustee on the certificate of authentication on a Note shall be conclusive evidence that such Note has been duly and validly
authenticated and issued under this Indenture. 
 (c) At any time and from time to time after the execution and delivery of this
Indenture, the Trustee shall authenticate and make available for delivery Notes upon a written order of the Company signed by an Officer of the Company (the “Company Order”). A

  
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Company Order shall specify the amount of the Notes to be authenticated and the date on which such original issue of Notes is to be authenticated. 

(d) The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company to authenticate
the Notes. Unless limited by the terms of such appointment, any such Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by the
Authenticating Agent. 
 (e) In case a Surviving Entity has executed an indenture supplemental hereto with the Trustee pursuant
to Article IV, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the request of the Surviving Entity, be exchanged for other Notes executed in the name of the Surviving Entity with such changes
in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Company Order of the Surviving Entity, shall authenticate and deliver Notes as
specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a Surviving Entity pursuant to this Section 2.2 in exchange or substitution for or upon registration
of transfer of any Notes, such Surviving Entity, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new name. 

Section 2.3 Registrar, Transfer Agent and Paying Agent. 

(a) The Company shall maintain an office or agency in the Borough of Manhattan, City of New York, and, as long as the Notes are listed on
the Luxembourg Stock Exchange for trading on the Euro MTF Market, and the rules of such Exchange so require, in Luxembourg (which office or agency may be, in the case of presentment or surrender of the Notes for registration of transfer or for
exchange and presentment for payment, the Corporate Trust Office of the Trustee or an Affiliate of the Trustee), where Notes may be presented or surrendered for registration of transfer or for exchange (the “Registrar” and
“Transfer Agent,” respectively) and where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange (the “Note
Register”). The Company may have one or more co-Registrars and one or more additional paying agents or transfer agents. The terms “Paying Agent” and “Transfer Agent” include any additional paying agent and any additional
transfer agent, as the case may be. 
 (b) The Company shall enter into an appropriate agency agreement with any Registrar,
Paying Agent or co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of each such agent. If the Company
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Company may act as Paying Agent, Registrar, co-Registrar or transfer
agent. 
 (c) The Company initially appoints the Corporate Trust Office as Registrar, Paying Agent and Transfer Agent (and the
Corporate Trust Office hereby accepts such 

  
 36 

 
appointment), until such time as another Person is appointed as such, and Dexia Banque Internationale à Luxembourg, société anonyme, as Luxembourg Paying Agent (and Dexia
Banque Internationale à Luxembourg, société anonyme, hereby accepts such appointment), until such time as another Person is appointed as such. 
 (d) The Company shall, to the extent permitted by law, ensure that it maintains a Paying Agent in a Member State of the European Union that is not obliged to withhold or deduct tax pursuant to European
Council Directive 2003/48/EC or any other Directive implementing the conclusions of the European Union Council of Economic and Finance (“ECOFIN”) council meeting of November 26-27, 2000 on the taxation of savings income or any
law implementing or complying with, or introduced in order to conform to, such Directive. 
 (e) The Company may change the
Registrar, Paying Agent and Transfer Agent without notice to Holders. 
 Section 2.4 Paying Agent to Hold Money in
Trust. The Company shall require each Paying Agent (other than the Trustee) to agree that such Paying Agent shall hold in trust separate and apart from, and not commingle with any other properties, for the benefit of Holders or the Trustee all
money held by such Paying Agent for the payment of principal of or interest on the Notes (whether such money has been distributed to it by the Company or any other obligor of the Notes) in accordance with the terms of this Indenture and shall notify
the Trustee in writing of any Default by the Company or any Subsidiary Guarantor (or any other obligor on the Notes) in making any such payment. If the Company or an Affiliate of the Company or any Subsidiary Guarantor acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by
such Paying Agent. The Paying Agent shall not hold any money under this Indenture in the Netherlands, nor will the Paying Agent under this Indenture be a Netherlands entity at any time. Upon complying with this Section 2.4, the
Paying Agent (if other than the Company) shall have no further liability for the money delivered to the Trustee. Upon any proceeding under any Bankruptcy Law with respect to the Company or any Affiliate of the Company or any Subsidiary Guarantor, if
the Company, a Subsidiary Guarantor or such Affiliate, is then acting as Paying Agent, the Trustee shall replace the Company, such Subsidiary Guarantor or such Affiliate as Paying Agent. 

The receipt by the Paying Agent or the Trustee from the Company of each payment of principal, interest and/or other amounts due in
respect of the Notes in the manner specified herein and on the date on which such amount of principal, interest and/or other amounts are then due, shall satisfy the obligations of the Company herein and under the Notes to make such payment to the
Holders on the due date thereof; provided, however, that the liability of any Paying Agent hereunder shall not exceed any amounts paid to it by the Company, or held by it, on behalf of the Holders under this Indenture. Notwithstanding the
preceding sentence or any other provision of this Indenture to the contrary, the Company shall indemnify the Holders in the event that there is subsequent failure by the Trustee or any Paying Agent to pay any amount due in respect of the Notes in
accordance with the Notes and this Indenture as shall result in the 

  
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receipt by the Holders of such amounts as would have been received by them had no such failure occurred. 
 Section 2.5 CUSIP and ISIN Numbers. In issuing the Notes, the Company may use CUSIP and ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP and ISIN numbers in
notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any
initial CUSIP and/or ISIN numbers and any change in the CUSIP or ISIN numbers. 
 Section 2.6 Holder Lists. The
Registrar shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least
seven Business Days before each Interest Payment Date and at such other times as the Trustee may reasonably request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders.

 Section 2.7 Global Note Provisions. 
 (a) Each Global Note initially shall: (i) be registered in the name of DTC or the nominee of DTC; (ii) be delivered to the Note Custodian; and (iii) bear the appropriate legend, as set
forth in Section 2.8 and Exhibit A. Any Global Note may be represented by more than one certificate. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on
the records of the Note Custodian, as provided in this Indenture. 
 (b) Members of, or participants in, DTC (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Note Custodian under such Global Note, and DTC may be treated by the Company, the Trustee, the Paying Agent and the
Registrar and any of their agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent or the Registrar or any of their agents
from giving effect to any written certification, proxy or other authorization furnished by DTC. The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests
through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 
 (c) Except as
provided below, owners of beneficial interests in Global Notes shall not be entitled to receive Certificated Notes. Global Notes shall be exchangeable for Certificated Notes only in the following limited circumstances: 

(i) DTC notifies the Company that it is unwilling or unable to continue as depositary for such Global Note or DTC ceases
to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in 

  
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order to act as depositary, and in each case a successor depositary is not appointed by the Company within 90 days of such notice; 

(ii) the Company executes and delivers to the Trustee and Registrar an Officers’ Certificate stating that such Global
Note shall be so exchangeable; or 
 (iii) an Event of Default has occurred and is continuing with respect to the
Notes. 
 In connection with the exchange of an entire Global Note for Certificated Notes pursuant to this Section 2.7(c), such
Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon Company Order the Trustee shall authenticate and deliver, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of Certificated Notes of authorized denominations. 

Section 2.8 Legends. 
 (a) Each Global Note shall bear the legend specified therefor in Exhibit A on the face thereof. 
 (b) Each Restricted Note shall bear the private placement legend specified therefor in Exhibit A on the face thereof (the “Private Placement Legend”). 

Section 2.9 Transfer and Exchange. 
 The following provisions shall apply with respect to any proposed transfer of an interest in a Rule 144A Global Note that is a Restricted Note: 

(a) If (1) the owner of a beneficial interest in a Rule 144A Global Note wishes to transfer such interest (or portion thereof)
to a Non-U.S. Person pursuant to Regulation S and (2) such Non-U.S. Person wishes to hold its interest in the Notes through a beneficial interest in the Regulation S Global Note, subject to the rules and procedures of DTC, upon
receipt by the Note Custodian and Registrar of: 
 (i) instructions from the Holder of the Rule 144A Global
Note directing the Note Custodian and Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Note equal to the principal amount of the beneficial interest in the Rule 144A Global Note to be
transferred; and 
 (ii) a certificate in the form of Exhibit C from the transferor, 

the Note Custodian and Registrar shall increase the Regulation S Global Note and decrease the Rule 144A Global Note by such amount in accordance
with the foregoing. 
 (b) If the owner of a beneficial interest in a Regulation S Global Note wishes to transfer such
interest (or any portion thereof) to a QIB pursuant to Rule 144A prior to the 

  
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expiration of the Distribution Compliance Period therefor, subject to the rules and procedures of DTC, upon receipt by the Note Custodian and Registrar of: 

(i) instructions from the Holder of the Regulation S Global Note directing the Note Custodian and Registrar to credit
or cause to be credited a beneficial interest in the Rule 144A Global Note equal to the principal amount of the beneficial interest in the Regulation S Global Note to be transferred; and 

(ii) a certificate in the form of Exhibit B duly executed by the transferor, 

the Note Custodian and Registrar shall increase the Rule 144A Global Note and decrease the Regulation S Global Note by such amount in
accordance with the foregoing. 
 (c) Other Transfers. Any transfer of Restricted Notes not described in
Section 2.9 (other than a transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a Certificated Note or a beneficial interest in another Global Note, which must be effected in accordance
with applicable law and the rules and procedures of DTC, but is not subject to any procedure required by this Indenture) shall be made only upon receipt by the Company, the Trustee and the Registrar of such Opinions of Counsel, certificates and/or
other information reasonably required by and satisfactory to it in order to ensure compliance with the Securities Act or in accordance with Section 2.9(d). 
 (d) Use and Removal of Private Placement Legends. Upon the registration of transfer, exchange or replacement of Notes (or beneficial interests in a Global Note) not bearing (or not required to bear
upon such registration of transfer, exchange or replacement) a Private Placement Legend, the Note Custodian and Registrar shall exchange such Notes (or beneficial interests) for beneficial interests in a Global Note (or Certificated Notes if they
have been issued pursuant to Section 2.7(c)) that does not bear a Private Placement Legend. Upon the transfer, exchange or replacement of Notes (or beneficial interests in a Global Note) bearing a Private Placement Legend, the Note
Custodian and Registrar shall deliver only Notes (or beneficial interests in a Global Note) that bear a Private Placement Legend unless: 
 (i) such Notes (or beneficial interests) are transferred pursuant to Rule 144 upon delivery to the Registrar of a certificate of the transferor in the form of Exhibit D and an Opinion of
Counsel reasonably satisfactory to the Registrar; 
 (ii) such Notes (or beneficial interests) are transferred,
replaced or exchanged after the Resale Restriction Termination Date therefor; 
 (iii) a transfer of such Notes
is made pursuant to an effective Shelf Registration Statement, in which case the Private Placement Legend shall be removed from such Note so transferred at the request of the Holder; or 

(iv) in connection with such registration of transfer, exchange or replacement the Registrar shall have received an
Opinion of Counsel addressed to it, the Trustee and the Company and other evidence reasonably satisfactory to it to the effect 

  
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that neither such Private Placement Legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 

The Private Placement Legend on any Note shall be removed at the request of the Holder on or after the Resale Restriction Termination Date therefor. The
Holder of a Global Note may exchange an interest therein for an equivalent interest in a Global Note not bearing a Private Placement Legend (other than a Regulation S Global Note) upon transfer of such interest pursuant to any of clauses (i)
through (iv) of this Section 2.9(d). 
 (e) Consolidation of Global Notes. Nothing in this Indenture
shall provide for the consolidation of any Notes with any other Notes unless they constitute, as determined pursuant to an Opinion of Counsel, the same classes of securities for U.S. federal income tax purposes. 

(f) Retention of Documents. The Registrar shall retain copies of all letters, notices and other written communications received
pursuant to this Article II. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

 (g) Execution, Authentication of Notes, etc. 

(i) Subject to the other provisions of this Section 2.9 when Notes are presented to the Registrar or a
co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as
requested if its requirements for such transaction are met; provided that any Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form
satisfactory to the Company and to the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. To permit registrations of transfers and exchanges and subject to the other terms and conditions of
this Article II, the Company shall execute and upon Company Order the Trustee shall authenticate Certificated Notes and Global Notes at the Registrar’s or co-Registrar’s request. 

(ii) No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company, the
Registrar, or the Trustee may require payment of a sum sufficient to cover any transfer tax, assessment, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges
payable upon exchange or transfer pursuant to Section 3.7 or Section 3.10). 
 (iii) The
Registrar or co-Registrar shall not be required to register the transfer of or exchange of any Note for a period beginning: (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business
on the day of such mailing; or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date. 

  
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 (iv) Prior to the due presentation for registration of transfer of any Note,
the Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar shall be affected by notice to the contrary. 

(v) All Notes issued upon any registration of transfer or exchange pursuant to the terms of this Indenture shall evidence
the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 (vi) The Registrar shall be entitled to request such evidence reasonably satisfactory to it documenting the identity and/or signatures of the transferor and the transferee. 

(h) No Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of an interest in a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of
the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any
notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be
made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be
exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may conclusively rely and shall be fully protected in conclusively relying upon information furnished by DTC with respect to its members, participants and
any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as
to compliance with any restrictions on transfer or exchange imposed under this Indenture or under applicable law with respect to any transfer or exchange of any interest in any Note (including any transfers between or among DTC participants, members
or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the express terms of this Indenture, to
examine the same to determine if it substantially complies on its face as to form with the express requirements hereof, and to notify the party delivering the same if the certificate does not so comply. 

  
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 Section 2.10 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or
wrongfully taken and if the requirements of Section 8-405 of the Uniform Commercial Code of the State of New York are met, the Company shall execute and upon Company Order the Trustee shall authenticate a replacement Note if the Holder
satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an affidavit of loss and indemnity bond sufficient in the judgment of the Company and the Trustee to protect the
Company, the Trustee, the Paying Agent, the Registrar and any co-Registrar from any loss that any of them may suffer if a Note is replaced, and, in the absence of notice to the Company or a Trust Officer of the Trustee that such Note has been
acquired by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code of the State of New York), the Company shall execute and upon Company Order the Trustee shall authenticate and make available for delivery, in
exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously Outstanding. 

(b) Upon the issuance of any new Note under this Section 2.10, the Company, the Trustee and the Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Company’s counsel, the Trustee and its counsel) in connection
therewith. 
 (c) In case any mutilated, destroyed or wrongfully taken Note has become or is about to become due and payable,
the Company may, in its discretion, pay such Notes instead of issuing a new Note in replacement thereof. 
 (d) Every new Note
issued pursuant to this Section 2.10 in exchange for any mutilated Note, or in lieu of any destroyed, lost or stolen Note, shall constitute an original additional contractual obligation of the Company and any other obligor upon the
Notes, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 (e) The provisions of this Section 2.10 shall be exclusive and shall be in lieu of, to the fullest extent permitted by applicable law, all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.11 Temporary Notes. Until
definitive Notes are ready for delivery, the Company may execute and upon Company Order the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company
considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and execute and upon Company Order the Trustee shall authenticate definitive Notes. After the preparation of definitive Notes, the temporary Notes shall
be exchangeable for definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Company for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Notes, the Company shall execute and upon Company Order the Trustee shall authenticate and make available for 

  
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delivery in exchange therefor one or more definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to
the same benefits under this Indenture as a Holder of definitive Notes. 
 Section 2.12 Cancellation. The Company at
any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and
dispose of cancelled Notes in accordance with its customary procedures or return to the Company all Notes surrendered for registration of transfer, exchange, payment or cancellation. Subject to Section 2.10, the Company may not issue new
Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason other than in connection with a transfer or exchange upon Company Order. 
 Section 2.13 Defaulted Interest. When any installment of interest becomes Defaulted Interest, such installment shall forthwith cease to be payable to the Holders in whose names the Notes were
registered on the Record Date applicable to such installment of interest. Defaulted Interest (including any interest on such Defaulted Interest) may be paid by the Company, at its election, as provided in Section 2.13(a)
or Section 2.13(b). 
 (a) The Company may elect to make payment of any Defaulted Interest (including any interest
on such Defaulted Interest) to the Holders in whose names the Notes are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special Record Date”), which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for
the benefit of the Holders entitled to such Defaulted Interest as provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15
calendar days and not less than ten calendar days prior to the date of the proposed payment and not less than ten calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of
such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent, first-class mail, postage prepaid, to each Holder at
such Holder’s address as it appears in the registration books of the Registrar, not less than ten calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been mailed as aforesaid, such Defaulted Interest shall be paid to the Holders in whose names the Notes are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to
Section 2.13(b). 
 (b) Alternatively, the Company may make payment of any Defaulted Interest (including any
interest on such Defaulted Interest) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the 

  
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Trustee of the proposed payment pursuant to this Section 2.13(b) such manner of payment shall be deemed practicable by the Trustee. 

Section 2.14 Additional Notes. The Company may, from time to time, subject to compliance with any other applicable provisions
of this Indenture, without the consent of the Holders, create and issue pursuant to this Indenture Additional Notes having terms and conditions set forth in Exhibit A identical to those of the Initial Notes, except that Additional Notes:

 (a) may have a different issue price, issue date and, if applicable, date from which the interest shall accrue from the
Initial Notes; 
 (b) may have a different amount of interest payable on the first Interest Payment Date after issuance than is
payable on the Initial Notes; and 
 (c) may have terms specified in the Additional Note Board Resolution or Additional Note
Supplemental Indenture for such Additional Notes making appropriate adjustments to this Article II and Exhibit A (and related definitions) applicable to such Additional Notes in order to conform to and ensure compliance with
the Securities Act (or other applicable securities laws). 
 ARTICLE III 

COVENANTS 

Section 3.1 Payment of Notes. 
 (a) The Company shall pay the principal of and interest (including Defaulted Interest) on the Notes in U.S. Dollars on the dates and in the manner provided in the Notes and in this Indenture. Prior to
11:00 a.m. (New York City time) on the Business Day prior to each Interest Payment Date and the Maturity Date, the Company shall deposit with the Paying Agent in immediately available funds U.S. Dollars sufficient to make cash payments due on
such Interest Payment Date or Maturity Date, as the case may be. If the Company or an Affiliate of the Company is acting as Paying Agent, the Company or such Affiliate shall, prior to 11:00 a.m. (New York City time) on each Interest Payment
Date and the Maturity Date, segregate and hold in trust U.S. Dollars sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. Principal and interest shall be considered paid on the date due if on such
date the Trustee or the Paying Agent (other than the Company or an Affiliate of the Company) holds in accordance with this Indenture U.S. Dollars designated for and sufficient to pay all principal and interest then due and the Trustee or the Paying
Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. Notwithstanding the foregoing, the Company may elect to make the payments of interest by check mailed to the
registered Holders at their registered addresses. 

  
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 (b) If a Holder of Notes in an aggregate principal amount of at least U.S.$1,000,000 has
given wire transfer instructions to the Company, the Company shall make all principal and interest payments on those Notes in accordance with such instructions. 
 (c) Notwithstanding anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the
United States of America from principal or interest payments hereunder. 
 Section 3.2 Maintenance of Office or
Agency. 
 (a) The Company shall maintain each office or agency required under Section 2.3 where Notes may be
presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the
location, and any change in the location, of any such office or agency. 
 (b) The Company may also from time to time designate
one or more other offices or agencies (in or outside of The City of New York) where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in The City of New York or, so long as the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market, and
the rules of such Exchange so require, in Luxembourg, for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency. 

Section 3.3 Corporate Existence. Subject to Article IV, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. 
 Section 3.4 Payment of Taxes.
The Company shall pay or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges (including stamp or other issuance or transfer taxes) or duties levied or imposed upon the
Company or any Restricted Subsidiary or for which it or any of them are otherwise liable, or upon the income, profits or property of the Company or any Restricted Subsidiary, and the Company shall reimburse the Trustee and Holders for any fines,
penalties or other fees they are required to pay as a result of the failure by the Company or any Restricted Subsidiary to pay or discharge any of the abovementioned taxes, assessments and government charges; provided, however, that, other
than with respect to any taxes or duties described herein that would become payable by the Trustee or the Holders in the event the Company or any Restricted Subsidiary fails to pay such taxes or duties, the Company shall not be required to pay or
discharge or cause to be paid or discharged any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith
judgment of management of the Company), are being maintained in accordance with GAAP or where the failure to effect such payment shall not have a material adverse effect upon the financial condition of the Company 

  
 46 

 
and its Subsidiaries, taken as a whole, or on the performance of the Company’s obligations hereunder. 
 Section 3.5 Further Instruments and Acts. The Company and each Subsidiary Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary
or proper or as may be required by applicable law to carry out more effectively the purpose of this Indenture. 

Section 3.6 Waiver of Stay, Extension or Usury Laws. The Company and each Subsidiary Guarantor covenants (to the fullest
extent permitted by applicable law) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the
Company or such Subsidiary Guarantor from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of
this Indenture. The Company and each Subsidiary Guarantor hereby expressly waives (to the fullest extent permitted by applicable law) all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of
any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 3.7 Change of Control. 
 (a) Upon the occurrence of a Change
of Control, the Company shall provide a Change of Control Notice and make an offer to purchase Notes (the “Change of Control Offer”), pursuant to which the Company shall be required, if requested by any Holder, to purchase all or a
portion (in integral multiples of U.S.$1,000, provided that the principal amount of such Holder’s Note shall not be less than U.S.$100,000) of such Holder’s Notes at a purchase price equal to 101% of the principal amount thereof,
plus any accrued and unpaid interest thereon through the purchase date (the “Change of Control Payment”). 

(b) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control
Offer; 
 (ii) deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect
of all Notes or portions thereof so tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the
Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 (c) If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal to the portion thereof not purchased shall be issued in the name of the Holder
thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note shall be made, as 

  
 47 

 
appropriate). Notes (or portions thereof) purchased pursuant to a Change of Control Offer shall be cancelled and cannot be reissued. 

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and
regulations thereunder in connection with the purchase of Notes in connection with a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 3.7, the Company
shall comply with such securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by doing so. 
 (e) The Company shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in compliance with the conditions and requirements of
this Indenture and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (f) The
provisions of this Section 3.7 shall be applicable whether or not any other provisions of this Indenture are applicable. The obligation of the Company to make an offer to purchase the Notes as a result of the occurrence of a Change of
Control may be waived or modified at any time prior to the occurrence of such Change of Control with the written consent of Holders of a majority in principal amount of the Notes. 

Section 3.8 Limitation on Incurrence of Additional Indebtedness. 

(a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any
Indebtedness (including Acquired Indebtedness) except that the Company and its Subsidiary Guarantors may Incur Indebtedness if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and the application of the
net proceeds therefrom, the Net Debt to EBITDA Ratio shall not exceed 2.5 to 1.0. 
 (b) Notwithstanding clause (a) above,
the Company and its Restricted Subsidiaries, as applicable, may, at any time, Incur the following Indebtedness (“Permitted Indebtedness”): 
 (i) Indebtedness in respect of the Notes (excluding Additional Notes) and the Subsidiary Guarantees (including any Additional Notes); 

(ii) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date, other than
Indebtedness otherwise specified under any clause of this definition of Permitted Indebtedness; 
 (iii) Hedging
Obligations entered into by the Company and its Restricted Subsidiaries for bona fide hedging purposes and not for speculative purposes; 
 (iv) intercompany Indebtedness between the Company and any Subsidiary Guarantors or between any Subsidiary Guarantors; provided that: 

(1) in the event that at any time any such Indebtedness ceases to be held by the Company or a Subsidiary Guarantor, such
Indebtedness 

  
 48 

 
will be deemed to be Incurred by the Company or the relevant Subsidiary Guarantor, as the case may be, and not permitted by this clause (iv) at the time such event occurs; and 

(2) if a Venezuelan Subsidiary is the obligor on such Indebtedness and the obligee is not a Venezuelan Subsidiary, such
Indebtedness Incurred may not exceed U.S.$25,000,000 (net of amounts repaid) in the aggregate. 
 (v)
intercompany Indebtedness between the Company or any Subsidiary Guarantor and any Non-Guarantor Restricted Subsidiary, except any Venezuelan Subsidiary, in an aggregate principal amount at any time outstanding not to exceed U.S.$25,000,000;

 (vi) other Subordinated Indebtedness of the Company or any Subsidiary Guarantor in an aggregate principal
amount at any time outstanding not to exceed U.S.$30,000,000; 
 (vii) Indebtedness of the Company or any of its
Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument (including daylight overdrafts paid in full by the close of business on the day such overdraft was Incurred) drawn
against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of Incurrence; 
 (viii) Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of credit for the account of the Company or any Restricted Subsidiary, as the case may be, in order to
provide security for workers’ compensation claims, payment obligations in connection with self-insurance or similar requirements in the ordinary course of business; 

(ix) Indebtedness consisting of letters of credit, banker’s acceptances, performance bonds, appeal bonds, surety
bonds, customs bonds and other similar bonds and reimbursement obligations Incurred by the Company or any Restricted Subsidiary in the ordinary course of business securing the performance of contractual, franchise or license obligations of the
Company or any Restricted Subsidiary (in each case, other than for an obligation for borrowed money); 
 (x)
Indebtedness of the Company or any of its Restricted Subsidiaries to the extent the net proceeds thereof are promptly used to redeem the Notes in full or deposited to defease or discharge the Notes, in each case in accordance with the Indenture;

 (xi) Refinancing Indebtedness in respect of: 

(1) Indebtedness (other than Indebtedness owed to the Company or any Subsidiary of the Company) Incurred pursuant to

  
 49 

 
clause (a) above (it being understood that no Indebtedness outstanding on the Issue Date is Incurred pursuant to such Section 3.8(a)); or 

(2) Indebtedness Incurred pursuant to Section 3.8(b)(i), Section 3.8(b)(ii) (other than
Indebtedness under the Credit Agreement), Section 3.8(b)(xi) and Section 3.8(b)(xv) (excluding Indebtedness owed to the Company or a Subsidiary of the Company); 

(xii) Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred in connection with the disposition of any business, assets or Subsidiary, other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such
business, assets or Subsidiary for the purpose of financing such acquisition; provided that the maximum aggregate liability in respect of all such Indebtedness will at no time exceed the gross proceeds actually received by the Company and the
Restricted Subsidiary in connection with such disposition; 
 (xiii) Indebtedness incurred pursuant to the
Franchise Documents and the L/C Documents as in effect from time to time; 
 (xiv) the Guarantee by the Company
or any Subsidiary Guarantor of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this covenant; 

(xv) Acquired Indebtedness, provided that after giving effect to the Incurrence thereof, (1) the Company could
incur at least $1.00 of Indebtedness under the Net Debt to EBITDA Ratio pursuant to clause Section 3.8(a), or (2) the Net Debt to EBITDA Ratio would be no worse than such ratio immediately prior to such Incurrence; 

(xvi) the Incurrence by the Company or any Subsidiary Guarantor of any Indebtedness with a maturity less than 365 days and
Incurred in the ordinary course of business for working capital purposes not to exceed U.S.$50,000,000 outstanding at any one time; 
 (xvii) in addition to Indebtedness referred to in clauses Section 3.8(b)(i) through Section 3.8(b)(xvi), Indebtedness of the Company or any Subsidiary Guarantor in an aggregate
principal amount at any one time outstanding not to exceed U.S.$100,000,000 (or the equivalent in other currencies). 
 (c)
Notwithstanding Section 3.8(a) above, the Company’s Non-Guarantor Restricted Subsidiaries may, at any time, Incur (i) intercompany Indebtedness as permitted under Section 3.8(b)(v) and (ii) other Indebtedness
in an aggregate principal amount at any one time outstanding not to exceed U.S.$15,000,000 (or the equivalent in other currencies). 
 (d) For purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness Incurred pursuant to and in compliance with this covenant: 

  
 50 

 (i) the outstanding principal amount of any item of Indebtedness will be
counted only once; 
 (ii) in the event that an item of Indebtedness meets the criteria of
Section 3.8(a) or Section 3.8(c) or more than one of the categories of Permitted Indebtedness described in clauses Section 3.8(b)(i) through Section 3.8(b)(xvii), the Company may, in its sole
discretion, divide and classify (or at any time reclassify) such item of Indebtedness in any manner that complies with this covenant; 
 (iii) Indebtedness permitted by this covenant need not be permitted solely by reference to one provision permitting such Indebtedness, but may be permitted in part by such provision and in part by one or
more other provisions of this covenant permitting such Indebtedness; 
 (iv) the amount of Indebtedness issued at
a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP; 
 (v) Guarantees of, or obligations in respect of letters of credit or similar instruments relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness
will not be included; and 
 (vi) the accrual of interest, the accretion or amortization of original issue
discount, the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock
with the same terms will not be deemed to be an Incurrence of Indebtedness for purposes of this covenant; provided that any such outstanding additional Indebtedness or Disqualified Capital Stock paid in respect of Indebtedness Incurred
pursuant to any provision of clause (b) above will be counted as Indebtedness outstanding thereunder for purposes of any future Incurrence under such provision. 
 (e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a
non-U.S. currency will be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred or, in the case of revolving credit Indebtedness, first committed; provided that if such Indebtedness is
Incurred to refinance other Indebtedness denominated in a non-U.S. currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the
date of such refinancing, such U.S. dollar-denominated restriction will be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced.
The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in
which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 

  
 51 

 Section 3.9 Limitation on Restricted Payments. 

(a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, take any of the
following actions (each, a “Restricted Payment”): 
 (i) declare or pay any dividend or return
of capital or make any distribution on or in respect of shares of Capital Stock of the Company or any Restricted Subsidiary to holders of such Capital Stock, other than: 

(1) dividends or distributions payable in Qualified Capital Stock of the Company; 

(2) dividends or distributions payable to the Company and/or a Restricted Subsidiary; or 

(3) dividends, distributions or returns of capital made on a pro rata basis to the Company and its Restricted
Subsidiaries, on the one hand, and minority holders of Capital Stock of a Restricted Subsidiary, on the other hand (or on a less than pro rata basis to any minority holder); 

(ii) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company held by Persons other than
the Company or any of its Restricted Subsidiaries; 
 (iii) make any principal payment on, purchase, defease,
redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, as the case may be, any Subordinated Indebtedness; or 

(iv) make any Investment (other than Permitted Investments); 
 if at the time of the Restricted Payment and immediately after giving pro forma effect thereto: 
 (A) a Default or an Event of Default has occurred and is continuing; 
 (B) the Company is not able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.8(a); or 

(C) the aggregate amount (the amount expended for these purposes, if other than in cash, being the Fair Market Value of
the relevant property) of the proposed Restricted Payment and all other Restricted Payments made subsequent to the Issue Date up to the date thereof will exceed the sum of: 

(1) 50% of cumulative Consolidated Net Income of the Company or, if such cumulative Consolidated Net Income of the
Company is a loss, minus 100% of the loss, accrued during the period, 

  
 52 

 
treated as one accounting period, from June 30, 2009 to the end of the most recent fiscal quarter for which consolidated financial information of the Company is available; plus 

 (2) 100% of the aggregate net cash proceeds received by the Company from any Person from any: 

(i) contribution to the Capital Stock of the Company not representing an interest in Disqualified Capital Stock or
issuance and sale of Qualified Capital Stock of the Company, in each case subsequent to the Issue Date; or 

(ii) issuance and sale subsequent to the Issue Date (and, in the case of Indebtedness of a Restricted Subsidiary, at such
time as it was a Restricted Subsidiary) of any Indebtedness for borrowed money of the Company or any Restricted Subsidiary that has been converted into or exchanged for Qualified Capital Stock of the Company; 

excluding, in each case, any net cash proceeds: 
 (x) received from a Subsidiary of the Company; 
 (y) used to
acquire Capital Stock or other assets from an Affiliate of the Company; or 
 (z) applied in accordance with
Section 3.9(b)(ii) and Section 3.9(b)(iii); plus 
 (3) an amount equal to the
sum, for all Unrestricted Subsidiaries, of the following: 
 (iii) the cash return, and the fair market value of
assets or property received, after the Issue Date, on Investments in an Unrestricted Subsidiary made after the Issue Date pursuant to this paragraph as a result of any sale, repayment, redemption, liquidating distribution or other realization (not
included in Consolidated Net Income); plus 
 (iv) all distributions or dividends to the Company or a
Restricted Subsidiary from Unrestricted Subsidiaries (provided that such distributions or dividends shall be excluded in calculating Consolidated Net Income for purposes of Section 3.9(a)(C)(1); plus 

(v) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the
assets 

  
 53 

 
less liabilities of an Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary; plus 

(vi) the cash return, and the fair market value of property received, after the Issue Date, on any other Investment made
after the Issue Date pursuant to this paragraph, as a result of any sale, repayment, redemption, liquidating distribution or other realization (not included in Consolidated Net Income); plus 

(4) U.S.$10,000,000 (or the equivalent in other currencies). 

(b) Notwithstanding Section 3.9(a), this Section 3.9 does not prohibit: 

(i) the payment of any dividend within 60 days after the date of declaration of such dividend if the dividend would
have been permitted on the date of declaration pursuant to Section 3.9(a); 
 (ii) the acquisition of
any shares of Capital Stock of the Company, 
 (1) in exchange for Qualified Capital Stock of the Company; or

 (2) through the application of the net cash proceeds received by the Company from a substantially concurrent
sale of Qualified Capital Stock of the Company or a contribution to the equity capital of the Company not representing an interest in Disqualified Capital Stock, in each case not received from a Subsidiary of the Company; 

provided, that the value of any such Qualified Capital Stock issued in exchange for such acquired Capital Stock and any such net
cash proceeds will be excluded from Section 3.9(a)(C)(2) (and were not included therein at any time); 
 (iii) the voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of any Subordinated Indebtedness solely in exchange for, or through the application of net
cash proceeds of a substantially concurrent sale, other than to a Subsidiary of the Company, of: 
 (1)
Qualified Capital Stock of the Company; or 
 (2) Refinancing Indebtedness for such Subordinated Indebtedness;

 provided, that the value of any Qualified Capital Stock issued in exchange for Subordinated Indebtedness and any net
cash proceeds referred to above shall be excluded from Section 3.9(a)(C)(2) (and were not included therein at any time); 
 (iv) repurchases by the Company of Capital Stock of the Company or options, warrants or other securities exercisable or convertible into Capital Stock of the Company from employees or directors of the
Company or any of its Subsidiaries or their 

  
 54 

 
authorized representatives upon the death, disability or termination of employment or directorship of the employees or directors, in an amount not to exceed U.S.$5,000,000 (or the equivalent in
other currencies) in any calendar year and U.S.$10,000,000 (or the equivalent in other currencies) in the aggregate; 
 (v) the repurchase of any Subordinated Indebtedness at a purchase price not greater than 101% of the principal amount thereof in the event of (1) a change of control pursuant to a provision no more
favorable to the holders thereof than Section 3.7 hereof or (2) an Asset Sale pursuant to a provision no more favorable to the holders thereof than Section 3.10 hereof; provided that, in each case, prior to the
repurchase the Company has made an Offer to Purchase and repurchased all Notes issued under this Indenture that were validly tendered for payment in connection with such offer to purchase; 

(vi) repurchases of Capital Stock deemed to occur upon the exercise of stock options if the Capital Stock represent all or
a portion of the exercise price thereof (or related withholding taxes), and Restricted Payments by the Company to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion
or exchange of Capital Stock of the Company; 
 (vii) if no Default or Event of Default has occurred and is
continuing, the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiary issued in accordance with
Section 3.8 to the extent such payment of any redemption price or liquidation value of any such Disqualified Stock or Preferred Stock is made when due in accordance with its terms; 

(viii) payments to Holdings of (1) amounts necessary to pay taxes, in an amount not to exceed the amount of taxes
attributable to Parent, Holdings or the Company, to the extent payable by Parent or Holdings, plus (2) up to U.S.$500,000 per fiscal year for corporate overhead expenses; and 

(ix) if no Default or Event of Default has occurred and is continuing or would exist after giving pro forma effect
thereto, Restricted Payments in an amount which, when taken together with all Restricted Payments made pursuant to this clause (ix), does not exceed U.S.$25,000,000 (or the equivalent in other currencies). 

In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date, amounts expended pursuant to
Section 3.9(b)(i) (without duplication for the declaration of the relevant dividend) and Section 3.9(b)(iv) will be included in such calculation and amounts expended pursuant to Section 3.9(b)(ii),
Section 3.9(b)(iii), Section 3.9(b)(v), Section 3.9(b)(vi), Section 3.9(b)(vii), Section 3.9(b)(viii) and Section 3.9(b)(ix) will not be included in such calculation.

 The amount of any Restricted Payments not in cash will be the Fair Market Value on the date of such Restricted Payment of the
property, assets or securities proposed to be paid, 

  
 55 

 
transferred or issued by the Company or the relevant Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. 

Section 3.10 Limitation on Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(i) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale
at least equal to the Fair Market Value of the assets sold or otherwise disposed of; and 
 (ii) at least 75% of
the consideration received for the assets sold by the Company or the Restricted Subsidiary, as the case may be, in such Asset Sale is in the form of (1) cash or Cash Equivalents; (2) assets (other than current assets as determined in
accordance with GAAP or Capital Stock) to be used by the Company or any Restricted Subsidiary in a Permitted Business; (3) Capital Stock in a Person engaged solely in a Permitted Business that will become a Restricted Subsidiary as a result of
such Asset Sale or (4) a combination of cash, Cash Equivalents and such assets. For purposes of this clause (ii), the assumption by the purchasers of Indebtedness or other obligations (other than Subordinated Debt) of the Company or a
Restricted Subsidiary pursuant to a customary novation agreement, and instruments or securities received from the purchasers that are promptly, but in any event within 90 days of the closing, converted by the Company or a Restricted Subsidiary to
cash, to the extent of the cash actually so received, shall be considered cash received at closing. 
 (b) The Company or such
Restricted Subsidiary, as the case may be, may apply the Net Cash Proceeds of any such Asset Sale within 365 days thereof to: 
 (i) repay, prepay or purchase any Senior Indebtedness of the Company or any Restricted Subsidiaries, in each case for borrowed money or constituting a Capitalized Lease Obligation and permanently reduce
the commitments with respect thereto without Refinancing; or 
 (ii) purchase: 

(1) assets (other than current assets as determined in accordance with GAAP or Capital Stock) to be used by the Company
or any Restricted Subsidiary in a Permitted Business; or 
 (2) Capital Stock of a Person engaged solely in a
Permitted Business that will become, upon purchase, a Restricted Subsidiary, 
 from a Person other than the Company and its
Restricted Subsidiaries; or 
 (iii) any combination of (i) and (ii). 

  
 56 

 (c) To the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not
applied within the 365 days of the Asset Sale as described in Section 3.10(b)(i), Section 3.10(b)(ii) or Section 3.10(b)(iii), the Company will make an offer to purchase Notes (the “Asset Sale
Offer”), at a purchase price equal to 100% of the principal amount of the Notes to be purchased, plus any accrued and unpaid interest thereon, to the purchase date (the “Asset Sale Offer Amount”). The Company will purchase
pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis, and, at the Company’s option, on a pro rata basis with the holders of any other Senior Indebtedness with similar provisions requiring the Company to
offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that principal amount (or accreted value in the case of Indebtedness issued with original issue discount) of Notes and the other Senior Indebtedness to be purchased
equal to such unapplied Net Cash Proceeds. The Company may satisfy its obligations under this Section 3.10 with respect to the Net Cash Proceeds of an Asset Sale by making an Asset Sale Offer prior to the expiration of the relevant
365-day period. 
 (d) The purchase of Notes pursuant to an Asset Sale Offer will occur not less than 20 Business Days following
the date thereof, or any longer period as may be required by applicable law or regulation, nor more than 45 days following the 365th day following the Asset Sale. The Company may, however, defer an Asset Sale Offer until there is an aggregate
amount of unapplied Net Cash Proceeds from one or more Asset Sales equal to or in excess of U.S.$100,000,000 (or the equivalent in other currencies). At that time, the entire amount of unapplied Net Cash Proceeds, and not just the amount in excess
of U.S.$100,000,000 (or the equivalent in other currencies), will be applied as required pursuant to this Section 3.10. 
 (e) Pending application in accordance with this Section 3.10, Net Cash Proceeds will be applied to temporarily reduce revolving credit borrowings that can be reborrowed or Invested in Cash
Equivalents. 
 (f) Each notice of an Asset Sale Offer (“Asset Sale Offer Notice”) will be mailed first class,
postage prepaid, to the registered Holders no later than 20 days following the 365th day after the receipt of Net Cash Proceeds of any Asset Sale, with a copy to the Trustee, offering to purchase the Notes as described above. Each notice of an
Asset Sale Offer shall state: 
 (i) the circumstances of the Asset Sale or Sales, the Net Cash Proceeds of which
are included in the Asset Sale Offer, that an Asset Sale Offer is being made pursuant to this Section 3.10, and that all Notes that are timely tendered shall be accepted for payment; 

(ii) the Asset Sale Offer Amount and the Asset Sale offer payment date, which must be at least 30 and not more than
60 days from the date the notice is mailed, other than as may be required by law (the “Asset Sale Offer Payment Date”); 
 (iii) that any Notes or portions thereof not tendered or accepted for payment shall continue to accrue interest; 
 (iv) that, unless the Company defaults in the payment of the Asset Sale Offer Amount with respect thereto, all Notes or portions thereof accepted for payment

  
 57 

 
pursuant to the Asset Sale Offer shall cease to accrue interest from and after the Asset Sale Offer Payment Date; 

(v) that any Holder electing to have any Notes or portions thereof purchased pursuant to the Asset Sale Offer shall be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third
Business Day preceding the Asset Sale Offer Payment Date; 
 (vi) that any Holder shall be entitled to withdraw
such election if the Paying Agent receives, not later than the close of business on the third Business Day preceding the Asset Sale Offer Payment Date, a facsimile transmission or letter, setting forth the name of the Holder, the principal amount of
Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to have such Notes or portions thereof purchased pursuant to the Asset Sale Offer; 

(vii) that any Holder electing to have Notes purchased pursuant to the Asset Sale Offer must specify the principal amount
that is being tendered for purchase, which principal amount must be U.S.$100,000 or an integral multiple of U.S.$1,000 in excess thereof; 
 (viii) that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part shall be issued new Certificated Notes equal in principal amount to the unpurchased portion of the
Certificated Note or Notes surrendered, which unpurchased portion shall be equal in principal amount to U.S.$100,000 or an integral multiple of U.S.$1,000 in excess thereof; 

(ix) that the Trustee shall return to the Holder of a Global Note that is being purchased in part, such Global Note with a
notation on the schedule of increases and decreases thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note; and 

(x) any other information reasonably necessary to enable any Holder to tender Notes and to have such Notes purchased
pursuant to this Section 3.10. 
 Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their Notes in whole or
in part in integral multiples of U.S.$1,000 in exchange for cash; provided that the principal amount of such tendering Holder’s Note will not be less than U.S.$100,000. 

(g) On the Asset Sale Offer Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer; 

(ii) deposit with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect of all Notes or
portions thereof so tendered; and 

  
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 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 (h) To the extent that Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale Offer properly tender and do not withdraw Notes or the other Senior
Indebtedness in an aggregate amount exceeding the amount of unapplied Net Cash Proceeds, the Company will purchase the Notes and the other Senior Indebtedness on a pro rata basis (based on amounts tendered). If only a portion of a Note is
purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount
and beneficial interests in a Global Note will be made, as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer will be cancelled and cannot be reissued. 

(i) Upon completion of an Asset Sale Offer, the amount of Net Cash Proceeds will be reset at zero. Accordingly, to the extent that the
aggregate amount of Notes and other Senior Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate amount of unapplied Net Cash Proceeds, the Company may use any remaining Net Cash Proceeds for general corporate purposes of
the Company and its Restricted Subsidiaries. 
 (j) If at any time any non-cash consideration received by the Company or any
Restricted Subsidiary, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any non-cash consideration), the conversion or disposition will be
deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof will be applied in accordance with this Section 3.10 within 365 days of such conversion or disposition. 

(k) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
to the extent any such rule, laws and regulations are applicable in connection with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this
Section 3.10, the Company will comply with these laws and regulations and will not be deemed to have breached its obligations under this Section 3.10 by doing so. 

Section 3.11 Limitation on Designation of Unrestricted Subsidiaries. 

(a) The Company may designate after the Issue Date any Subsidiary of the Company as an “Unrestricted Subsidiary” under the
Indenture (a “Designation”) only if: 
 (i) no Default or Event of Default has occurred and is
continuing at the time of or after giving effect to such Designation and any transactions between the Company or any of its Restricted Subsidiaries and such Unrestricted Subsidiary are in compliance with Section 3.14 and 

(ii) the Company would be permitted to make an Investment at the time of Designation (assuming the effectiveness of such
Designation and treating such 

  
 59 

 
Designation as an Investment at the time of Designation) as a Restricted Payment pursuant to Section 3.9(a) in an amount (the “Designation Amount”) equal to the
amount of the Company’s Investment in such Subsidiary on such date. 
 (b) Neither the Company nor any Restricted
Subsidiary will at any time, except as permitted by Section 3.8 and Section 3.9: 
 (i)
provide credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the satisfaction of, or Guarantee, any Indebtedness of any Unrestricted Subsidiary (including any undertaking,
agreement or instrument evidencing such Indebtedness); 
 (ii) be directly or indirectly liable for any
Indebtedness of any Unrestricted Subsidiary; or 
 (iii) be directly or indirectly liable for any Indebtedness
which provides that the holder thereof may (upon notice, lapse of time or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity upon the occurrence of a default with respect
to any Indebtedness of any Unrestricted Subsidiary, except for any non-recourse Guarantee given solely to support the pledge by the Company or any Restricted Subsidiary of the Capital Stock of any Unrestricted Subsidiary. 

(c) The Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) only if:

 (i) no Default or Event of Default has occurred and is continuing at the time of and after giving effect to
such Revocation; and 
 (ii) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately
following such Revocation would, if Incurred at such time, have been permitted to be Incurred for all purposes of the Indenture. 
 (d) Upon a Restricted Subsidiary becoming an Unrestricted Subsidiary, 
 (i) all existing Investments of the Company and the Restricted Subsidiaries therein (valued at the Company’s proportional share of the fair market value of its assets less liabilities) will be deemed
made at that time; 
 (ii) all existing Capital Stock or Indebtedness of the Company or a Restricted Subsidiary
held by it will be deemed Incurred at that time, and all Liens on property of the Company or a Restricted Subsidiary held by it will be deemed incurred at that time; 

(iii) all existing transactions between it and the Company or any Restricted Subsidiary will be deemed entered into at
that time; 
 (iv) it is released at that time from its Subsidiary Guarantee, if any; and 

  
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 (v) it will cease to be subject to the provisions of this Indenture as a
Restricted Subsidiary. 
 (e) Upon an Unrestricted Subsidiary becoming, or being deemed to become, a Restricted Subsidiary,

 (i) all of its Indebtedness and Disqualified or Preferred Stock will be deemed Incurred at that time for
purposes of Section 3.8; 
 (ii) Investments therein previously charged under Section 3.9
will be credited thereunder; 
 (iii) it may be required to issue a Subsidiary Guarantee; and 

(iv) it will thenceforward be subject to the provisions of this Indenture as a Restricted Subsidiary (and, if applicable,
a Non-Guarantor Restricted Subsidiary). 
 (f) The Designation of a Subsidiary of the Company as an Unrestricted Subsidiary will
be deemed to include the Designation of all of the Subsidiaries of such Subsidiary. All Designations and Revocations must be evidenced by Board Resolutions of the Company’s Board of Directors, delivered to the Trustee certifying compliance with
the preceding provisions. 
 Section 3.12 Limitation on Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries. 
 (a) Except as provided in Section 3.12(b), the Company shall not, and shall not cause or permit
any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(i) pay dividends or make any other distributions on or in respect of its Capital Stock to the Company or any other
Restricted Subsidiary or pay any Indebtedness owed to the Company or any other Restricted Subsidiary; 
 (ii)
make loans or advances to, or Guarantee any Indebtedness or other obligations of, or make any Investment in, the Company or any other Restricted Subsidiary; or 
 (iii) transfer any of its property or assets to the Company or any other Restricted Subsidiary. 
 (b) Section 3.12(a) shall not apply to encumbrances or restrictions existing under or by reason of: 
 (i) applicable law, rule, regulation or order; 

  
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 (ii) this Indenture, the Notes or the Subsidiary Guarantees; 

(iii) the terms of any Indebtedness outstanding on the Issue Date, and any amendments or restatements thereof;
provided that any amendment or restatement is not materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Issue Date; 

(iv) the Franchise Documents or the L/C Documents; 

(v) the terms of any binding agreement with respect to any Restricted Subsidiary relating to its Capital Stock or assets
in effect on the Issue Date, and any amendments or restatements thereof; provided that any amendment or restatement is not materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Issue
Date; 
 (vi) restrictions on the transfer of assets subject to any Permitted Lien; 

(vii) customary provisions restricting the ability of any Restricted Subsidiary to undertake any action described in
Section 3.12(a)(i) through Section 3.12(a)(iii) in joint venture agreements and other similar agreements entered into in the ordinary course of business and with the approval of the Company’s Board of Directors;

 (viii) customary restrictions on cash or other deposits imposed by customers under contracts or other
arrangements entered into or agreed to in the ordinary course of business; 
 (ix) customary non-assignment
provisions of any license agreement or other contract and customary provisions restricting assignment or subletting in any lease governing a leasehold interest of any Restricted Subsidiary, or any customary restriction on the ability of a Restricted
Subsidiary to dividend, distribute or otherwise transfer any asset that is subject to a Lien that secures Indebtedness, in each case permitted to be Incurred under this Indenture; 

(x) restrictions with respect to a Restricted Subsidiary of the Company imposed pursuant to a binding agreement which has
been entered into for the sale or disposition of Capital Stock or assets of such Restricted Subsidiary; provided that such restrictions apply solely to the Capital Stock or assets of such Restricted Subsidiary being sold; 

(xi) customary restrictions imposed on the transfer of copyrighted or patented materials; 

(xii) Purchase Money Indebtedness and Capital Lease Obligations that impose encumbrances and restrictions only on the
assets so acquired or subject to lease; 
 (xiii) restrictions (A) with respect to any Person, or to the
property or assets of any Person, at the time the Person is acquired by the Company or any Restricted Subsidiary, or (B) with respect to any Unrestricted Subsidiary at the time it is designated

  
 62 

 
or is deemed to become a Restricted Subsidiary, which encumbrances or restrictions (i) are not applicable to any other Person or the property or assets of any other Person and (ii) were
not put in place in anticipation of such event and any extensions, renewals, replacements or refinancings of any of the foregoing, provided that the encumbrances and restrictions in the extension, renewal, replacement or refinancing are,
taken as a whole, no less favorable in any material respect to the noteholders than the encumbrances or restrictions being extended, renewed, replaced or refinanced; 

(xiv) pursuant to provisions in instruments governing other Indebtedness, Disqualified Stock or Preferred Stock of
Restricted Subsidiaries permitted to be Incurred after the Issue Date pursuant to Section 3.8; provided that (i) such provisions are customary for instruments of such type (as determined in good faith by the Company’s
Board of Directors) and (ii) the Company’s Board of Directors determines in good faith that such restrictions will not materially adversely impact the ability of the Company to make required principal and interest payments on the Notes;

 (xv) customary restrictions pursuant to any Permitted Receivables Financing; and 

(xvi) an agreement governing Indebtedness Incurred to Refinance the Indebtedness issued, assumed or Incurred pursuant to
an agreement referred to in clauses (i)–(xvi) of this Section 3.12(b); provided that such Refinancing agreement is not materially more restrictive with respect to such encumbrances or restrictions than those contained in the
agreement referred to in such clauses (i)–(xvi). 
 Section 3.13 Limitation on Liens. 

The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Liens of
any kind (except for Permitted Liens) against or upon any of their respective properties or assets, whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness or trade payables, unless
contemporaneously therewith effective provision is made to secure the Notes, the Subsidiary Guarantees and all other amounts due under the Indenture equally and ratably with such Indebtedness or other obligation (or, in the event that such
Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantees prior to such Indebtedness or other obligation) with a Lien on the same properties and assets securing such Indebtedness or other obligation for so long as
such Indebtedness or other obligation is secured by such Lien. 
 Section 3.14 Limitation on Transactions with
Affiliates. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, enter into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the 

  
 63 

 
rendering of any service) with, or for the benefit of, any of its Affiliates (each an “Affiliate Transaction”), unless: 

(i) the terms of such Affiliate Transaction are no less favorable than those that could reasonably be expected to be
obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company; 
 (ii) in the event that such Affiliate Transaction involves aggregate payments, or transfers of property or services with a Fair Market Value, in excess of U.S.$15,000,000 (or the equivalent in other
currencies), the terms of such Affiliate Transaction will be set forth in an Officers’ Certificate delivered to the Trustee stating that such transaction complies with this Section 3.14(a); 

(iii) in the event that such Affiliate Transaction involves aggregate payments, or transfers of property or services with
a Fair Market Value, in excess of U.S.$20,000,000 (or the equivalent in other currencies), the terms of such Affiliate Transaction will be approved by a majority of the members of the Company’s Board of Directors (including a majority of the
disinterested members thereof), the approval to be evidenced by a Board Resolution stating that the Board of Directors has determined that such transaction complies with this Section 3.14(a); and 

(iv) in the event that such Affiliate Transaction involves aggregate payments, or transfers of property or services with a
Fair Market Value, in excess of U.S.$25,000,000 (or the equivalent in other currencies), the Company will, prior to the consummation thereof, obtain a favorable opinion as to the fairness of such Affiliate Transaction to the Company and any such
Restricted Subsidiary, if any, from a financial point of view from an Independent Financial Advisor and file the same with the Trustee. 
 (b) The provisions of this Section 3.14(a) shall not apply to: 
 (i) Affiliate Transactions with or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries; 

(ii) reasonable fees and compensation paid to, and any indemnity provided on behalf of, officers, directors and employees
of the Company or any Restricted Subsidiary; 
 (iii) Affiliate Transactions undertaken pursuant to the terms of
any agreement or arrangement to which the Company or any of its Restricted Subsidiaries is a party as of or on the Issue Date, as these agreements or arrangements may be amended, modified, supplemented, extended, renewed or replaced from time to
time; provided that any future amendment, modification, supplement, extension, renewal or replacement entered into after the Issue Date will be permitted to the extent that its terms are not more materially disadvantageous to the Holders of
the Notes than the terms of the agreements or arrangements in effect on the Issue Date; 
 (iv) the entering into
of a customary agreement providing registration rights to the shareholders of the Company and the performance of such agreements; 

  
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 (v) transactions or payments, including grants of securities, stock options
and similar rights, pursuant to any employee, officer or director compensation or benefit plans or arrangements entered into in the ordinary course of business or approved by the Company’s Board of Directors in good faith; 

(vi) any employment agreements entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of
business; 
 (vii) any Restricted Payments made in compliance with Section 3.9 and Permitted
Investments; 
 (viii) sales of Accounts Receivable, or participations therein, or any related transaction, in
connection with any Permitted Receivables Financing; 
 (ix) loans and advances to officers, directors and
employees of the Company or any Restricted Subsidiary in the ordinary course of business and not exceeding U.S.$10,000,000 (or the equivalent in other currencies) outstanding at any one time; and 

(x) cost-sharing arrangements among the Company and any of its Restricted and Unrestricted Subsidiaries. 

Section 3.15 Conduct of Business. 
 The Company and its Restricted Subsidiaries will not engage in any business other than a Permitted Business. 
 Section 3.16 Reports to Holders. 
 (a) So long as any Notes are
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Company will furnish to the Holders of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act. 
 (b) The Company will furnish or cause to be furnished to the Trustee in
English (for distribution only to the Holders of Notes upon their request): 
 (i) within 90 days after the
end of the first, second and third quarters of the Company’s fiscal year (commencing with the quarter ending September 30, 2009), quarterly unaudited financial statements (consolidated) prepared in accordance with GAAP of the Company for
such period; and 
 (ii) within 120 days after the end of the fiscal year of the Company commencing with the
fiscal year ended December 31, 2009, annual audited financial statements (consolidated) prepared in accordance with GAAP of the Company for such fiscal year and a report on such annual financial statements by the Auditors. 

  
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 Each such annual report will include a “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and be accompanied by an Officers’ Certificate to the effect that (A) the financial statements contained in such report fairly present, in all material respects, the
consolidated financial condition of the Company and its Subsidiaries as of the date of such financial statements and the results of their operations for the period covered thereby; and (B) such financial statements have been prepared in
accordance with GAAP. 
 (c) Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 3.17 Listing.

 (a) In the event that the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market, the Company
shall use its commercially reasonable efforts to maintain such listing; provided that if, as a result of the European Union regulated market amended Directive 2001/34/EC (the “Transparency Directive”) or any legislation
implementing the Transparency Directive or other directives or legislation, the Company could be required to publish financial information either more regularly than it otherwise would be required to or according to accounting principles which are
materially different from the accounting principles which the Company would otherwise use to prepare its published financial information, the Company may delist the Notes from the Luxembourg Stock Exchange in accordance with the rules of such
Exchange and seek an alternative admission to listing, trading and/or quotation for the Notes on a different section of the Luxembourg Stock Exchange or by such other listing authority, stock exchange and/or quotation system inside or outside the
European Union as the Board of Directors of the Company may decide. 
 (b) From and after the date the Notes are listed on the
Luxembourg Stock Exchange for trading on the Euro MTF Market, and so long as it is required by the rules of such Exchange, all notices to the Holders shall be published in English in accordance with Section 11.1(b). 

Section 3.18 Payment of Additional Amounts. 
 (a) The Company, and each Subsidiary Guarantor, shall, subject to the exceptions set forth below, pay to Holders of the Notes additional amounts (“Additional Amounts”) as may be necessary
so that every net payment of interest (including any premium paid upon redemption of the Notes and any discount deemed interest under Netherlands law) or principal to the Holders shall not be less than the amount provided for in the Notes. The term
“net payment” means the amount that the Company, any Subsidiary Guarantor or a Paying Agent pays any Holder after deducting or withholding an amount for or on account of any present or future taxes, duties, assessments or other
governmental charges imposed with respect to that payment by the Netherlands or any jurisdiction where the Company or any Subsidiary Guarantor is incorporated or resident for tax purposes or from or through which any payment in respect of

  
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the Notes is made by the paying agent or the Company, or any political subdivision thereof (a “Relevant Jurisdiction”), or any taxing authority of a Relevant Jurisdiction.

 (b) The Company, and each Subsidiary Guarantor, shall not pay Additional Amounts to any Holder for or solely on account of
any of the following: 
 (i) any present or future taxes, duties, assessments or other governmental charges that
would not have been imposed but for any present or former connection between the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of the Holder) and the Relevant Jurisdiction (other than the mere receipt of a payment or the
ownership or holding of a Note); 
 (ii) any estate, inheritance, capital gains, excise, personal property tax,
sales, transfer, gift or similar tax, assessment or other governmental charge imposed with respect to the Notes; 

(iii) any taxes, duties, assessments or other governmental charges that would not have been imposed but for the failure of
the Holder or any other Person to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Relevant Jurisdiction, for tax purposes, of the Holder or any
beneficial owner of the Note if compliance is required by law, regulation or by an applicable income tax treaty to which the Relevant Jurisdiction is a party, as a precondition to exemption from, or reduction in the rate of, the tax, assessment or
other governmental charge and the Company has given the Holders at least 30 days’ notice that Holders will be required to provide such certification, identification or information; 

(iv) any tax, duty, assessment or other governmental charge payable otherwise than by deduction or withholding from
payments on or in respect of the Notes; 
 (v) any present or future taxes, duties, assessments or other
governmental charges with respect to a Note presented for payment, where presentation is required, more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for, whichever
occurs later, except to the extent that the Holder of such Note would have been entitled to such Additional Amounts on presenting such Note for payment on any date during such 30-day period; 

(vi) any withholding or deduction that is required to be made pursuant to EC Council Directive 2003/48/EC or any other
Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive; 

(vii) any payment on the Note to a Holder that is a fiduciary, a partnership, a limited liability company or a person
other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership, an interestholder in such a limited liability

  
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company or the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of the Note; or

 (viii) in the case of any combination of the items listed above. 

(c) Upon request, the Company or any Subsidiary Guarantor, as applicable, shall provide the Trustee with documentation reasonably
satisfactory to the Trustee evidencing the payment of taxes in respect of which the Company or such Subsidiary Guarantor has paid any Additional Amount. The Company shall make copies of such documentation available to the Holders of the Notes or the
relevant Paying Agent upon request. 
 (d) Any reference in this Indenture or the Notes to principal, premium, interest or any
other amount payable in respect of the Notes by us will be deemed also to refer to any Additional Amount that may be payable with respect to that amount under the obligations referred to in this section. 

(e) In the event of any merger or other transaction described and permitted under Section 4.1, then all references to the
Netherlands, Netherlands law or regulations, and Netherlands political subdivisions or taxing authorities under this Section 3.18 and under Article IV and Section 5 of Exhibit A will be deemed to also include the
jurisdiction of incorporation or tax residence of the Surviving Entity, if different from the Netherlands, and any political subdivision therein or thereof, law or regulations, and any taxing authority of such other jurisdiction or any political
subdivision therein or thereof, respectively. 
 Section 3.19 Use of Proceeds. 

The Company shall use the proceeds of the sale of the Notes as set forth under “Use of Proceeds” in the Offering Memorandum to
repay the U.S.$350,000,000 of outstanding Indebtedness under the Credit Agreement and shall repay the U.S.$350,000,000 of outstanding Indebtedness under the Credit Agreement within 15 days following the Issue Date. 

Section 3.20 Covenant Suspension. 
 (a) If on any date following the Issue Date (i) the Notes have Investment Grade Ratings from at least two of Fitch, Moody’s and S&P, and (ii) no Default has occurred and is continuing
under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), the Company and its Restricted Subsidiaries shall not be
subject to the following covenants (collectively, the “Suspended Covenants”): 
 (i) Section
3.8; 
 (ii) Section 3.9; 

(iii) Section 3.10; 
 (iv) Section 3.11; 

  
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 (v) Section 3.12; 

(vi) Section 4.1(a)(ii); and 

(vii) Section 3.14. 
 (b) In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent
date (the “Reversion Date”) at least two of Fitch, Moody’s or S&P no longer rate the Notes Investment Grade, then the Company and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants
under this Indenture. 
 (c) The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is
referred to in this Indenture as the “Suspension Period.” In the event of any such reinstatement, no action taken or omitted to be taken by the Company or any of its Restricted Subsidiaries prior to such reinstatement shall give
rise to a Default or Event of Default under this Indenture with respect to Notes; provided that (i) with respect to Restricted Payments made after any such reinstatement, the amount of Restricted Payments made shall be calculated as
though Section 3.9 had been in effect prior to, but not during, the Suspension Period, provided further that any Subsidiaries designated as Unrestricted Subsidiaries during the Suspension Period shall automatically become
Restricted Subsidiaries on the Reversion Date (subject to the Company’s right to subsequently designate them as Unrestricted Subsidiaries pursuant to Section 3.11), and (ii) all Indebtedness Incurred, or Disqualified Capital
Stock or Preferred Stock issued, during the Suspension Period shall be classified to have been Incurred or issued pursuant to Section 3.8(b)(ii). 
 Section 3.21 Compliance Certificates. 
 (a) The Company shall deliver
to the Trustee within 120 days after the end of each fiscal year of the Company an Officers’ Certificate signed by any two of its principal executive officer, its principal financial officer and its principal accounting officer stating that in
the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any Default or Event of Default that occurred during
such period. If they do, the certificate shall describe the Default or Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 

(b) Upon the formation, creation or acquisition of any new Restricted Subsidiary that is also a Non-Guarantor Restricted Subsidiary after
the Issue Date, the Company shall deliver to the Trustee promptly an Officers’ Certificate certifying that such Subsidiary is prevented by local law or the existence of minority shareholders from guaranteeing the Notes. 

(c) The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s or any other
Person’s compliance with the covenants described above or with respect to any reports or other documents filed under this Indenture; provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the
Company’s timely delivery of the reports and certificates described in Section 3.16. 

  
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 ARTICLE IV 
 LIMITATION ON MERGER, CONSOLIDATION AND SALE OF ASSETS 
 Section 4.1
Merger, Consolidation and Sale of Assets. 
 (a) The Company shall not, in a single transaction or series of related
transactions, consolidate or merge with or into any Person (whether or not the Company is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary to sell,
assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s properties and assets (determined on a consolidated basis for the Company and its Restricted Subsidiaries), to any Person unless: 

(i) either: 
 (1) the Company is the surviving or continuing corporation; or 

(2) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person
which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”):

 (A) is a corporation organized and validly existing under the laws of the Netherlands or the United States of
America, any State thereof or the District of Columbia; and 
 (B) expressly assumes, by supplemental indenture
(in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance and observance of the covenants
of the Notes and the Indenture on the part of the Company to be performed or observed; 
 (ii) immediately after
giving effect to such transaction and the assumption contemplated by Section 4.1(a)(i)(2)(B) (including giving effect on a pro forma basis to any Indebtedness (including any Acquired Indebtedness) Incurred or anticipated to be
Incurred in connection with or in respect of such transaction), the Company or such Surviving Entity, as the case may be, will be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.8(a) or the Net Debt to
EBITDA Ratio will be no worse than immediately prior to such transaction; 
 (iii) immediately before and
immediately after giving effect to such transaction and the assumption contemplated by Section 4.1(a)(i)(2)(B) (including, without limitation, giving effect on a pro forma basis to any Indebtedness (including any

  
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Acquired Indebtedness) Incurred or anticipated to be Incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default has occurred or is
continuing; 
 (iv) each Subsidiary Guarantor has confirmed by supplemental indenture that its Subsidiary
Guarantee will apply for the Obligations of the Surviving Entity in respect of the Indenture and the Notes; and 

(v) if the Company is organized under the laws of the Netherlands and merges with a corporation that is (or the Surviving
Entity is) organized under the laws of the United States, any State thereof or the District of Columbia, or if the Company is organized under the laws of the United States, any State thereof or the District of Columbia and merges with a corporation
that is (or the Surviving Entity is) organized under the laws of the Netherlands, the Company or the Surviving Entity will have delivered to the Trustee: 
 (1) an Opinion of Counsel from U.S. counsel to the effect that Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the transaction and will be
subject to U.S. federal income tax in the same manner and on the same amounts (assuming solely for this purpose that no Additional Amounts are required to be paid on the Notes) and at the same times as would have been the case if the transaction had
not occurred; and 
 (2) an Opinion of Counsel from Netherlands counsel to the effect that Holders of the Notes
will not recognize income, gain or loss for Netherlands income tax purposes as a result of the transaction and will be subject to Netherlands income taxes in the same manner and on the same amounts (assuming solely for this purpose that no
Additional Amounts are required to be paid on the Notes) and at the same times as would have been the case if the transaction had not occurred. 
 (vi) the Company or the Surviving Entity has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger, sale, assignment, transfer,
lease, conveyance or other disposition and, if required in connection with such transaction, the supplemental indenture, comply with the applicable provisions of the Indenture and that all conditions precedent in the Indenture relating to the
transaction have been satisfied. 
 (b) For purposes of this Section 4.1, the transfer (by lease, assignment, sale
or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the
properties and assets of the Company (determined on a consolidated basis for the Company and its Restricted Subsidiaries), shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

  
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 (c) The provisions of Section 4.1(a)(ii) and Section 4.1(a)(iii)
above shall not apply to any merger or consolidation of the Company into an Affiliate of the Company incorporated solely for the purpose of reincorporating the Company in another jurisdiction so long as the Indebtedness of the Company and its
Restricted Subsidiaries taken as a whole is not increased thereby. 
 (d) Section 4.1(a), Section 4.1(b)
and Section 4.1(c) shall not apply to (i) any transfer of assets by the Company to any Subsidiary Guarantor, (ii) any transfer of assets among Subsidiary Guarantors or (iii) any transfer of assets by a Non-Guarantor
Restricted Subsidiary to (x) another Non-Guarantor Restricted Subsidiary or (y) the Company or any Subsidiary Guarantor. 
 (e) Upon any consolidation, combination or merger or any transfer of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries in accordance with this covenant,
in which the Company is not the continuing Person, the Surviving Entity formed by such consolidation or into which the Company is merged or to which such conveyance, lease or transfer is made will succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture and the Notes with the same effect as if such Surviving Entity had been named as such and the Company shall be relieved of its obligations under this Indenture and the Notes. For the
avoidance of doubt, compliance with this Section 4.1(a) will not affect the obligations of the Company (including a Surviving Entity, if applicable) under Section 3.7 if applicable. 

(f) No Subsidiary Guarantor shall consolidate with or merge with or into any Person, or sell, convey, transfer or dispose of, all or
substantially all its assets as an entirety or substantially as an entirety, in one transaction or a series of related transactions, to any Person, or permit any Person to merge with or into the Subsidiary Guarantor unless: 

(i) the other Person is the Company or any Restricted Subsidiary that is a Subsidiary Guarantor or becomes a Subsidiary
Guarantor concurrently with the transaction; or 
 (ii) (1) either (x) the Subsidiary Guarantor is the
continuing Person or (y) the resulting, surviving or transferee Person expressly assumes by supplemental indenture all of the obligations of the Subsidiary Guarantor under its Subsidiary Guarantee; and (2) immediately after giving effect
to the transaction, no Default has occurred and is continuing; or 
 (iii) the transaction constitutes a sale or
other disposition (including by way of consolidation or merger) of the Subsidiary Guarantor or the sale or disposition of all or substantially all the assets of the Subsidiary Guarantor (in each case other than to the Company or a Restricted
Subsidiary) otherwise permitted by this Indenture. 

  
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 ARTICLE V 
 REDEMPTION OF NOTES 
 Section 5.1 Redemption. The Company may or shall
redeem the Notes, as a whole or from time to time in part, subject to the conditions and at the redemption prices specified in the form of Notes in Exhibit A. 
 Section 5.2 Election to Redeem. In the case of an optional redemption, the Company shall evidence its election to redeem any Notes pursuant to Section 5.1 by a Board Resolution.

 Section 5.3 Notice of Redemption. 
 (a) The Company shall give or cause the Trustee to give notice of redemption, in the manner provided for in Section 11.1, not less than 35 nor more than 60 days prior to the Redemption Date by
first-class mail, postage prepaid, to each Holder of Notes to be redeemed at its registered address. If the Company itself gives the notice, it shall also deliver a copy to the Trustee. 

(b) If either (i) the Company is not redeeming all Outstanding Notes, or (ii) the Company elects to have the Trustee give
notice of redemption, then the Company shall deliver to the Trustee, at least 45 days prior to the Redemption Date (unless the Trustee is satisfied with a shorter period), an Officers’ Certificate requesting that the Trustee request that DTC
(in the case of Global Notes) select the Notes to be redeemed or the Trustee (in the case of Certificated Notes) select the method of the selection of the Notes to be redeemed and/or give notice of redemption and setting forth the information
required by Section 5.3(c) (with the exception of the identification of the particular Notes, or portions of the particular Notes, to be redeemed in the case of a partial redemption). If the Company elects to have the Trustee give notice
of redemption, the Trustee shall give the notice in the name of the Company and at the Company’s expense. 
 (c) All
notices of redemption shall state: 
 (i) the Redemption Date; 

(ii) the redemption price and the amount of any accrued interest payable as provided in Section 5.6;

 (iii) whether or not the Company is redeeming all Outstanding Notes; 

(iv) if the Company is not redeeming all Outstanding Notes, the aggregate principal amount of Notes that the Company is
redeeming and the aggregate principal amount of Notes that shall be Outstanding after the partial redemption, as well as the identification of the particular Notes, or portions of the particular Notes, that the Company is redeeming; 

(v) if the Company is redeeming only part of a Note, the notice that relates to that Note shall state that on and after
the Redemption Date, upon surrender of 

  
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that Note, the Holder shall receive, without charge, a new Note or Notes of authorized denominations for the principal amount of the Note remaining unredeemed; 

(vi) that on the Redemption Date the redemption price and any accrued interest payable to the Redemption Date as provided
in Section 5.6 shall become due and payable in respect of each Note, or the portion of each Note, to be redeemed, and, unless the Company defaults in making the redemption payment, that interest on each Note, or the portion of each Note,
to be redeemed, shall cease to accrue on and after the Redemption Date; 
 (vii) the place or places where a
Holder must surrender the Holder’s Notes for payment of the redemption price; and 
 (viii) the CUSIP or
ISIN number, if any, listed in the notice or printed on the Notes, and that no representation is made as to the accuracy or correctness of such CUSIP or ISIN number. 
 Section 5.4 Selection of Notes to Be Redeemed in Part. 
 (a) If fewer
than all of the Notes are being redeemed, the Notes to be redeemed shall be selected by lot by DTC in the case of Notes represented by a Global Note or by the Trustee pro rata, by lot or by any other method the Trustee it its sole discretion
deems fair and appropriate. The Trustee shall make the selection from the Outstanding Notes not previously called for redemption. The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any
Notes selected for partial redemption, the principal amount of the Notes to be redeemed. In the event of a partial redemption by lot, the Trustee shall select the particular Notes to be redeemed not less than 35 nor more than 60 days prior to the
relevant Redemption Date from the Outstanding Notes not previously called for redemption. The Company may redeem Notes in denominations of U.S.$100,000 only in whole. The Trustee may select for redemption portions (equal to U.S.$100,000 or any
integral multiple of U.S.$1,000) of the principal of Notes that have denominations larger than U.S.$100,000. 
 (b) For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note
which has been or is to be redeemed. 
 Section 5.5 Deposit of Redemption Price. Prior to 11:00 a.m. New York City
time on the Business Day prior to the relevant Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as Paying Agent, segregate and hold in trust as provided in Section 2.4) an
amount of money in immediately available funds sufficient to pay the redemption price of, and accrued interest on, all the Notes that the Company is redeeming on that date. 
 Section 5.6 Notes Payable on Redemption Date. If the Company, or the Trustee on behalf of the Company, gives notice of redemption in accordance with this Article V, the Notes, or
the portions of Notes, called for redemption, shall, on the Redemption Date, become due and payable at the redemption price specified in the notice (together with accrued interest, if any, to 

  
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the Redemption Date), and from and after the Redemption Date (unless the Company shall default in the payment of the redemption price and accrued interest) the Notes or the portions of Notes
shall cease to bear interest. Upon surrender of any Note for redemption in accordance with the notice, the Company shall pay the Notes at the redemption price, together with accrued interest, if any, to the Redemption Date. If the Company shall fail
to pay any Note called for redemption upon its surrender for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 

Section 5.7 Unredeemed Portions of Partially Redeemed Note. Upon surrender of a Note that is to be redeemed in part, the
Company shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of the Note at the expense of the Company, a new Note or Notes, of any authorized denomination as requested by the Holder, in an aggregate
principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Note surrendered; provided that each new Note shall be in a principal amount of U.S.$100,000 or integral multiples of U.S.$1,000 excess thereof.

 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 Section 6.1 Events of Default. 

(a) Each of the following is an “Event of Default” with respect to the Notes: 

(i) default in the payment when due of the principal of or premium, if any, on (including, in each case, any related
Additional Amounts) any Notes, including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, mandatory redemption, Change of Control Offer or an Asset Sale Offer; 

(ii) default for 30 days or more in the payment when due of interest (including any related Additional Amounts) on any
Notes; 
 (iii) the failure to perform or comply with any of the provisions described under
Section 4.1; 
 (iv) the failure by the Company or any Restricted Subsidiary to comply with any other
covenant or agreement contained herein or in the Notes for 60 days or more after written notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the Outstanding Notes; 

(v) default by the Company or any Restricted Subsidiary under any Indebtedness which: 

(1) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the
expiration of any 

  
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applicable grace period provided in such Indebtedness on the date of such default; or 
 (2) results in the acceleration of such Indebtedness prior to its Stated Maturity; 

and the principal or accreted amount of Indebtedness covered by (1) or (2) at the relevant time, (i) in the case of any or
all Venezuelan Subsidiaries aggregates U.S.$50,000,000 (or the equivalent in other currencies) or (ii) in the case of the Company and all other Restricted Subsidiaries (other than any and all Venezuelan Subsidiaries) aggregates U.S.$25,000,000
(or the equivalent in other currencies) or more; 
 (vi) failure by the Company or any of its Restricted
Subsidiaries to pay one or more final judgments against any of them, (i) in the case of any and all Venezuelan Subsidiaries aggregating U.S.$50,000,000 (or the equivalent in other currencies) or (ii) in the case of the Company and all
other Restricted Subsidiaries (other than any and all Venezuelan Subsidiaries) aggregating U.S.$25,000,000 (or the equivalent in other currencies) or more, which are not paid, discharged or stayed for a period of 60 days or more (to the extent
not covered by a reputable and creditworthy insurance company); 
 (vii) either Master Franchise Agreement shall,
for any reason, be terminated; provided that no Call Option Redemption Event shall have occurred; 

(viii) the occurrence of a Bankruptcy Law Event of Default; or 

(ix) except as permitted herein, any Subsidiary Guarantee is held to be unenforceable or invalid in a judicial proceeding
or ceases for any reason to be in full force and effect or any Subsidiary Guarantor denies or disaffirms its obligations under its Subsidiary Guarantee; provided that the Subsidiary Guarantee of a Subsidiary Guarantor becoming unenforceable
or invalid as a result of a change in law shall not constitute an Event of Default hereunder if the Company reclassifies such Subsidiary as a Non-Guarantor Restricted Subsidiary within 30 days of the announcement of such change in law; and
provided further that it shall not be an Event of Default hereunder if a Subsidiary Guarantee of a Venezuelan Subsidiary is held to be unenforceable or invalid in a judicial proceeding or ceases for any reason to be in full force and effect
as a result of a change in law in Venezuela after the Issue Date. 
 (b) Upon becoming aware of any Default or Event of Default,
the Company shall deliver to the Trustee written notice of events which would constitute such Default or Event of Default, the status thereof and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2 Acceleration. 
 (a) If an Event of Default (other than an Event of Default specified in Section 6.1(a)(vii) or Section 6.1(a)(viii) with respect to the Company) has occurred and is continuing, the
Trustee or the Holders of at least 25% in principal amount of Outstanding Notes may declare 

  
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the unpaid principal of and premium, if any, and accrued and unpaid interest on all the Notes to be immediately due and payable by notice in writing to the Company and the Trustee specifying the
Event of Default and that it is a “notice of acceleration.” If an Event of Default specified in Section 6.1(a)(vii) or Section 6.1(a)(viii) occurs with respect to the Company, then the unpaid principal of and
accrued and unpaid interest on all the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 (b) At any time after a declaration of acceleration with respect to the Notes as described in Section 6.2(a), the Holders of a majority in aggregate principal amount of the then Outstanding
Notes may rescind and cancel such declaration and its consequences: 
 (i) if the rescission would not conflict
with any judgment or decree; 
 (ii) if all existing Events of Default have been cured or waived, except
nonpayment of principal or interest that has become due solely because of the acceleration; 
 (iii) to the
extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and 

(iv) if the Company has paid the Trustee its compensation and reimbursed the Trustee for its expenses, disbursements and
advances outstanding at that time. 
 No rescission shall affect any subsequent Default or impair any rights relating thereto. 

Section 6.3 Other Remedies. 
 (a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and interest on the Notes or to enforce the performance of any
provision of the Notes or this Indenture. 
 (b) The Trustee may maintain a proceeding even if it does not possess any of the
Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
 Section 6.4 Waiver of Past Defaults. Subject to Section 6.2, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may waive any existing Default or
Event of Default hereunder, and its consequences, except a Default in the payment of the principal of, premium, if any, or interest on any Notes. 
 Section 6.5 Control by Majority. Subject to the provisions of this Indenture and applicable law, the Holders of a majority in aggregate principal amount of the then Outstanding 

  
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Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. 

Section 6.6 Limitation on Suits. 
 (a) No Holder of any Notes shall have any right to institute any proceeding with respect hereto or for any remedy hereunder, unless: 

(i) such Holder gives to the Trustee written notice of a continuing Event of Default; 

(ii) Holders of at least 25% in aggregate principal amount of the then Outstanding Notes make a written request to pursue
the remedy; 
 (iii) such Holders of the Notes provide to the Trustee satisfactory indemnity; 

(iv) the Trustee does not comply within 60 days; and 

(v) during such 60 day period the Holders of a majority in aggregate principal amount of the then Outstanding Notes do not
give the Trustee a written direction which, in the opinion of the Trustee, is inconsistent with the request; 
 provided that a Holder of
a Note may institute suit for enforcement of payment of the principal of or interest on such Note on or after the respective due dates expressed in such Note. Notwithstanding any provision of this Indenture to the contrary, no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb, or prejudice the rights of any other of such Holders (it being understood that the Trustee does not have an
affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.7 Rights of Holders to Receive Payment. Notwithstanding any other provision hereof (including, without limitation,
Section 6.6), the right of any Holder to receive payment of principal of or interest on the Notes held by such Holder, on or after the respective due dates, Redemption Dates or repurchase date expressed herein or the Notes, or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.8 Collection Suit by Trustee. If an Event of Default specified in Section 6.1(a)(i) and Section 6.1(a)(ii) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with applicable interest on any overdue principal and, to the extent lawful, interest on overdue interest) and the
amounts provided for in Section 7.7. Subject to all provisions hereof and applicable law, the Holders of a majority in aggregate principal amount of the then Outstanding Notes have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. 

  
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 Section 6.9 Trustee May File Proofs of Claim, etc. 

(a) In case of any judicial proceeding relative to the Company (or any other obligor upon the Notes), its property or its creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under applicable law in order to have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee may (irrespective of whether the principal of the Notes is then due): 
 (i) file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders under this Indenture and the Notes allowed in any bankruptcy, insolvency, liquidation or other judicial
proceedings relative to the Company, any Subsidiary Guarantor or any Subsidiary of the Company or their respective creditors or properties; and 
 (ii) collect and receive any moneys or other property payable or deliverable in respect of any such claims and distribute them in accordance with this Indenture. 

Any receiver, trustee, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, taxes, disbursements and advances
of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.7. 
 (b)
Nothing in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. If the Trustee collects any money or property pursuant to this Article VI, it shall pay
out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under
Section 7.7; 
 SECOND: to Holders for amounts due and unpaid on the Notes for principal and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

THIRD: to the Company or, to the extent the Trustee collects any amount pursuant to any Subsidiary Guarantee from any
Subsidiary Guarantor, to such Subsidiary Guarantor. 
 The Trustee may, upon notice to the Company, fix a record date and payment date for any
payment to Holders pursuant to this Section 6.10. 

  
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 Section 6.11 Undertaking for Costs. All parties agree, and each Holder by its
acceptance of its Notes shall be deemed to have agreed, that in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.7
or a suit by Holders of more than 10% in principal amount of Outstanding Notes. 
 ARTICLE VII 

TRUSTEE 

Section 7.1 Duties of Trustee. 
 (a) If a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its
exercise thereof as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of a Default or an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions, which by
any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture (it being understood that the
Trustee need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) this Section 7.1(c) does not limit the effect of Section 7.1(b); 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (iii) the Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.2, Section 6.5 or Section 6.8 or any other provision of this Indenture. 

(d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

 (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (f) No provision hereof shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Article VII. 
 (h) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders unless such Holders shall have
offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction.

 Section 7.2 Rights of Trustee. 
 Subject to Section 7.1: 
 (a) The Trustee may conclusively rely and
shall be fully protected in acting or refraining from acting upon any document, instrument, opinion, direction, order, notice or request reasonably believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in such document, instrument, opinion, direction, order, notice or request. 

(b) Before the Trustee acts or refrains from acting at the direction of the Company, it may require an Officers’ Certificate, advice
of counsel and/or an Opinion of Counsel, and such Officers’ Certificate, advice and/or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted to be taken by it hereunder. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on an Officers’ Certificate, advice of counsel and/or Opinion of Counsel. 

  
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 (c) The Trustee may act through its attorneys and agents and shall not be responsible for
the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it
takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to
this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled, upon notice to the Company, to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default (other than payment default under Section 6.1(a)(i) or Section 6.1(a)(ii)) unless a Trust
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the
Notes and this Indenture. For purposes of determining the Trustee’s responsibility and liability hereunder, whenever reference is made in this Indenture to a Default or Event of Default, such reference shall be construed to refer only to such
Default or Event of Default for which the Trustee is deemed to have notice pursuant to this Section 7.2(g). 
 (h) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each
agent, custodian and other Person employed to act hereunder. 
 (i) In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 (j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any 

  
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person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(k) The permissive rights of the Trustee enumerated herein shall not be construed as duties. 

(l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions,
loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall use its best efforts to
resume performance as soon as practicable under the circumstances). 
 (m) The Trustee or its Affiliates are permitted to
receive additional compensation that could be deemed to be in the Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the
Cash Equivalents, (ii) using Affiliates to effect transactions in certain Cash Equivalents and (iii) effecting transactions in certain Cash Equivalents. Such compensation is not payable or reimbursable under Section 7.7 of this
Indenture. 
 (n) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys. 
 (o) To the extent permitted by applicable law, the Trustee shall not be required to
give any bond or surety in respect of the execution of this Indenture or otherwise. 
 (p) To help fight the funding of
terrorism and money laundering activities, the Trustee will obtain, verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address,
tax identification number and other information that will allow the Trustee to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles of
incorporation, an offering memorandum, or other identifying documents to be provided. 
 (q) Notwithstanding anything to the
contrary herein, any and all communications (both text and attachments) by or from the Trustee that the Trustee in its sole discretion deems to contain confidential, proprietary, and/or sensitive information and sent by electronic mail will be
encrypted. The recipient of the email communication will be required to complete a one-time registration process. Information and assistance on registering and using the email encryption technology can be found at the Trustee’s secure website
www.citigroup.com/citigroup/citizen/privacy/email.htm or by calling (866) 535-2504 (in the U.S.) or (904) 954-6181 at any time. 
 Section 7.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company

  
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or any of its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-Registrar may do the same with like rights. However, the Trustee must comply
with Section 7.10. 
 Section 7.4 Trustee’s Disclaimer. The Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Company in
this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication, except that the Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Notes and perform its obligations hereunder. 
 Section 7.5 Notice of Defaults. If a
Default occurs hereunder with respect to the Notes, the Trustee shall promptly give the Holders of the Notes notice of such Default. In addition, if a Default or Event of Default occurs and is continuing and if it is a payment default or a Trust
Officer has actual knowledge thereof, or has received written notice thereof pursuant to Section 7.2(g) the Trustee shall mail to each Holder, with a copy to the Company, notice of the Default or Event of Default within 45 days after the
occurrence thereof. Except in the case of a Default or Event of Default in the payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith
determines that withholding the notice is in the interests of the Holders. 
 Section 7.6 Reports by Trustee to
Holders. The Trustee shall notify Holders of any Defaults under this Indenture pursuant to Section 7.5. The Company agrees to promptly notify the Trustee whenever the Notes become listed on any stock exchange and of any delisting
thereof. 
 Section 7.7 Compensation and Indemnity. 

(a) The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services
hereunder as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request
for all reasonable out-of-pocket expenses incurred or made by it in connection with the performance of its duties under this Indenture, except for any such expense as may arise from the Trustee’s negligence, willful misconduct or bad faith.
Such expenses shall include the reasonable fees and expenses of the Trustee’s agents and counsel. 
 (b) The Company shall
indemnify the Trustee and its officers, directors, employees and agents against any and all loss, damage, claim, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it without negligence, willful misconduct or
bad faith on its part in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of defending themselves (including reasonable attorney’s fees and costs)
against any claim or liability related to the exercise or performance of any of their powers or duties hereunder and under any other agreement or instrument related thereto. The Trustee shall notify the Company promptly of any claim for which it may
seek indemnity. Failure by the Trustee to so notify the Company shall 

  
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not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel; provided that the Company shall not be required to pay such fees and expenses if it assumes the Trustee’s defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between
the Company and the Trustee in connection with such defense. The Company need not pay for any settlement made without its written consent. 
 (c) To secure the Company’s payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than
money or property held in trust to pay principal of and interest on particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.7 shall not be subordinate to any other liability or Indebtedness
of the Company. 
 (d) The Company’s payment obligations pursuant to this Section 7.7 shall survive the
discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Bankruptcy Law Event of Default, the expenses are intended to constitute expenses of administration under any
Bankruptcy Law; provided, however, that this shall not affect the Trustee’s rights as set forth in this Section 7.7 or Section 6.10. 
 Section 7.8 Replacement of Trustee. 
 (a) The Trustee may resign at
any time by so notifying the Company. In addition, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. Moreover, if the Trustee
is no longer eligible pursuant to Section 7.10 to act as such, or does not have a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report or does not have its corporate trust
office in the City of New York, New York, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. The Company shall remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10; 

(ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns or is removed by the Company or by the Holders of a majority in principal amount of the then Outstanding Notes
and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly
appoint a successor Trustee. 

  
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 (c) A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor
Trustee shall mail a notice of its succession to Holders and, so long as the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market and the rules of such Exchange so require, the successor Trustee shall also publish
notice as described in Section 11.1. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7. 

(d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or
the Holders of 10% in principal amount of the Outstanding Notes may petition, at the Company’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee
pursuant to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee. 
 Section 7.9 Successor Trustee by Merger. 
 (a) If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or national banking association, the resulting, surviving or transferee corporation without any further
act shall be the successor Trustee; provided that such Persons shall be otherwise qualified and eligible under this Article VII. 
 (b) In case at the time such successor or successors to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided
that the certificate of the Trustee shall have. 
 Section 7.10 Eligibility. 

The Trustee shall have a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report
of condition. 
 Section 7.11 Intentionally Omitted. 

  
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 Section 7.12 Paying Agent, Registrar and Luxembourg Paying Agent. The rights,
protections and immunities granted to the Trustee under this Article VII shall apply mutatis mutandis to the Paying Agent, Registrar, any Authenticating Agent and the Luxembourg Paying Agent. 

ARTICLE VIII 

DEFEASANCE; DISCHARGE OF INDENTURE 
 Section 8.1 Legal Defeasance and Covenant Defeasance. 
 (a) The
Company may, at its option, at any time, upon compliance with the conditions set forth in Section 8.2, elect to have either Section 8.1(b) or Section 8.1(c) be applied to its obligations with respect to all
Outstanding Notes and all obligations of the Subsidiary Guarantors under the Subsidiary Guarantees. 
 (b)
Upon the Company’s exercise under Section 8.1(a) of the option applicable to this Section 8.1(b), the Company shall, subject to the satisfaction of the conditions set forth in Section 8.2, be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Notes and Subsidiary Guarantees on the
91st day after the deposit specified in
Section 8.2(a) (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Notes, which
shall thereafter be deemed to be Outstanding only for the purposes of the sections of this Indenture referred to in clause (i) or (ii) of this Section 8.1(b), and the Company shall have been deemed to have satisfied all their
other obligations under such Notes, and hereunder (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions, which shall survive until otherwise
terminated or discharged hereunder: 
 (i) the rights of Holders to receive solely from the trust described in
Section 8.2(a) below, as more fully set forth in such section, payments in respect of the principal of, premium, if any, and interest on the Notes when such payments are due, 

(ii) the Company’s obligations with respect to such Notes concerning issuing temporary Notes, registration of Notes,
mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payments, 
 (iii) the
rights, powers, trusts, duties and immunities of the Trustee as described in Article VII and hereunder and the Company’s obligations in connection therewith, and 

(iv) this Article VIII. 
 Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.1(b) notwithstanding the prior exercise of its option under
Section 8.1(c). 

  
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 (c) Upon the Company’s exercise under Section 8.1(a) of the option
applicable to this Section 8.1(c), the Company and its Restricted Subsidiaries shall be, subject to the satisfaction of the applicable conditions set forth in Section 8.2, released and discharged from their obligations under
the covenants (including, without limitation, the obligations contained in Section 3.4, Section 3.7, Section 3.8, Section 3.9, Section 3.10, Section 3.11,
Section 3.12, Section 3.13, Section 3.14, Section 3.15, Section 3.16, Section 3.17, and Section 3.21 with respect to the Outstanding Notes and the operation of
Sections 6.1(a)(iv), (v), (vi), (vii), (viii) but only as it applies to any Restricted Subsidiary, and (ix) shall terminate on and after the date the conditions set forth below are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that such Notes shall not be deemed Outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with
respect to the Outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event or Default with respect to the Notes or the
Subsidiary Guarantees under Section 6.1(a)(iii), but, except as specified above, the remainder hereof and such Notes shall be unaffected thereby. 
 Section 8.2 Conditions to Defeasance. The Company may exercise its Legal Defeasance option or its Covenant Defeasance option only if: 

(a) the Company has irrevocably deposited with the Trustee, in trust, for the benefit of the Holders cash in U.S. Dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as shall be sufficient without reinvestment, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, and premium, if any, and
interest on the Notes (including Additional Amounts) on the stated date for payment thereof or on the applicable redemption date, as the case may be; 
 (b) in the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel from a nationally recognized law firm in the U.S. reasonably acceptable to the Trustee and independent
of the Company to the effect that: 
 (i) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling; or 
 (ii) since the Issue Date, there has been a change in the applicable
U.S. federal income tax law; 
 in either case to the effect that, and based thereon such Opinion of Counsel shall state that, the Holders
shall not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such Legal Defeasance had not occurred; 

  
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 (c) in the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion
of Counsel from a nationally recognized law firm in the U.S. reasonably acceptable to the Trustee and independent of the Company to the effect that the Holders shall not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such Covenant Defeasance and shall be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default has occurred and is continuing on the date of the deposit pursuant to Section 8.2(a)
(except any Default or Event of Default resulting from any failure to comply with Section 3.8 as a result of the borrowing of the funds required to effect such deposit); 

(e) the Company has delivered to the Trustee an Officers’ Certificate stating that such Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute a default under this Indenture or any other material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound; 
 (f) the Company has delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by
the Company with the intent of preferring the Holders over any other creditors of the Company or any Subsidiary of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others;

 (g) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel from U.S. counsel
reasonably acceptable to the Trustee and independent of the Company, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 

(h) the Company has delivered to the Trustee an Opinion of Counsel from U.S. counsel reasonably acceptable to the Trustee and independent
of the Company to the effect that the trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 

Section 8.3 Application of Trust Money. The Trustee shall hold in trust U.S. Dollars or U.S. Government Obligations deposited
with it pursuant to this Article VIII. It shall apply the deposited money and the U.S. Dollars from U.S. Government Obligations, together with earnings thereon, through the Paying Agent and in accordance with this Indenture to the
payment of principal of and interest on the Notes. Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s request any U.S. Dollars or U.S.
Government Obligations held by it as provided in this Section 8.3 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 8.4 Repayment to Company. 

(a) The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by them
upon payment of all the obligations under this Indenture. 
 (b) Subject to any applicable abandoned property law, the Trustee
and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal of or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Company
for payment as general creditors. 
 Section 8.5 Indemnity for U.S. Government Obligations. The Company shall pay
and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations deposited with the Trustee pursuant to this
Article VIII. 
 Section 8.6 Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S.
Dollars or U.S. Government Obligations in accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the obligations of the Company under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to
apply all such U.S. Dollars or U.S. Government Obligations in accordance with this Article VIII; provided, however, that, if the Company has made any payment of principal of or interest on any Notes because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Dollars or U.S. Government Obligations held by the Trustee or Paying Agent. 

Section 8.7 Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of further effect (except as
to surviving rights or registration of transfer or exchange of the Notes, as expressly provided for herein) as to all Outstanding Notes, and the Trustee, on written demand of and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when: 
 (a) either: 

(i) all the Notes theretofor, authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced
or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation;
or 
 (ii) all Notes not theretofor delivered to the Trustee for cancellation have become due and payable and the
Company has irrevocably deposited or caused to be deposited with the Trustee funds or U.S. Government Obligations sufficient without reinvestment to pay and discharge the entire Indebtedness on the Notes not theretofor delivered to the Trustee
for cancellation, for principal of, premium, if any, and accrued and unpaid interest on the Notes to the date of deposit (in the case of Notes that have 

  
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become due and payable) or to the maturity or Redemption Date, as the case may be, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the
payment; 
 (b) the Company has paid all other sums payable under this Indenture and the Notes by the Company; and 

(c) the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent under this Indenture
relating to the satisfaction and discharge of this Indenture have been complied with. 
 ARTICLE IX 

AMENDMENTS 

Section 9.1 Without Consent of Holders. 
 (a) The Company and the Trustee may amend, modify or supplement this Indenture and the Notes without notice to or consent of any Holder: 

(i) to cure any ambiguity, omission, defect or inconsistency contained in this Indenture or the Notes; 

(ii) to provide for the assumption by a successor Person of the obligations of the Company or a Subsidiary Guarantor under
this Indenture; 
 (iii) to add Subsidiary Guarantees or additional Guarantees with respect to the Notes or
release the Subsidiary Guarantee in accordance with the terms of this Indenture; 
 (iv) to secure the Notes;

 (v) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power
herein conferred upon the Company; 
 (vi) to provide for the issuance of Additional Notes in accordance with the
terms hereof; 
 (vii) to conform the terms of this Indenture, the Subsidiary Guarantees or the Notes with the
description thereof set forth in the “Description of the Notes” section of the Offering Memorandum dated September 24, 2009 relating to the Original Offering of Notes; 

(viii) to evidence the replacement of the Trustee as provided for under this Indenture; 

  
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 (ix) if necessary, in connection with any release of any security permitted
under this Indenture; 
 (x) to provide for uncertificated Notes in addition to or in place of certificated
Notes; or 
 (xi) to make any other changes which do not adversely affect the rights of any Holder in any
material respect. 
 (b) In formulating its opinion on the foregoing, the Trustee shall be entitled to rely on such evidence as
it deems appropriate, including, without limitation, solely on an Opinion of Counsel and an Officers’ Certificate. 
 (c)
After an amendment under this Section 9.1 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect
the validity of an amendment under this Section 9.1. 
 Section 9.2 With Consent of Holders. 

(a) Modifications to, amendments of, and supplements to, this Indenture or the Notes not set forth under Section 9.1 may be
made with the consent of the Holders of a majority in principal amount of the then Outstanding Notes issued under this Indenture, except that, without the consent of each Holder affected thereby, no amendment may: 

(i) reduce the percentage of the principal amount of the Notes whose Holders must consent to an amendment, supplement or
waiver; 
 (ii) reduce the rate of or change or have the effect of changing the time for payment of interest on
any Notes; 
 (iii) reduce the principal of or change or have the effect of changing the fixed maturity of any
Notes, or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor; 
 (iv) make any Notes payable in money other than that stated in the Notes; 
 (v) make any change in the provisions of this Indenture entitling each Holder to receive payment of principal of, premium, if any, and interest on such Notes on or after the due date thereof or to bring
suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
 (vi) amend, change or modify in any material respect any obligation of the Company to make and consummate a Change of Control Offer in respect of a Change of Control that has occurred or make and
consummate an Asset Sale Offer with respect to any Asset Sale that that has been consummated; 

  
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 (vii) eliminate or modify in any manner the obligations of a Restricted
Subsidiary with respect to its Subsidiary Guarantee, which adversely affects Holders in any material respect, except as contemplated in this Indenture; 
 (viii) make any change to Section 3.18 that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption from any applicable
taxes; or 
 (ix) make any change to the provisions of this Indenture or the Notes that adversely affects the
ranking of the Notes. 
 Section 9.3 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note
or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective, it shall bind every Holder,
except as otherwise provided in this Article IX. An amendment, supplement or waiver under Section 9.2 shall become effective upon receipt by the Trustee of the requisite number of written consents under
Section 9.2. 
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining
the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 

Section 9.4 Notation on or Exchange of Notes. If an amendment or supplement changes the terms of a Note, the Trustee may
require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Note shall execute and upon Company Order the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment
or supplement. 
 Section 9.5 Trustee to Sign Amendments and Supplements. The Trustee shall sign any amendment or
supplement authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such
amendment or supplement the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.1 and Section 7.2) shall be fully protected in conclusively relying upon,

  
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such evidence as it deems appropriate, including, without limitation, the documents required by Section 11.2 and solely on an Opinion of Counsel and Officers’ Certificate, each
stating that such amendment or supplement is authorized or permitted hereby. 
 ARTICLE X 

SUBSIDIARY GUARANTEES 
 Section 10.1 Subsidiary Guarantees 
 (a) Each Subsidiary Guarantor
hereby fully and unconditionally guarantees on a general unsecured senior basis, as primary obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder and to the Trustee the full and punctual payment
when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations (such guaranteed Obligations, the “Guaranteed Obligations”). Each Subsidiary Guarantor further agrees (to the extent permitted by law)
that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Article X notwithstanding any extension or renewal of any Obligation. Each Subsidiary
Guarantor hereby agrees to pay, in addition to the amounts stated above, any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under any Subsidiary Guarantee. 

(b) Each Subsidiary Guarantor waives presentment to, demand of payment from and protest to the Company of any of the Obligations and also
waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any default under the Notes or the Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by (i) the failure of any Holder to
assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission,
waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Obligations or any of them; (v) the failure
of any Holder to exercise any right or remedy against any other Subsidiary Guarantor; or (vi) any change in the ownership of the Company. 
 (c) Each Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any right to require that any
resort be had by any Holder to any security held for payment of the Obligations. 
 (d) Each of the Subsidiary Guarantors
further expressly waives irrevocably and unconditionally: 
 (i) Any right it may have to first require any
Holder to proceed against, initiate any actions before a court of law or any other judge or authority, or enforce any other rights or security or claim payment from the Company or any other 

  
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Person (including any Subsidiary Guarantor or any other guarantor) before claiming from it under this Indenture; 

(ii) (1) the collection benefit (beneficio de excusión) granted by article 2,357 of the Chilean Civil Code;
(2) the division benefit (beneficio de división) granted in article 2,367 of the Chilean Civil Code; (3) the right to retract (derecho de retractación) granted in article 1,649 of the Chilean Civil Code; and,
(4) any right to object to future term extensions that might be agreed to, which hereby accepts in accordance with article 2,339 of the Chilean Civil Code; 
 (iii) Any rights to the benefits of orden, excusión, división, quita and espera arising from Articles 2814, 2815, 2817, 2818, 2819, 2820, 2821,
2822, 2823, 2826, 2837, 2839, 2840, 2845, 2846, 2847 and any other related or applicable Articles that are not explicitly set forth herein because of the Subsidiary Guarantor’s knowledge thereof, of the Código Civil Federal
of Mexico and the Código Civil of each State of the Mexican Republic and for the Federal District of Mexico; 
 (iv) (1) the collection benefit (beneficio de excusión) granted by articles 1812, 1815, 1816, 1818 of the Venezuelan Civil Code; (2) the division benefit (beneficio de
división) granted in articles 1819 and 1820 of the Venezuelan Civil Code; 
 (v) Any right to which it
may be entitled to have the assets of the Company or any other Person (including any Subsidiary Guarantor or any other guarantor) first be used, applied or depleted as payment of the Company’s or the Subsidiary Guarantors’ obligations
hereunder, prior to any amount being claimed from or paid by any of the Subsidiary Guarantors hereunder; and 

(vi) Any right to which it may be entitled to have claims hereunder divided between the Subsidiary Guarantors. 

(e) The obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination
for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by
reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected
by the failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Subsidiary Guarantor or would otherwise operate as a discharge of
such Subsidiary Guarantor as a matter of law or equity. 
 (f) Each Subsidiary Guarantor further agrees that its Subsidiary
Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must

  
 95 

 
otherwise be restored by any Holder upon the bankruptcy, or reorganization of the Company or otherwise. 
 (g) In furtherance of the foregoing and not in limitation of any other right which any Holder has at law or in equity against each Subsidiary Guarantor by virtue hereof, upon the failure of the Company to
pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Subsidiary Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay,
or cause to be paid, in cash, to the Holders an amount equal to the sum of: 
 (i) the unpaid amount of such
Obligations then due and owing; and 
 (ii) accrued and unpaid interest on such Obligations then due and owing
(but only to the extent not prohibited by law). 
 (h) Each Subsidiary Guarantor further agrees that, as between such Subsidiary
Guarantor, on the one hand, and the Holders, on the other hand: 
 (i) the maturity of the Obligations guaranteed
hereby may be accelerated as provided in this Indenture for the purposes of its Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby; and

 (ii) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or
not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes of its Subsidiary Guarantee. 
 Section 10.2 Limitation on Liability; Termination, Release and Discharge. 
 (a) The obligations of each Subsidiary Guarantor hereunder shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor
and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution
obligations under this Indenture, result in the Obligations not constituting a fraudulent conveyance, fraudulent transfer or similar illegal transfer under applicable law. 
 (b) Each Subsidiary Guarantor shall be released and relieved of its obligations under its Subsidiary Guarantee in the event that: 

(i) there is a Legal Defeasance or a Covenant Defeasance of the Notes pursuant to Article VIII; 

(ii) there is a sale or other disposition (including through a consolidation or merger) of Capital Stock of such
Subsidiary Guarantor following which such Subsidiary Guarantor is no longer a direct or indirect Subsidiary of the Company; 

  
 96 

 (iii) there is a sale of all or substantially all of the assets of such
Subsidiary Guarantor (including by way of merger, stock purchase, asset sale or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary Guarantor; 

(iv) such Subsidiary Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 3.11; or

 (v) in the case of any Subsidiary Guarantor other than a Significant Subsidiary, such Subsidiary shall become
prevented from guaranteeing the Notes by local law or the acquisition of minority interests therein by any minority shareholders; 

provided, in each case, such transactions are carried out pursuant to and in accordance with all applicable covenants and provisions hereof.

 Section 10.3 Right of Contribution. Each Subsidiary Guarantor that makes a payment or distribution under a
Subsidiary Guarantee will be entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount, based on the net assets of each Subsidiary Guarantor determined in accordance with GAAP. The provisions of this Section 10.3
shall in no respect limit the obligations and liabilities of each Subsidiary Guarantor to the Trustee and the Holders and each Subsidiary Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Subsidiary
Guarantor hereunder. 
 Section 10.4 No Subrogation. Each Subsidiary Guarantor agrees that it shall not be entitled
to any right of subrogation in respect of any Guaranteed Obligations until payment in full in cash or Cash Equivalents of all Obligations. If any amount shall be paid to any Subsidiary Guarantor on account of such subrogation rights at any time when
all of the Obligations shall not have been paid in full in cash or Cash Equivalents, such amount shall be held by such Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Subsidiary Guarantor, and
shall, forthwith upon receipt by such Subsidiary Guarantor, be turned over to the Trustee in the exact form received by such Subsidiary Guarantor (duly endorsed by such Subsidiary Guarantor to the Trustee, if required), to be applied against the
Obligations. 
 Section 10.5 Additional Subsidiary Guarantees. 

(a) The Company covenants and agrees that, at any time after the date hereof any of the Company’s Subsidiaries that is not at such
time a Subsidiary Guarantor becomes a Restricted Subsidiary (including upon a Revocation of the Designation of a Subsidiary as an Unrestricted Subsidiary) and is not prevented from becoming a Subsidiary Guarantor because of local laws or the
existence of minority shareholders, or that at any time after the date hereof any of the Company’s Restricted Subsidiaries that had been prevented from becoming a Subsidiary Guarantor because of local laws or the existence of minority
shareholders (a “Non-Guarantor Restricted Subsidiary”) is no longer prevented from becoming a Subsidiary Guarantor because of local laws or the existence of minority shareholders, the Company shall, after becoming aware of such
event, (i) promptly notify the Trustee in writing of such event and (ii) cause such Restricted Subsidiary (an “Additional Subsidiary Guarantor”) concurrently to become a Subsidiary Guarantor on a general unsecured senior
basis (promptly following the determination in accordance with the terms of this Indenture that such Subsidiary is a Restricted Subsidiary) by 

  
 97 

 
executing a supplemental indenture substantially in the form of Exhibit E hereto and providing the Trustee with an Officers’ Certificate and to comply in all respects with the
provisions of this Indenture and the Notes, as applicable; provided, however, that each Additional Subsidiary Guarantor will be automatically and unconditionally released and discharged from its obligations under such additional note
guarantee (“Additional Note Guarantee”) only in accordance with Section 10.2; and provided further that no Officers’ Certificate shall be required solely pursuant to this Section 10.5(a) on the
Issue Date. 
 (b) The Company shall notify, in accordance with Section 11.1, the Holders of any execution of a
supplemental indenture pursuant to and in accordance with Section 10.5(a); provided that no notice shall be required solely pursuant to this Section 10.5(b) as a result of the execution of any supplemental indenture
pursuant to and in accordance with Section 10.5(a) on the Issue Date. 
 (c) To the extent otherwise permitted under
this Indenture, the Company may form, create or acquire new Restricted Subsidiaries that may also be Non-Guarantor Restricted Subsidiaries, to the extent they are prevented from local law or the existence of minority shareholders from guaranteeing
the Notes; provided that the Company provides the Trustee with an Officer’s Certificate certifying that such subsidiary is prevented by local law or the existence of minority shareholders from guaranteeing the Notes. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Notices. 
 (a) Any notice or communication shall be in writing and delivered in Person, by telecopy or mailed by first-class mail, postage prepaid, addressed as follows: 

if to the Company or any Subsidiary Guarantor: 
 Arcos Dorados N.V. 
 Naritaweg 165, 1043 BW Amsterdam, The Netherlands 

Attention: Chief Financial Officer 
 Fax No.: +31 (0) 20-572-2650 
 if to the Trustee: 

Citibank, N.A. 

388 Greenwich Street, 14th Floor, New York, New York 10013 
 Attention: Global Transaction Services, Arcos Dorados 
 Fax No.: +1
212-816-5527 

  
 98 

 if to the Luxembourg Paying Agent: 

Dexia Banque Internationale à Luxembourg 
 69 route d’Esch, L-1470 Luxembourg 
 Attention: Transaction Execution Group

 Fax No.: + 352-4590-4227 
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) From and after the date the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market, and so long as
required by the rules of such Exchange, all notices to Holders of Notes shall be published in English: 
 (i) in
a leading newspaper having a general circulation in Luxembourg; or 
 (ii) if such Luxembourg publication is not
practicable, in one other leading English language newspaper being published on each day in morning editions, whether or not it shall be published in Saturday, Sunday or holiday editions. 

In lieu of the foregoing, the Company may publish notices to Holders of Notes via the website of the Luxembourg Stock Exchange at
www.bourse.lu; provided that such method of publication satisfies the rules of such Exchange. 
 (c) Notices shall be
deemed to have been given on the date of mailing or of publication as aforesaid in Section 11.1(b) or, if published on different dates, on the date of the first such publication. In addition, notices shall be delivered to Holders of
Notes at their registered addresses. 
 (d) Any notice or communication mailed to a registered Holder shall be mailed to the
Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (e) Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it. 
 Section 11.2 Certificate and Opinion as to
Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 

(a) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
 99 

 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 11.3
Statements Required in Officers’ Certificate or Opinion of Counsel. Each certificate or opinion, including each Officers’ Certificate or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this
Indenture shall include: 
 (a) a statement that the individual making such certificate or opinion has read such covenant or
condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with. 
 In giving an Opinion of Counsel, counsel may rely as to factual matters on an Officers’ Certificate or on certificates of public officials. 

Section 11.4 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting
of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 Section 11.5 Legal
Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day on which commercial banking institutions are authorized or required to be closed in New York City, United States or in the Netherlands. If a payment date is a
Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 

Section 11.6 Governing Law, etc. 
 (a) THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) EACH OF PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS BETWEEN THE COMPANY AND THE TRUSTEE
(BUT NOT THE HOLDERS OF THE NOTES) ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 100

 (c) Each of the parties hereto: 

(i) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture or the Notes, as
the case may be, may be instituted in any U.S. federal or New York state court sitting in The City of New York, New York, 
 (ii) irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding, 
 (iii) waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit,
action or proceeding in such a court has been brought in an inconvenient forum and any right to the jurisdiction of any other courts to which it may be entitled on account of place of residence or domicile, and 

(iv) agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and
binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment. 
 (d) The Company and
each of the Subsidiary Guarantors has appointed National Registered Agents, Inc. with offices currently at 875 Avenue of the Americas, Suite 501, New York, New York 10001, as its authorized agent (the “Authorized Agent”) upon whom
all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture or the Notes which may be instituted in any New York state or U.S. federal court in The City of New York, New York. The
Company and each of the Subsidiary Guarantors represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company and each Subsidiary Guarantor agree to take any
and all action, including the filing of any and all documents, that may be necessary to continue each such appointment in full force and effect as aforesaid so long as the Notes remain outstanding. The Company and each Subsidiary Guarantor agree
that the appointment of the Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Company and each Subsidiary Guarantor of a successor agent in The City of New York, New York
as their authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company and any Subsidiary
Guarantor. 
 (e) To the extent that the Company or any Subsidiary Guarantor has or hereafter may acquire any immunity
(sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the
Company and each of the Subsidiary Guarantors hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Indenture or the Notes. 

(f) Nothing in this Section 11.6 shall affect the right of the Trustee or any Holder of the Notes to serve process in any
other manner permitted by law. 

  
 101

 Section 11.7 No Recourse Against Others. No past, present or future
incorporator, director, officer, employee, shareholder or controlling person, as such, of the Company or any Subsidiary Guarantor shall have any liability for any obligations of the Company under the Notes, this Indenture or any Subsidiary Guarantee
or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for issuance of the
Notes. 
 Section 11.8 Successors. All agreements of the Company or any Subsidiary Guarantor in this Indenture and
the Notes shall bind its respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 11.9 Duplicate and Counterpart Originals. The parties may sign any number of copies of this Indenture. One signed
copy is enough to prove this Indenture. This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. This Indenture may also be executed in
Argentina via the exchange of an offer letter and an acceptance letter, and delivery of such letters shall be effective as delivery of an executed counterpart of this Indenture. 

Section 11.10 Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 11.11 Currency Indemnity. 
 (a) U.S. Dollars is the sole
currency of account and payment for all sums payable by the Company and any Subsidiary Guarantor, under or in connection with the Notes, this Indenture or any Subsidiary Guarantee. Any amount received or recovered in currency other than U.S. Dollars
(whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Company, any Subsidiary or otherwise) by the Trustee, a Paying Agent or any Holder of the Notes in respect
of any sum expressed to be due to it from the Company and any Subsidiary Guarantor shall only constitute a discharge of it under the Notes, this Indenture and such Subsidiary Guarantee only to the extent of the U.S. Dollars amount which the
recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to
do so). If that U.S. Dollars amount is less than the U.S. Dollars amount expressed to be due to the recipient under the Notes, this Indenture, or the Subsidiary Guarantee, the Company and any Subsidiary Guarantor shall indemnify the recipient
against any loss sustained by it in making any such purchase. In any event, the Company or relevant Subsidiary Guarantor shall indemnify the Holder against the cost of making any purchase of U.S. Dollars. For the purposes of this
Section 11.11, it shall be sufficient for the Trustee, Paying Agent and/or Holder of a Note to certify in a satisfactory manner that it would have suffered a loss had an actual purchase of U.S. Dollars been made with the amount received
in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Dollars on such date had not been practicable, on the first date on which it would have been practicable) and that the change of the purchase date was needed.

  
 102

 (b) The indemnities of the Company and any Subsidiary Guarantor contained in this
Section 11.11, to the extent permitted by law: (i) constitute a separate and independent obligation from the other obligations of the Company and the Restricted Subsidiaries under this Indenture and the Notes; (ii) shall give
rise to a separate and independent cause of action against the Company; (iii) shall apply irrespective of any indulgence granted by any Holder of the Notes from time to time; (iv) shall continue in full force and effect notwithstanding any
other judgment, order, claim or proof for a liquidated amount in respect of any sum due under the Notes; and (v) shall survive the termination of this Indenture. 
 Section 11.12 Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

  
 103

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

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

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados B.V., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 

 
					
	ARCOS DORADOS ARUBA N.V.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Aruba N.V., one of the persons described in and which executed the foregoing instrument, and acknowledges
said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 

 
					
	 ARCOS DOURADOS PARTICIPAÇÕES LTDA.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dourados Participações Ltda., one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 

 
					
	 ARCOS DOURADOS COMERCIO DE ALIMENTOS, LTDA.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dourados Comercio de Alimentos, Ltda., one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 

 
					
	 ARRAS COMERCIO DE ALIMENTOS, LTDA.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arras Comercio de Alimentos, Ltda., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 

 
					
	 ARCOS DOURADOS RESTAURANTES, LTDA.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dourados Restaurantes, Ltda., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ARCOS DORADOS RESTAURANTES DE CHILE, LTDA.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Restaurantes de Chile, Ltda., one of the persons described in and which executed the foregoing instrument,
and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	AXIS LOGISTICA DE CHILE LTDA.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Axis Logistica de Chile Ltda., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	INVERSIONES AXIS LTDA.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Inversiones Axis Ltda., one of the persons described in and which executed the foregoing instrument, and acknowledges
said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 FRANCHISE SYSTEM DE COLOMBIA, LTDA.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Franchise System de Colombia, Ltda., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS DORADOS COLOMBIA, S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Colombia, S.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS UNIDOS LTDA.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Unidos Ltda., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ARCOS UNIDOS, LTDA. Y COMPAÑÍA S.C.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Unidos, Ltda. y Compañía S.C.A., one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	HAMBURGUE S.A.S.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Hamburgue S.A.S., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ARCOS DORADOS COSTA RICA ADCR, S.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Costa Rica ADCR, S.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 GOLDEN ARCH DEVELOPMENT CORPORATION

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Golden Arch Development Corporation, one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	LATAM, LLC
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of LatAm, LLC, one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ARCOS DORADOS CARIBBEAN DEVELOPMENT CORPORATION

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Caribbean Development Corporation, one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ADMINISTRATIVE DEVELOPMENT COMPANY

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Administrative Development Company, one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 LOGISTICS AND MANUFACTURING
LOMA CO.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Logistics and Manufacturing LOMA Co., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	MANAGEMENT OPERATIONS COMPANY
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Management Operations Company, one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	RESTAURANT REALTY OF MEXICO, INC.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Restaurant Realty of Mexico, Inc., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCGOLD DEL ECUADOR S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcgold del Ecuador S.A., one of the persons described in and which executed the foregoing instrument, and acknowledges
said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS DORADOS CURAÇAO N.V.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Curaçao N.V., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS DORADOS PANAMÁ, S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Panamá, S.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	SISTEMAS CENTRAL AMÉRICA, S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Sistemas Central América, S.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS BRAPA, S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Brapa, S.A., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS DORADOS PUERTO RICO, INC.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados Puerto Rico, Inc., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS DEL SUR S.R.L.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos del Sur S.R.L., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ADUY S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of ADUY S.A., one of the persons described in and which executed the foregoing instrument, and acknowledges said instrument
to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	GAUCHITO DE ORO S.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Gauchito de Oro S.A., one of the persons described in and which executed the foregoing instrument, and acknowledges said instrument
to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	ARCOS DORADOS USVI, INC.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos Dorados USVI, Inc., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ALIMENTOS ARCOS DORADOS DE VENEZUELA, C.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Alimentos Arcos Dorados de Venezuela, C.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 COMPAÑIA OPERATIVA DE ALIMENTOS COR, C.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Compañia Operativa de Alimentos COR, C.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	GERENCIA OPERATIVA ARC, C.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	 	
		  	)	 	
	COUNTY OF NEW YORK	  	)	 	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Gerencia Operativa ARC, C.A., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ALIMENTOS ARCOS DORADOS MARGARITA, C.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Alimentos Arcos Dorados Margarita, C.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ALIMENTOS ARCOS DORADOS PUNTO FIJO, C.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Alimentos Arcos Dorados Punto Fijo, C.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	LOGISTICA DE VENEZUELA LOMA, C.A.
		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Logistica de Venezuela LOMA, C.A., one of the persons described in and which executed the foregoing instrument, and acknowledges
said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 COMPLEJO AGROPECUARIO CARNICO (CARNICOS), C.A.

		
	By:	 	 /s/ Diego Maria Pace

		 	Name:	 	Diego Maria Pace
		 	Title:	 	Authorized Signatory

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared Diego Maria Pace to me personally known who being duly sworn, did say that he is the Authorized Signatory of Complejo Agropecuario Carnico (Carnicos), C.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	             /s/ Lourdes
Chicon

	Title:	 	Notary Public, State of New York
	No. 01CH6069119
	Qualified in New York County
	Commission Expires November 12, 2010

 [Notary
Seal] 
  

 
					
	 ARCOS SERCAL INMOBILIARIA, S. DE R.L. DE C.V.

		
	By:	 	 /s/ Germán Lemmonier

		 	Name:	 	Germán Lemmonier
		 	Title:	 	Authorized Signatory
		 	  
 Firma(s) certificada(s) en el sello de

Cert. Firma No F005469391
 Bs.As, 30-09-2009

					
			
		 		 	/s/ Patricio Segundo Sala
		 	 [Seal]
	 	           Escribano
 Patricio Segundo Sala
 Matricula 4897

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Germán Lemmonier to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos SerCal Inmobiliaria, S. de R.L. de C.V., one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	  

	Title:	 	Notary Public
	No.
	Qualified in
	Commission Expires

  

					
			
		 		 	/s/ Patricio Segundo Sala
		 	 [Seal]
	 	           Escribano
 Patricio Segundo Sala
 Matricula 4897

					
	 [Seal]
	 	ACTA DE CERTIFICACIÓN DE FIRMAS	 	[Seal]    

 F
005469391 
 Buenos Aires, 30 de septiembre de 2009. En mi carácter de escribano 
 Adscripto al Registro Notarial 1977 de Capital Federal---------------- 
 CERTIFICO: Que la/s Firma
                     que obra/n en el 

documento que adjunto a esta foja, cuyo requerimiento de certificación 
 formaliza simultáneamente por ACTA número 051 del LIBRO 
 número 16 es/son
puesta/s en mi presencia por la/s personas 
 cuyo/s nombre/s y documento/s de identidad se menciona/n a continuación [illegible]

 la justificación de sus identidad. Alejandro Germán Lemmonier, con D.N.I. 

14.941.255, quien actúa por sus propios derechos.- Se justifica la identidad del 
 firmante en los términos del inciso a) del artículo 1 002 del Código Civil.- Se deja 
 constancia que el documento se encuentra en idioma extranjero, sin consignar lugar 
 y fecha de
suscripción. – El documento original se encuentra certificado en foja de 
 certificación F005469391 y documento de igual
tenor en foja anexo F001268529. 
  

					
			
		 		 	/s/ Patricio Segundo Sala
		 	 [Seal]
	 	           Escribano
 Patricio Segundo Sala
 Matricula 4897

 
					
	ARCOS SERCAL SERVICIOS, S.A. DE C.V.
		
	By:	 	 /s/ Germán Lemmonier

		 	Name:	 	Germán Lemmonier
		 	Title:	 	Authorized Signatory
		 	  
 Firma(s) certificada(s) en el sello de

C.F. Anexo No F001268529
 Bs.As, 30-09-2009

  

					
		 		 	/s/ Patricio Segundo Sala
		 	 [Seal]
	 	           Escribano
 Patricio Segundo Sala
 Matricula 4897

 On this 1st day of October, 2009, before me, a notary public within and for said county,
personally appeared Germán Lemmonier to me personally known who being duly sworn, did say that he is the Authorized Signatory of Arcos SerCal Servicios, S.A. de C.V., one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	  

	Title:	 	Notary Public
	No.
	 Qualified in

Commission Expires

 

					
			
		 		 	/s/ Patricio Segundo Sala
		 	 [Seal]
	 	           Escribano
 Patricio Segundo Sala
 Matricula 4897

					
	 [Seal]
	 	ACTA DE CERTIFICACIÓN DE FIRMAS	 	[Seal]    

 F
001268529 
 ANEXO 
 Buenos Aires, 30
de septiembre de 2009. En mi carácter de escribano 
 Adscripto al Registro Notarial 1977 de Capital Federal---------------- 

CERTIFICO: Que la/s Firma                      que
obra/n en el 
 documento que adjunto a esta foja, cuyo requerimiento de certificación 

formaliza simultáneamente por ACTA número 051 del LIBRO 
 número 16 es/son puesta/s en mi presencia por la/s personas 
 cuyo/s nombre/s y documento/s
de identidad se menciona/n a continuación [illegible] 
 la justificación de sus identidad. Alejandro Germán Lemmonier, con
D.N.I. 
 14.941.255, quien actúa por sus propios derechos.- Se justifica la identidad del 

firmante en los términos del inciso a) del artículo 1 002 del Código Civil.- Se deja 

constancia que el documento se encuentra en idioma extranjero, sin consignar lugar 
 y fecha de suscripción. – El documento original se encuentra certificado en foja de 

certificación F005469391 y documento de igual tenor en foja anexo F001268529. 

 

					
			
		 		 	/s/ Patricio Segundo Sala
		 	 [Seal]
	 	           Escribano
 Patricio Segundo Sala
 Matricula 4897

 
					
	 SERVICIOS ALIMENTOS CENTRALIZADOS DE MEXICO, S. DE R.L. DE C.V.

		
	By:	 	 /s/ Anabell Gonzalez Nava

		 	Name:	 	Anabell Gonzalez Nava
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Manuel Ceppi

		 	Name:	 	Manuel Ceppi
		 	Title:	 	Authorized Signatory

 
					
	 PROVEEDORA SISTEMATIZADA, S.A. DE C.V.

		
	By:	 	 /s/ Anabell Gonzalez Nava

		 	Name:	 	Anabell Gonzalez Nava
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Manuel Ceppi

		 	Name:	 	Manuel Ceppi
		 	Title:	 	Authorized Signatory

 
					
	 CENTRO ESPECIALIZADO DE NEGOCIOS INTERNACIONALES, S. DE R.L. DE C.V.

		
	By:	 	 /s/ Anabell Gonzalez Nava

		 	Name:	 	Anabell Gonzalez Nava
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Manuel Ceppi

		 	Name:	 	Manuel Ceppi
		 	Title:	 	Authorized Signatory

 
					
	 ALIMENTOS CENTRALIZADOS DE MEXICO, S. DE R.L. DE C.V.

		
	By:	 	 /s/ Anabell Gonzalez Nava

		 	Name:	 	Anabell Gonzalez Nava
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Manuel Ceppi

		 	Name:	 	Manuel Ceppi
		 	Title:	 	Authorized Signatory

 
					
	 CITIBANK, N.A.,
as Trustee, Registrar, Paying Agent
and Transfer Agent

		
	By:	 	 /s/ John Hannon

		 	Name:	 	John Hannon
		 	Title:	 	Vice President

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this 1st day of October, 2009, before me, a notary public within and for said county, personally
appeared John Hannon to me personally known who being duly sworn, did say that he/she is a Vice president of Citibank, N.A., one of the persons described in and which executed the foregoing instrument, and acknowledges said instrument to be the free
act and deed of said persons. 
  

			
	By:	 	             Zenaida
Santiago

	Title:	 	Notary Public, State of New York

 No. 015A6152564

 Qualified in Kings County 

Commission Expires 9.18.2010 
 [Notary Seal]

	
	Solely for the purposes of accepting the appointment of Luxembourg Paying Agent together with the rights, protections and immunities granted to the Trustee under Article VII,
which shall apply mutatis mutandis to the Luxembourg Paying Agent:

 Dexia
Banque Internationale à Luxembourg, société anonyme 
 as Luxembourg Paying Agent 

 

											
	By:	 	 /s/ Jean-Jacques Kinnen
	  		  	 /s/ Biagio Grasso
	  	
		 	Name:	  	Jean-Jacques Kinnen	  		  	Biagio Grasso	  	
		 	Title:	  	Senior Manager	  		  		  	

  

	
	The undersigned Henri HELLINCKX notary public residing in Luxembourg hereby certifies the authenticity of the signature(s) apposed hereabove Luxembourg, the 2nd of October 2009

[Notary Seal] 

 EXHIBIT A 
 EXTRACTS OF THE BY-LAWS OF 
 CITIBANK, N.A. 

“ARTICLE VII 
 Section 3. Authentication and Signature of Instruments. All authentications or certificates by the Association, as Trustee under any mortgage, deed of trust or other instruments securing
bonds, debentures, notes, or other obligations of any corporation, and all certificates as Registrar or Transfer Agent and all certificates of deposit for stocks and bonds, and interim certificates and trust certificates, may be signed or
countersigned in behalf of the Association by the Chairman, the President, any Vice Chairman/Sector Executive, any Senior Executive Vice President, any Group Executive/Executive Vice President, any Senior Vice President, the Secretary, any Vice
President or anyone holding a position equivalent to the foregoing pursuant to provisions of these By-Laws, any Assistant Vice President, any Manager, any Senior Trust Officer, any Assistant Manager, any Trust Officer, or any officer with rank
equivalent to any of the foregoing as may be designated by the Secretary, or by any other person appointed for that purpose by the Board of Directors or pursuant to these By-Laws. Any such signature or countersignature may by manual or
facsimile.” 
 “ARTICLE X 
 Section 2. Execution of Instruments. All agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions,
settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents, may be signed, executed, acknowledged. verified, delivered or accepted in behalf of the Association by the Chairman, the
President, or any Vice Chairman/Sector Executive, or any Senior Executive Vice President, or any Executive Vice President/Group Executive, or the Chairman Credit Policy Committee, or the Chairman Economic Policy Committee, or any Senior Vice
President, or the Secretary, or the Chief Auditor, or any Vice President, or any Deputy Chief Auditor, or anyone holding a position equivalent to the foregoing pursuant to provisions to these By-Laws, or, if in connection with the exercise of any of
the fiduciary powers of the Association, by any of said officers or by any Senior Trust Officer. Any such instruments may also be executed, acknowledged, verified, delivered or accepted in behalf of the Association in such other manner any by such
other officers as the Board of Directors may from time to time direct. The Provisions of this Section 2 are supplementary to any other provisions of these By-Laws.” 

 EXHIBIT A 
 FORM OF NOTE 
 THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO
HEREINAFTER. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 Include the following Private Placement Legend on all Restricted Notes: 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF ARCOS DORADOS B.V. (THE “COMPANY”) THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO THE
COMPANY, (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A) IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AFFORDED BY RULE
144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER
APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS AND AGREES THAT IT SHALL NOTIFY ANY 

  
 A-1

 
PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. 
 THE
FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE ON SATISFACTION OF THE CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO HEREIN.” 

Include the following Private Placement Legend on all Regulation S Global Notes: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES
THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION. 
 THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AFTER
40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THE NOTES.”

  
 A-2

 FORM OF FACE OF NOTE 

ARCOS DORADOS B.V. 
 7.500% SENIOR NOTES DUE 2019 
  

			
	No. [        ]	  	Principal Amount U.S.$[                    
]

  

					
		  	 [If the Note is a Global Note include the following two lines:

as revised by the Schedule of Increases and
 Decreases in Global Note attached hereto]

			
		  		  	[If the Note is a Global
		  		  	Rule 144A Note, insert:
		  		  	CUSIP NO. 03965T AA1
		  		  	ISIN NO. US03965TAA16
		  		  	COMMON CODE 045543773]
			
		  		  	[If the Note is a Global
		  		  	Regulation S Note, insert:
		  		  	CUSIP NO. P04568 AA2
		  		  	ISIN NO. USP04568AA23
		  		  	COMMON CODE 045543781]

 Arcos Dorados B.V., a
private limited liability company (besloten vennootschap) formed in the Netherlands, promises to pay to Cede & Co., the nominee for The Depository Trust Company, or registered assigns, the principal sum of
[                    ] U.S. Dollars [If the Note is a Global Note, add the following, as revised by the Schedule of Increases and
Decreases in Global Note attached hereto], on October 1, 2019. 
  

			
	Interest Rate:	  	7.500%
		
	Interest Payment Dates:	  	April 1 and October 1 of each year, commencing on April 1, 2010
		
	Record Dates:	  	March 15 and September 15

  
 A-3

 Additional provisions of this Note are set forth on the other side of this Note. 

 

			
	ARCOS DORADOS B.V.
		
	By:	 	  

		 	 Name:

Title:

  

									
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	  		  		 	
				
	Citibank, N.A., as Trustee, certifies that this is one of the Notes referred to in the Indenture.	  		  		 	
					
	By:	  	  
	  		  		 	
		  	Authorized Signatory	  		  	Date:	 	  

  
 A-4

 FORM OF REVERSE SIDE OF NOTE 

 

	1.	Interest 

 Arcos Dorados
B.V., a private limited liability company (besloten vennootschap) formed in the Netherlands (and its successors and assigns under the Indenture hereinafter referred to, the “Company”), promises to pay interest on the
principal amount of this Note at the rate per annum shown above. 
 The Company shall pay interest semi-annually in arrears on
each Interest Payment Date of each year, commencing on April 1, 2010. Interest on the Notes shall accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from October 1, 2009. The
Company shall pay interest on overdue principal (plus interest on such interest to the extent lawful), at the rate borne by the Notes to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and, to the extent such payments are lawful, interest on overdue installments of interest (“Defaulted Interest”) without regard to any applicable grace periods at the interest rate shown on this Note, as provided in the
Indenture. 
 All payments made by the Company in respect of the Notes shall be made free and clear of and without deduction or
withholding for or on account of any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of the Netherlands or any jurisdiction where the Company or any Subsidiary Guarantor is incorporated or
resident for tax purposes or from or through which any payment in respect of the Notes is made by the paying agent or the Company, or any political subdivision thereof (a “Relevant Jurisdiction”), or any taxing authority of a
Relevant Jurisdiction, unless such withholding or deduction is required by law or by the interpretation or administration thereof. In that event, the Company shall pay to each Holder of the Notes Additional Amounts as provided in the Indenture
subject to the limitations set forth in the Indenture. 
  

	2.	Method of Payment 

 Prior
to 11:00 a.m. (New York City time) on the Business Day prior to the date on which any principal of or interest on any Note is due and payable, the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such
principal and/or interest. The Company shall pay interest (except Defaulted Interest) to the Persons who are registered Holders of Notes at the close of business on the Record Date preceding the Interest Payment Date even if Notes are canceled,
repurchased or redeemed after the Record Date and on or before the relevant Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal and interest in U.S. Dollars.

 Payments in respect of Notes represented by a Global Note (including principal and interest) shall be made by the transfer of
immediately available funds to the accounts specified by DTC. The Company shall make all payments in respect of a Certificated Note (including principal and interest) by mailing a check to the registered address of each Holder thereof;
provided, however, that payments on the Notes may also be made, in the case of a 

  
 A-5

 
Holder of at least U.S.$1,000,000 aggregate principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account. 
  

	3.	Paying Agent and Registrar 

Initially, Citibank, N.A. (the “Trustee”), shall act as Trustee, Paying Agent and Registrar. The Company may appoint and
change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Company may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture 

 The Company
originally issued the Notes under an Indenture, dated as of October 1, 2009 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), between the Company and the Trustee.
The terms of the Notes include those stated in the Indenture. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the
Indenture for a statement of those terms. Each Holder by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time. 

The Notes are senior unsecured obligations of the Company. Subject to the conditions set forth in the Indenture and without the consent
of the Holders, the Company may issue Additional Notes. All Notes shall be treated as a single class of securities under the Indenture. 
 The Indenture imposes certain limitations, subject to certain exceptions, on, among other things, the ability of the Company and its Subsidiaries to Incur Additional Indebtedness, make Restricted
Payments, incur Liens, make Asset Sales, enter into transactions with Affiliates, or consolidate or merge or transfer or convey all or substantially all of the Company’s and its Subsidiaries’ assets. 

 

	5.	Optional Redemption 

 (a)
Optional Redemption with a Make-Whole Premium. The Company shall have the right, at its option, to redeem the Notes, in whole but not in part, at any time prior to October 1, 2014 at a redemption price equal to 100% of the principal
amount of such Notes plus, the greater of (1) 1% of the then outstanding principal amount of the Notes, and (2) the excess of: (a) the present value (as determined by the Independent Investment Banker) at such redemption date of
(i) the redemption price of the Notes at October 1, 2014 (such redemption price being set forth in the table below in 5.b) plus (ii) all required interest payments thereon through October 1, 2014 (excluding accrued but unpaid
interest to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, over (b) the then outstanding principal
amount of the Notes (the “Make-Whole Amount”), plus in each case any accrued and unpaid interest on the principal amount of the Notes to the date of redemption. 

  
 A-6

 “Treasury Rate” means, with respect to any redemption date, the rate per
annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. 
 “Comparable Treasury Issue” means the
United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Comparable Treasury Price” means, with respect to any redemption date (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Reference Treasury Dealer” means Banc of America Securities LLC and Morgan Stanley & Co. Incorporated or their
affiliates which are primary United States government securities dealers and not less than two other leading primary United States government securities dealers in New York City reasonably designated by the Company; provided that if any of
the foregoing cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 pm New York time on the third Business Day preceding such redemption date. 
 (b) Optional
Redemption Without a Make-Whole Premium. At any time and from time to time on or after October 1, 2014, the Company may, at its option, redeem all or part of the Notes upon not less than 30 nor more than 60 days’ prior
notice to the Holders of the Notes, at the redemption prices, expressed as percentages of principal amount, set forth below, plus accrued and unpaid interest thereon, if any, to the applicable redemption date, if redeemed during the 12 month
period beginning on October 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2014
	  	 	103.750	% 
	 2015
	  	 	102.500	% 
	 2016
	  	 	101.250	% 
	 and after
	  	 	100	% 

  
 A-7

 (c) Optional Redemption With Proceeds of Equity Offerings. At any time, prior to or
on October 1, 2012, the Company may, at its option, on one or more occasions, redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) at a redemption price of 107.50% of the principal amount thereof, plus
accrued and unpaid interest to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 
  

	 	(i)	Notes in an aggregate principal amount equal to at least 65% of the aggregate principal amount of Notes issued on the first Issue Date remain outstanding immediately
after the occurrence of such redemption; and 

  

	 	(ii)	the redemption must occur within 90 days of the date of the closing of such Equity Offering. 

“Equity Offering” means an offering for cash, after the Issue Date, of Qualified Stock of the Company or of any direct
or indirect parent of the Company (to the extent the proceeds thereof are contributed to the common equity of the Company). 

(d) Optional Redemption Upon Tax Event. If the Company determines that, as a result of any amendment to, or change in, the laws
(or any rules or regulations thereunder) of any Relevant Jurisdiction, any taxing authority thereof or therein affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which
amendment to or change of such laws, rules or regulations becomes effective or, in the case of a change in official interpretation or application, is announced on or after the date of the Offering Memorandum (or on or after the date a Surviving
Entity assumes the obligations under the Notes, in the case of a Surviving Entity with a different Relevant Jurisdiction than the Company), the Company (or a Subsidiary Guarantor) would be obligated, to pay any Additional Amounts, provided
that the Company, in its business judgment, determines that such obligation cannot be avoided by the Company taking reasonable measures available to it, then, at the Company’s option, all, but not less than all, of the Notes may be redeemed at
any time at a redemption price equal to 100% of the outstanding principal amount, plus any accrued and unpaid interest to the redemption date due thereon up to but not including the date of redemption; provided that (1) no notice of
redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which the Company (or a Subsidiary Guarantor) would be obligated to pay these Additional Amounts if a payment on the Notes were then due, and (2) at
the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect. 
 Prior to the
publication of any notice of redemption pursuant to this provision, the Company will deliver to the Trustee: 
  

	 	(i)	an Officers’ Certificate stating that the Company is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent
to the Company’s right to redeem have occurred; and 

  
 A-8

	 	(ii)	an Opinion of Counsel from legal counsel in a Relevant Jurisdiction (which may be the Company’s counsel) of recognized standing to the effect that the Company has
or will become obligated to pay such Additional Amounts as a result of such change or amendment. 

 This notice, once delivered by
the Company to the Trustee, will be irrevocable. 
 The Company shall give notice of any redemption at least 30 days but not
more than 60 days before the redemption date to the Trustee, which shall, in turn, provide notice to Holders of Notes as set forth below. 
 (e) Optional Redemption Procedures. If fewer than all of the Notes are being redeemed, the Notes to be redeemed shall be selected by lot by DTC in the case of Notes represented by a Global Note or
by the Trustee pro rata, by lot or by any other method the Trustee it its sole discretion deems fair and appropriate. No Notes of a principal amount of U.S.$100,000 or less may be redeemed in part and Notes of a principal amount in excess of
U.S.$100,000 may be redeemed in part in multiples of U.S.$1,000 only. Upon surrender of any Note redeemed in part, the holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered note. Once notice of
redemption is sent to the holders, Notes called for redemption become due and payable at the redemption price on the redemption date, and, commencing on the redemption date, Notes redeemed will cease to accrue interest. 

Notice of any redemption shall be mailed by first-class mail, postage prepaid, at least 35 but not more than 60 days before the
redemption date to Holders of Notes to be redeemed at their respective registered addresses. If Notes are to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed. For so long as
the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market, and the rules of such Exchange require, the Company shall cause notices of redemption to also be published as provided under Section 10.1 of the
Indenture. A new Note in a principal amount equal to the unredeemed portion thereof, if any, shall be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests
in a Global Note shall be made, as appropriate). 
 Notes called for redemption shall become due on the date fixed for
redemption. The Company shall pay the redemption price for any Note together with accrued and unpaid interest thereon through the date of redemption. On and after the redemption date, interest shall cease to accrue on Notes or portions thereof
called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to the Indenture. Upon redemption of any Notes by the Company, such redeemed Notes shall be cancelled.

  

	6.	Mandatory Repurchase Provisions 

 (a) Mandatory Redemption upon Exercise of Call Option. No later than 5 Business Days following the date upon which the Call Option Redemption Event occurs, the Company will provide the Trustee with
a notice to redeem all of the Notes at a purchase price equal to 101% of the principal amount thereof, plus any accrued and unpaid interest thereon through the date of redemption (the “Call Option Exercise Payment”). For the
avoidance of 

  
 A-9

 
doubt, a Call Option Redemption Event will only occur in connection with the exercise by McDonald’s of the McDonald’s Call Option under the Master Franchise Agreements with respect to
the Master Franchisee or the Brazilian Master Franchisee. An exercise by McDonald’s of the McDonald’s Call Option with respect to any other Subsidiary of the Company shall not be treated as a Call Option Redemption Event, but will instead
be treated as an Asset Sale subject to the limitations set forth in Section 3.10 of the Indenture. Notes subject to mandatory redemption following a Call Option Redemption Event will become due on the earlier of the date fixed for
redemption or the 30th day following the Call Option Redemption Event. On and after the redemption date, interest will cease to accrue on the Notes as long as the Company has deposited with the Paying Agent funds in an amount equal to the Call
Option Exercise Payment. Upon redemption of the Notes by the Company, the redeemed Notes will be cancelled. For so long as the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market and the rules of the exchange so
require, the Company will cause notices of redemption to also be published as described in the Indenture. 
 (b) Change Of
Control Offer. Upon the occurrence of a Change of Control, each Holder of Notes shall have the right to require that the Company purchase all or a portion (in integral multiples of U.S.$1,000, provided that the principal amount of
such Holder’s Note will not be less than U.S.$100,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest through the date of purchase. Within 30 days following the
date upon which the Change of Control occurred, the Company must make a Change of Control Offer pursuant to a Change of Control Notice and, so long as the Notes are listed on the Luxembourg Stock Exchange for trading on the Euro MTF Market, and the
rules of such Exchange so require, publish the Change of Control Offer in a newspaper having general circulation in Luxembourg or, if such Luxembourg publication is not practicable, in one other leading English language newspaper. As more fully
described in the Indenture, the Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be
required by applicable law. 
 (c) Asset Sale Offer. The Indenture imposes certain limitations on the ability of the
Company and its Restricted Subsidiaries to make Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Company shall be required to make an Asset Sale Offer to
purchase to the extent of such remaining proceeds each Holder’s Notes together with holders of certain other Indebtedness at 100% of the principal of and accrued and unpaid interest (if any) to the Asset Sale Offer Payment Date, as more fully
set forth in the Indenture. 
  

	7.	Denominations; Transfer; Exchange 

 The Notes are in fully registered form without coupons, and only in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Notes in
accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall be
entitled to request such evidence reasonably satisfactory to it documenting the identity and/or signatures of the transferor and the transferee. The Registrar need not register the transfer of or exchange (i) any Notes selected for redemption
(except, in the case of a Note to be redeemed in 

  
 A-10

 
part, the portion of the Note not to be redeemed) for a period beginning 15 days before the mailing of a notice of Notes to be redeemed and ending on the date of such mailing or (ii) any
Notes for a period beginning 15 days before an interest payment date and ending on such interest payment date. 
  

	8.	Persons Deemed Owners 

The registered holder of this Note shall be treated as the owner of it for all purposes. 

 

	9.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders
entitled to the money must look only to the Company and not to the Trustee for payment. 
  

	10.	Discharge Prior to Redemption or Maturity 

 Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee
U.S. Dollars or U.S. Government Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case may be. 
  

	11.	Amendment, Waiver 

 (a)
Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may, among other things, amend or supplement the Indenture or the Notes to cure any ambiguity, omission, defect or
inconsistency; to provide for the assumption by a successor Person of the obligations of the Company under the Indenture; provided, however, that the designation is in accord with the applicable provisions of the Indenture; to add Subsidiary
Guarantees or additional Guarantees with respect to the Notes or release a Subsidiary Guarantee in accordance with the terms of the Indenture; to secure the Notes; to add to the covenants of the Company for the benefit of the Holders or to surrender
any right or power herein conferred upon the Company; to provide for the issuance of Additional Notes; to conform the text of the Indenture, the Subsidiary Guarantees or the Notes to any provision of the Offering Memorandum; to evidence the
replacement of the Trustee as provided for under the Indenture; if necessary, in connection with any release of any security permitted under the Indenture; to provide for uncertificated Notes in addition to or in place of certificated Notes; or to
make any other changes which do not adversely affect the rights of any of the Holders in any material respect. 
 (b) Subject to
certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes and (ii) any
Default or Event of Default under the Indenture (except a Default in the payment of the principal of, premium, if any, or interest on any Notes) may be waived with the written consent of the Holders of a majority in aggregate principal amount of the
then Outstanding Notes. However, without the 

  
 A-11

 
consent of each Holder affected thereby, no amendment may, among other things, reduce the percentage of the principal amount of the Notes whose Holders must consent to an amendment, supplement or
waiver; reduce the rate of or change or have the effect of changing the time for payment of interest on any Notes; reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any
Notes may be subject to redemption, or reduce the redemption price therefor; make any Notes payable in money other than that stated in the Notes; make any change in the provisions of the Indenture entitling each Holder to receive payment of
principal of, premium, if any, and interest on the Notes on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; amend,
change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer in respect of a Change of Control that has occurred or make and consummate an Asset Sale Offer with respect to any Asset Sale
that has been consummated; eliminate or modify in any manner a Restricted Subsidiary’s obligations with respect to its Subsidiary Guarantee which adversely affects Holders in any material respect, except as contemplated in the Indenture; make
any change in the Additional Amounts provisions of the Indenture that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption from any applicable taxes; or make any change to the
provisions of this Indenture or the Notes that adversely affects the ranking of the Notes. 
  

	12.	Defaults and Remedies 

 If
an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable immediately. Certain events of bankruptcy or
insolvency are Events of Default, which shall result in the Notes being due and payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security reasonably
satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any
continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

 

	13.	Trustee Dealings with the Company 

 Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	14.	No Recourse Against Others 

No past, present or future incorporator, director, officer, employee, shareholder or controlling person, as such, of the Company or any
Subsidiary Guarantor, shall have any liability 

  
 A-12

 
for any obligations of the Company under the Notes, the Indenture or a Subsidiary Guarantee or for any claims based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	15.	Authentication 

 This Note
shall not be valid until an authorized signatory of the Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 

 

	16.	Abbreviations 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	17.	CUSIP or ISIN Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP or
ISIN numbers to be printed on the Notes and has directed the Trustee to use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	18.	Governing Law 

 This Note
shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

	19.	Currency of Account; Conversion of Currency. 

 U.S. Dollars is the sole currency of account and payment for all sums payable by the Company or any Subsidiary Guarantor under or in connection with the Notes, any Subsidiary Guarantee or the Indenture.
The Company and any Subsidiary Guarantor shall indemnify the Holders as provided in respect of the conversion of currency relating to the Notes, any Subsidiary Guarantee and the Indenture. 

 

	20.	Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 

 The parties hereto have agreed that any suit, action or proceeding arising out of or based upon the Indenture or the Notes may be instituted in any New York state or U.S. federal court in The City of New
York, New York. The parties hereto have irrevocably submitted to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury, any objection they may now or hereafter have to the laying of venue
of any such proceeding, and any claim they may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum and any right to the jurisdiction of any other courts to which

  
 A-13

 
any of them may be entitled, on account of place of residence or domicile. The Company has appointed National Registered Agents, Inc. with offices currently at 875 Avenue of the Americas, Suite
501, New York, New York 10001, as its authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or the Notes which may be instituted in any New York state
or U.S. federal court in The City of New York, New York. To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or
any legal process (whether service or notice, attachment in aid or otherwise) with respect to it or any of their property, the Company has irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the
Indenture or the Notes. 
 Nothing in the preceding paragraph shall affect the right of the Trustee or any Holder of the Notes
to serve process in any other manner permitted by law. 
 The Company shall furnish to any Holder upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 
 Arcos Dorados B.V. 
 Naritaweg 165 

1043 BW Amsterdam 
 The Netherlands 
 Attention: Chief Financial Officer 

Fax No.: +31 (0) 20-572-2650 

  
 A-14

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer
this Note to: 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s Social Security or Tax I.D. Number) 
 and irrevocably appoint
                                        
to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  

									
	Date:	  	  
	  		  	Your Signature:	  	  

		  		  		  	(Sign exactly as your name appears on the other side of this Note.)

 

					
	Signature Guarantee:	 	  
	  	
		 	(Signature must be guaranteed)	  	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-15

 [To be attached to Global Notes only] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of this
Global Note	  	Amount of increase in
Principal Amount of this
Global Note	  	Principal Amount of this
Global Note following such
decrease or increase	  	Signature of authorized
signatory of Trustee or Note
Custodian

  
 A-16

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 3.7 or Section 3.10 of the
Indenture, check either box: 
  

							
		    	 ̈	    	 ̈	  	
				
		    	Section 3.7	    	Section 3.10	  	

 If you want to elect to have only part of this Note purchased by the Company pursuant to
Section 3.7 or Section 3.10 of the Indenture, state the principal amount (which must be an integral multiple of U.S.$100,000) that you want to have purchased by the Company: U.S.$ 

 

			
	Date:                     	 	 Your Signature
                                         
               
 (Sign exactly as your name appears on
the
 other side of the Note)

		
	Tax Identification No.:	 	                             
                       
		
	Signature Guarantee:	 	                             
                                         
          
		 	(Signature must be guaranteed)

 The signature(s) should be
guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-17

 EXHIBIT B 
 FORM OF CERTIFICATE FOR TRANSFER TO QIB 
 [Date]

 Citibank, N.A. 
 111 Wall Street,
15th Floor Window 
 New York, New York 10005 
 Attention: 15th Floor Window 
  

	 	Re:	7.500% Senior Notes due 2019 (the “Notes”) 

 of Arcos Dorados B.V. (the “Company”) 
 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of October 1, 2009 (as amended and supplemented from time to time, the
“Indenture”), between the Company and Citibank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

This letter relates to U.S.$             aggregate principal amount of
Notes [in the case of a transfer of an interest in a Regulation S Global Note: which represents an interest in a Regulation S Global Note] beneficially owned by the undersigned (the “Transferor”) to effect the
transfer of such Notes in exchange for an equivalent beneficial interest in the Rule 144A Global Note. 
 In connection
with such request, and with respect to such Notes, the Transferor does hereby certify that such Notes are being transferred in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended (“Rule 144A”), to a
transferee that the Transferor reasonably believes is purchasing the Notes for its own account or an account with respect to which the transferee exercises sole investment discretion, and the transferee, as well as any such account, is a
“qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements of Rule 144A and in accordance with applicable securities laws of any state of the United States or any other
jurisdiction. 

  
 B-1

 You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

							
	Very truly yours,	  	
		
	[Name of Transferor]	  	
				
	By:	 	  
	  		  	
			
	  
	  		  	
	Authorized Signature	  		  	

  
 B-2

 EXHIBIT C 
 FORM OF CERTIFICATE FOR TRANSFER 
 PURSUANT TO REGULATION S

 [Date] 
 Citibank, N.A. 
 111 Wall Street, 15th Floor Window 

New York, New York 10005 
 Attention: 15th Floor
Window 
  

	 	Re:	7.500% Senior Notes due 2019 (the “Notes”) 

 of Arcos Dorados B.V. (the “Company”) 
 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of October 1, 2009 (as amended and supplemented from time to time, the
“Indenture”), between the Company and Citibank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

In connection with our proposed sale of U.S.$             aggregate
principal amount of the Notes [in the case of a transfer of an interest in a 144A Global Note: , which represent an interest in a 144A Global Note] beneficially owned by the undersigned (“Transferor”), we confirm that such
sale has been effected pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 

(a) the offer of the Notes was not made to a person in the United States; 

(b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any
person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person
acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (c)
no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; 

(d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

  
 C-1

 (e) we are the beneficial owner of the principal amount of Notes being
transferred. 
 In addition, if the sale is made during a Distribution Compliance Period and the provisions of
Rule 904(b)(1) or Rule 904(b)(2) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2), as the case may be.

 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S. 

 

							
	Very truly yours,	 		 	
			
	[Name of Transferor]	 		 	
				
	By:	 	  
	 		 	
			
	  
	 		 	
	Authorized Signature	 		 	

  
 C-2

 EXHIBIT D 
 FORM OF CERTIFICATE FOR TRANSFER 
 PURSUANT TO RULE 144

 [Date] 
 Citibank, N.A. 
 111 Wall Street, 15th Floor Window 

New York, New York 10005 
 Attention: 15th Floor
Window 
  

	 	Re:	7.500% Senior Notes due 2019 (the “Notes”) 

 of Arcos Dorados B.V. (the “Company”) 
 Ladies and Gentlemen: 

Reference is hereby made to the Indenture, dated as of October 1, 2009 (as amended and supplemented from time to time, the
“Indenture”), between the Company and Citibank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

In connection with our proposed sale of U.S.$             aggregate
principal amount of the Notes [in the case of a transfer of an interest in a 144A Global Note:     , which represent an interest in a 144A Global Note] beneficially owned by the undersigned (“Transferor”),
we confirm that such sale has been effected pursuant to and in accordance with Rule 144 under the Securities Act. 
 You
and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered
hereby. 
  

							
	Very truly yours,	  		  	
			
	[Name of Transferor]	  		  	
				
	By:	 	  
	  		  	
			
	  
	  		  	
	Authorized Signature	  		  	

  
 D-1

 EXHIBIT E 
 FORM OF SUPPLEMENTAL INDENTURE 
 FOR SUBSIDIARY GUARANTEE 

This Supplemental Indenture, dated as of [            ] (this
“Supplemental Indenture”), among [name of Restricted Subsidiary], a [            ] [corporation][limited liability company] (the “Additional
Subsidiary Guarantor”), Arcos Dorados B.V., a private limited liability company (besloten vennootschap) formed in the Netherlands (together with its successors and assigns, the “Company”) and Citibank, N.A., as
Trustee under the Indenture referred to below. 
 W I T N E S S E T H: 

WHEREAS, the Company, the Trustee and the Subsidiary Guarantors named therein (each a “Subsidiary Guarantor” and
together the “Subsidiary Guarantors”) have heretofore executed and delivered an Indenture, dated as of October 1, 2009 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for
the issuance of 7.500% Senior Notes due 2019 of the Company (the “Notes”); and 
 WHEREAS, pursuant to
Section 9.1 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture to supplement the Indenture, without the consent of any Holder; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Additional Subsidiary Guarantor, the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

ARTICLE I  

DEFINITIONS 
 Section 1.1. Defined Terms. Unless otherwise defined in this Supplemental Indenture, terms defined in the Indenture are used herein as therein defined. 

ARTICLE II 

AGREEMENT TO BE BOUND; GUARANTEE 
 Section 2.1. Agreement to be Bound. The Additional Subsidiary Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be
subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The Additional Subsidiary Guarantor hereby agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to
perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. 

  
 F-1

 Section 2.2. Subsidiary Guarantees. 

(a) The Additional Subsidiary Guarantor hereby fully and unconditionally guarantees on a general unsecured senior basis, as primary
obligor and not merely as surety, jointly and severally with each other Subsidiary Guarantor, to each Holder and to the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the
Obligations (such guaranteed Obligations, the “Guaranteed Obligations”). The Additional Subsidiary Guarantor further agrees (to the extent permitted by law) that the Obligations may be extended or renewed, in whole or in part,
without notice or further assent from it, and that it will remain bound under this Agreement notwithstanding any extension or renewal of any Obligation. The Additional Subsidiary Guarantor hereby agrees to pay, in addition to the amounts stated
above, any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under any Subsidiary Guarantee. 
 (b) The Additional Subsidiary Guarantor waives presentment to, demand of payment from and protest to the Company of any of the Obligations and also waives notice of protest for nonpayment. The Additional
Subsidiary Guarantor waives notice of any default under the Notes or the Obligations. The obligations of the Additional Subsidiary Guarantor hereunder shall not be affected by (i) the failure of any Holder to assert any claim or demand or to
enforce any right or remedy against the Company or any other Person under the Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification
of any of the terms or provisions of the Indenture, the Notes or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Obligations or any of them; (v) the failure of any Holder to exercise any
right or remedy against any other Subsidiary Guarantor; or (vi) any change in the ownership of the Company. 
 (c) The
Additional Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder to any security
held for payment of the Obligations. 
 (d) The Additional Subsidiary Guarantors further expressly waives irrevocably and
unconditionally: 
 (i) Any right it may have to first require any Holder to proceed against, initiate any
actions before a court of law or any other judge or authority, or enforce any other rights or security or claim payment from the Company or any other Person (including any Subsidiary Guarantor or any other guarantor) before claiming from it under
this Indenture; 
 (ii) Any rights and benefits set forth in the following provisions of Argentine law: Articles
480, 481 and 482 of the Argentine Commercial Code and Articles 1990, 2020 and 2021 (other than with respect to defenses or motions based on documented payment (pago), reduction (quita), extension (espera) or release or remission
(remisión), 2012, 2013 and 2024 (beneficios de excusión y división), 2025, 2026, 2029, 2043, 2046 and 2050 of the Argentine Civil Code; 

  
 F-2

 (iii) (1) the collection benefit (beneficio de excusión)
granted by article 2,357 of the Chilean Civil Code; (2) the division benefit (beneficio de división) granted in article 2,367 of the Chilean Civil Code; (3) the right to retract (derecho de retractación) granted
in article 1,649 of the Chilean Civil Code; and, (4) any right to object to future term extensions that might be agreed to, which hereby accepts in accordance with article 2,339 of the Chilean Civil Code; 

(iv) Any rights to the benefits of orden, excusión, división, quita and
espera arising from Articles 2814, 2815, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2826, 2837, 2839, 2840, 2845, 2846, 2847 and any other related or applicable Articles that are not explicitly set forth herein because of the Additional
Subsidiary Guarantor’s knowledge thereof, of the Código Civil Federal of Mexico and the Código Civil of each State of the Mexican Republic and for the Federal District of Mexico; 

(v) (1) the collection benefit (beneficio de excusión) granted by articles 1812, 1815, 1816, 1818 of the
Venezuelan Civil Code; (2) the division benefit (beneficio de división) granted in articles 1819 and 1820 of the Venezuelan Civil Code; 
 (vi) Any right to which it may be entitled to have the assets of the Company or any other Person (including any Subsidiary Guarantor or any other guarantor) first be used, applied or depleted as payment
of the Company’s or the Additional Subsidiary Guarantors’ obligations hereunder, prior to any amount being claimed from or paid by the Additional Subsidiary Guarantors hereunder; and 

(vii) Any right to which it may be entitled to have claims hereunder divided among the Subsidiary Guarantors and the
Additional Subsidiary Guarantor. 
 (e) The obligations of the Additional Subsidiary Guarantor hereunder shall not be subject to
any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Additional Subsidiary
Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under the Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the
risk of the Additional Subsidiary Guarantor or would otherwise operate as a discharge of the Additional Subsidiary Guarantor as a matter of law or equity. 
 (f) The Additional Subsidiary Guarantor further agrees that its Subsidiary Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part
thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy, or reorganization of the Company or otherwise. 

  
 F-3

 (g) In furtherance of the foregoing and not in limitation of any other right which any
Holder has at law or in equity against the Additional Subsidiary Guarantor by virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or
otherwise, the Additional Subsidiary Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of: 

(i) the unpaid amount of such Obligations then due and owing; and 

(ii) accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law).

 (h) The Additional Subsidiary Guarantor further agrees that, as between the Additional Subsidiary Guarantor, on the one hand,
and the Holders, on the other hand: 
 (i) the maturity of the Obligations guaranteed hereby may be accelerated
as provided in the Indenture for the purposes of its Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby; and 

(ii) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and
payable) shall forthwith become due and payable by the Additional Subsidiary Guarantor for the purposes of its Subsidiary Guarantee. 
 Section 2.3 Limitation on Liability; Termination, Release and Discharge. 
 (a) The obligations of the Additional Subsidiary Guarantor hereunder shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the Additional
Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to
its contribution obligations under the Indenture, result in the Obligations not constituting a fraudulent conveyance, fraudulent transfer or similar illegal transfer under applicable law. 

(b) The Additional Subsidiary Guarantor shall be released and relieved of its obligations under its Subsidiary Guarantee (except with
respect to Obligations that by their terms survive) in the event that: 
 (i) there is a Legal Defeasance or a
Covenant Defeasance of the Notes pursuant to the Indenture; 
 (ii) there is a sale or other disposition
(including through a consolidation or merger) of Capital Stock of the Additional Subsidiary Guarantor following which the Additional Subsidiary Guarantor is no longer a direct or indirect Subsidiary of the Company; 

  
 F-4

 (iii) there is a sale of all or substantially all of the assets of the
Additional Subsidiary Guarantor (including by way of merger, stock purchase, asset sale or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary Guarantor; 

(iv) the Additional Subsidiary Guarantor is designated as an Unrestricted Subsidiary in accordance with the Indenture; or

 (v) in the case that the Additional Subsidiary Guarantor is not a Significant Subsidiary, the Additional
Subsidiary Guarantor shall become prevented from guaranteeing the Notes by local law or the acquisition of minority interests therein by any minority shareholders; 
 provided, in each case, such transactions are carried out pursuant to and in accordance with all applicable covenants and provisions thereof. 

Section 2.4 Right of Contribution. If the Additional Subsidiary Guarantor makes a payment or distribution under its Subsidiary
Guarantee, it will be entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount, based on the net assets of each Subsidiary Guarantor and the Additional Subsidiary Guarantor determined in accordance with GAAP. The
provisions of this Section 2.4 and Section 10.3 of the Indenture shall in no respect limit the obligations and liabilities of the Additional Subsidiary Guarantor to the Trustee and the Holders and the Additional Subsidiary
Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by the Additional Subsidiary Guarantor hereunder. 
 Section 2.5 No Subrogation. The Additional Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations until payment in full
in cash or Cash Equivalents of all Obligations. If any amount shall be paid to the Additional Subsidiary Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full in cash or Cash
Equivalents, such amount shall be held by the Additional Subsidiary Guarantor in trust for the Trustee and the Holders, segregated from other funds of the Additional Subsidiary Guarantor, and shall, forthwith upon receipt by the Additional
Subsidiary Guarantor, be turned over to the Trustee in the exact form received by the Additional Subsidiary Guarantor (duly endorsed by the Additional Subsidiary Guarantor to the Trustee, if required), to be applied against the Obligations.

 ARTICLE III  
 MISCELLANEOUS 
 Section 3.1. Notices. Any notice or
communication delivered to the Company under the provisions of the Indenture shall constitute notice to the Additional Subsidiary Guarantor. 
 Section 3.2. Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or
equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein contained. 

  
 F-5

 Section 3.3. Governing Law, etc. This Supplemental Indenture shall be governed
by the provisions set forth in Section 11.6 of the Indenture. 
 Section 3.4. Severability. In case any
provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective
only to the extent of such invalidity, illegality or unenforceability. 
 Section 3.5. Ratification of Indenture;
Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of
this Supplemental Indenture. 
 Section 3.6. Duplicate and Counterpart Originals. The parties may sign any number of
copies of this Supplemental Indenture. One signed copy is enough to prove this Supplemental Indenture. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them
together represent the same agreement. 
 Section 3.7. Headings. The headings of the Articles and Sections in this
Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered as a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 3.8. The Trustee. The recitals in this Supplemental Indenture are made by the Company and the Additional Subsidiary
Guarantor only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as
fully and with like effect as if set forth herein in full. The Trustee makes no representations or warranties as to the correctness of the recitals contained herein, which shall be taken as statements of the Company, or the validity or sufficiency
of this Supplemental Indenture and the Trustee shall not be accountable or responsible for or with respect to nor shall the Trustee have any responsibility for provisions thereof. The Trustee represents that it is duly authorized to execute and
deliver this Supplemental Indenture and perform its obligations hereunder. 

  
 F-6

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

			
	ARCOS DORADOS B.V.
		
	By:	 	  

		 	Name:
		 	Title:

  
 F-7

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this      day of
                     before me, a notary public within and for said county, personally appeared
                     to me personally known who being duly sworn, did say that he/she is the
                     of Arcos Dorados B.V., one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said persons. 
  

			
	By:	 	  

	Title:	 	Notary Public, State of New York

 No. 

Qualified in 
 Commission Expires 

  
 F-8

 
					
	 [NAME OF SUBSIDIARY GUARANTOR],
as Additional Subsidiary Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 F-9

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this      day of
                    , before me, a notary public within and for said county, personally appeared
                     to me personally known who being duly sworn, did say that he/she is the
                     of [Name of Additional Subsidiary Guarantor], one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said persons. 
  

			
	By:	 	  

	Title:	 	Notary Public, State of New York
	No.
	Qualified in
	Commission Expires

  
 F-10

 
					
	 CITIBANK, N.A.,
as Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 F-11

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	
	COUNTY OF NEW YORK	  	)	  	

 On this day      of
                    , before me, a notary public within and for said county, personally appeared
                     to me personally known who being duly sworn, did say that he/she is the
                     of Citibank, N.A., one of the persons described in and which executed the foregoing instrument, and acknowledges said instrument
to be the free act and deed of said persons. 
  

			
	By:	 	  

	Title:	 	Notary Public, State of New York
	No.
	Qualified in
	Commission Expires

  
 F-12Amended and Restated Master Franchise Agreement

 Exhibit 10.1 
 Execution Copy 
 AMENDED AND RESTATED 

MASTER FRANCHISE AGREEMENT 
 FOR 
 McDONALD’S RESTAURANTS 

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. 
 Dated as of November 10, 2008 

 TABLE OF CONTENTS 

 

									
	1.	    	Definitions and Interpretation	  	 	8	  
				
		    	1.1	    	Definitions	  	 	8	  
				
		    	1.2	    	Interpretation	  	 	8	  
			
	2.	    	Nature and Scope of Agreement	  	 	9	  
				
		    	2.1	    	The System	  	 	9	  
				
		    	2.2	    	Master Franchisee Rights are Personal	  	 	9	  
				
		    	2.3	    	Intent	  	 	10	  
			
	3.	    	Grant of Rights	  	 	10	  
				
		    	3.1	    	Master Franchisee Rights	  	 	10	  
				
		    	3.2	    	MF Subsidiary Rights	  	 	10	  
				
		    	3.3	    	Certain Matters Relating to McCafes and Satellites	  	 	11	  
				
		    	3.4	    	Exclusivity	  	 	11	  
				
		    	3.5	    	Reservation of Rights	  	 	11	  
				
		    	3.6	    	No Grant; No Authority	  	 	12	  
				
		    	3.7	    	Certain Matters Relating to Brazil	  	 	12	  
				
		    	3.8	    	Cooperation	  	 	12	  
			
	4.	    	Term and Renewal of Agreement	  	 	13	  
				
		    	4.1	    	Term	  	 	13	  
				
		    	4.2	    	Renewal	  	 	13	  
				
		    	4.3	    	Renewal Procedures	  	 	13	  
			
	5.	    	Franchise and Related Fees	  	 	14	  
				
		    	5.1	    	Initial Franchise Fees	  	 	14	  
				
		    	5.2	    	Continuing Franchise Fees	  	 	16	  
				
		    	5.3	    	Transfer Fees	  	 	17	  

									
				
		    	5.4	    	Summary of Fees Payable	  	 	18	  
			
	6.	    	Representations and Warranties	  	 	18	  
				
		    	6.1	    	Organization and Qualification	  	 	18	  
				
		    	6.2	    	Capitalization	  	 	18	  
				
		    	6.3	    	No Conflict	  	 	19	  
				
		    	6.4	    	Governmental Consents and Approvals	  	 	19	  
				
		    	6.5	    	Anti-Terrorism; Compliance with Applicable Law	  	 	20	  
				
		    	6.6	    	Litigation	  	 	20	  
				
		    	6.7	    	No Resale	  	 	20	  
				
		    	6.8	    	Information	  	 	20	  
				
		    	6.9	    	Disclosure Document	  	 	20	  
				
		    	6.10	    	MF Subsidiaries	  	 	20	  
				
		    	6.11	    	Escrowed Shares; Trusts	  	 	21	  
				
		    	6.12	    	Shareholders Agreements	  	 	21	  
			
	7.	    	Certain Obligations of the Owner Entities, Master Franchisee and Master Franchisee Parties	  	 	21	  
				
		    	7.1	    	Core Documents	  	 	21	  
				
		    	7.2	    	No Other Business or Funded Debt; Separateness	  	 	22	  
				
		    	7.3	    	Senior Management	  	 	23	  
				
		    	7.4	    	Managing Directors	  	 	24	  
				
		    	7.5	    	Certain Actions with Respect to Franchised Restaurants	  	 	24	  
				
		    	7.6	    	Closings	  	 	25	  
				
		    	7.7	    	Related Party Transactions	  	 	25	  
				
		    	7.8	    	Compliance with Law; Notices and Pleadings	  	 	25	  
				
		    	7.9	    	Letter of Credit and Prepaid Amount	  	 	25	  
				
		    	7.10	    	Consular Services	  	 	29	  
				
		    	7.11	    	Insurance	  	 	29	  

  
 ii 

									
				
	 	    	7.12	    	Required Technology and Related Equipment	  	30	 
				
		    	7.13	    	Financial Covenants	  	 	31	  
				
		    	7.14	    	Real Estate	  	 	31	  
				
		    	7.15	    	Anti-Terrorism; Anti-Corruption	  	 	32	  
				
		    	7.16	    	PCI Compliance	  	 	33	  
				
		    	7.17	    	Charitable Activities	  	 	33	  
				
		    	7.18	    	Escrowed Shares; Trust Agreements; Pledge Arrangements	  	 	33	  
				
		    	7.19	    	Compliance Certificate; Notice	  	 	34	  
				
		    	7.20	    	LC Collateral Pool	  	 	35	  
			
	8.	    	Obligations of Beneficial Owner and Owner	  	 	36	  
				
		    	8.1	    	Obligations of Owner	  	 	36	  
				
		    	8.2	    	Obligations of Beneficial Owner	  	 	36	  
			
	9.	    	Suppliers	  	 	36	  
				
		    	9.1	    	Restricted Supplier Period; Supplier Criteria	  	 	36	  
				
		    	9.2	    	Other Products and Services	  	 	37	  
				
		    	9.3	    	Global Suppliers	  	 	37	  
				
		    	9.4	    	Master Franchisee Party as Approved Supplier or Distributor	  	 	37	  
				
		    	9.5	    	McDonald’s Rights to Add or Terminate Approved Supplier	  	 	37	  
			
	10.	    	McDonald’s General Services	  	 	38	  
				
		    	10.1	    	Communications; Visits; Additional Services	  	 	38	  
				
		    	10.2	    	Operations Manuals	  	 	38	  
				
		    	10.3	    	Relationship Committee	  	 	38	  
			
	11.	    	Certain Matters Relating to Franchisees	  	 	39	  
				
		    	11.1	    	New Franchisees; Transfers	  	 	39	  
				
		    	11.2	    	Franchise Agreements	  	 	39	  
				
		    	11.3	    	Actions with Respect to Franchisees	  	 	40	  
			
	12.	    	Training	  	 	40	  

  
 iii

									
				
		    	12.1	    	Training Provided by McDonald’s	  	 	40	  
				
		    	12.2	    	Training Provided by Master Franchisee	  	 	41	  
				
		    	12.3	    	Certain Training Facilities	  	 	41	  
			
	13.	    	Business Plans	  	 	41	  
				
		    	13.1	    	Initial Business Plans	  	 	41	  
				
		    	13.2	    	Subsequent Business Plans	  	 	42	  
			
	14.	    	Advertising, Marketing and Promotion Materials and Activities; Packaging	  	 	43	  
				
		    	14.1	    	Strategic Marketing Plan	  	 	43	  
				
		    	14.2	    	Global Marketing Activities	  	 	44	  
				
		    	14.3	    	Premiums	  	 	44	  
				
		    	14.4	    	Competitive Market Data	  	 	45	  
			
	15.	    	Intellectual Property	  	 	45	  
				
		    	15.1	    	Rights	  	 	45	  
				
		    	15.2	    	Intellectual Property Standards	  	 	45	  
				
		    	15.3	    	Specimens	  	 	45	  
				
		    	15.4	    	Ownership	  	 	46	  
				
		    	15.5	    	No Assignment	  	 	46	  
				
		    	15.6	    	Defense of Rights	  	 	46	  
				
		    	15.7	    	Registration	  	 	47	  
				
		    	15.8	    	Intellectual Property Created by Master Franchisee and its Franchisees	  	 	47	  
				
		    	15.9	    	Trademarks	  	 	47	  
				
		    	15.10	    	Copyrights	  	 	48	  
				
		    	15.11	    	Trade secrets	  	 	49	  
				
		    	15.12	    	Names	  	 	49	  
			
	16.	    	Reports	  	 	49	  
				
		    	16.1	    	Generally	  	 	49	  

  
 iv 

									
				
		    	16.2	    	Financial Accounting; Record Keeping; Internal Controls	  	 	50	  
				
		    	16.3	    	Standard Reporting Package	  	 	50	  
			
	17.	    	Inspections and Audits	  	 	52	  
				
		    	17.1	    	Inspections of Business Operations	  	 	52	  
				
		    	17.2	    	Inspections and Audits of Books and Records	  	 	52	  
			
	18.	    	Confidential Information/Exclusive Dealing by Master Franchisee	  	 	53	  
				
		    	18.1	    	Confidential Information	  	 	53	  
				
		    	18.2	    	Competitive Businesses	  	 	53	  
			
	19.	    	Relationship of the Parties	  	 	54	  
				
		    	19.1	    	Relationship of Parties	  	 	54	  
				
		    	19.2	    	No Implied Employment Relationship	  	 	55	  
			
	20.	    	Indemnification; No Liability	  	 	55	  
				
		    	20.1	    	Master Franchisee Indemnifies McDonald’s	  	 	55	  
				
		    	20.2	    	Rights and Responsibilities of Indemnitor and Indemnitee	  	 	56	  
				
		    	20.3	    	McDonald’s as Indemnitee	  	 	56	  
				
		    	20.4	    	No Liability	  	 	56	  
			
	21.	    	Transfer; Right of First Refusal; IPO	  	 	57	  
				
		    	21.1	    	Transfer of Rights by McDonald’s	  	 	57	  
				
		    	21.2	    	Transfer of Rights by Master Franchisee, any Owner Entity or Beneficial Owner	  	 	57	  
				
		    	21.3	    	Certain Conditions to the Transfer of Restricted Interests by any Owner Entity, Master Franchisee or any of its Subsidiaries	  	 	59	  
				
		    	21.4	    	Right of First Refusal	  	 	59	  
				
		    	21.5	    	[Intentionally Omitted.]	  	 	60	  
				
		    	21.6	    	Call Option	  	 	60	  
				
		    	21.7	    	Calculation of Call Option Price	  	 	63	  
				
		    	21.8	    	IPO	  	 	68	  
				
		    	21.9	    	Right to Exercise Call Option; Damages on Failure to Complete	  	 	68	  

  
 v 

									
			
	22.	    	Material Breaches and Remedies	  	 	69	  
				
		    	22.1	    	Material Breaches by Master Franchisee	  	 	69	  
				
		    	22.2	    	Material Breaches	  	 	69	  
				
		    	22.3	    	Remedies	  	 	72	  
				
		    	22.4	    	Mitigation	  	 	73	  
				
		    	22.5	    	Automatic Termination	  	 	73	  
			
	23.	    	Rights and Obligations Upon Termination or Expiration of the Master Franchise	  	 	73	  
				
		    	23.1	    	Termination or Expiration of this Agreement	  	 	73	  
				
		    	23.2	    	Responsibilities of Master Franchisee Parties upon Termination	  	 	74	  
				
		    	23.3	    	Transition Services	  	 	75	  
				
		    	23.4	    	Right to Hire Former Employees	  	 	76	  
			
	24.	    	General Provisions	  	 	76	  
				
		    	24.1	    	Effective Date	  	 	76	  
				
		    	24.2	    	Payments	  	 	76	  
				
		    	24.3	    	Priority of Payments; Set-Off Rights	  	 	78	  
				
		    	24.4	    	Severability	  	 	78	  
				
		    	24.5	    	Approvals and Consents of McDonald’s	  	 	78	  
				
		    	24.6	    	Waiver	  	 	79	  
				
		    	24.7	    	Benefits of this Agreement	  	 	79	  
				
		    	24.8	    	Counterparts	  	 	79	  
				
		    	24.9	    	Specific Performance	  	 	79	  
				
		    	24.10	    	Notices	  	 	79	  
				
		    	24.11	    	Survival	  	 	80	  
				
		    	24.12	    	No Third Party Beneficiaries	  	 	80	  
				
		    	24.13	    	Language	  	 	81	  
				
		    	24.14	    	Criminal or Civil Penalties	  	 	81	  

  
 vi 

									
			
	25.	    	Governing Law and Arbitration	  	 	81	  
				
		    	25.1	    	Governing Law	  	 	81	  
				
		    	25.2	    	International Arbitration	  	 	81	  
				
		    	25.3	    	Limitations	  	 	84	  
				
		    	25.4	    	SPECIAL DAMAGES	  	 	84	  
			
	26.	    	Acknowledgements	  	 	84	  
				
		    	26.1	    	Evaluation and Advice	  	 	85	  
				
		    	26.2	    	Independent Investigation	  	 	85	  
				
		    	26.3	    	No Broker	  	 	85	  
			
	27.	    	Entire Agreement/Amendments	  	 	85	  
				
		    	27.1	    	Entire Agreement	  	 	85	  
				
		    	27.2	    	Amendments	  	 	86	  
			
		    	* * *	  	 	86	  

  

			
	EXHIBITS
		
	 1
	    	MF Subsidiaries
		
	 2
	    	Definitions
		
	 3
	    	Owner Entity Information
		
	 4
	    	Renewal Criteria
		
	 5
	    	Shareholders Agreement
		
	 6
	    	Senior Management
		
	 7
	    	Insurance
		
	 8
	    	Supplier Criteria
		
	 9
	    	Franchisee Approval Process
		
	 10
	    	Form of Franchise Agreement
		
	 11
	    	Business Plans
		
	 12
	    	Intellectual Property
		
	 13
	    	Standard Reporting Package

  
 vii

			
	 14
	    	Restricted Real Estate
		
	 15
	    	Transfer Criteria
		
	 16
	    	Form of Transfer Instruction
		
	 17
	    	Form of Negative Equity Election
		
	 18
	    	Form of Default Exercise Notice
		
	 19
	    	Form of Non-Default Exercise Notice
		
	 20
	    	Form of Settlement Notice
		
	 21
	    	Form of Disputed Amounts Settlement Notice
		
	 22
	    	Form of FMV Review Notice
		
	 23
	    	Form of Disputed Amounts Notice
		
	 24
	    	IPO Criteria
		
	 25
	    	Selected Competitive Businesses
		
	 26
	    	Summary of Fees Payable

  
 viii

 AMENDED AND RESTATED 

MASTER FRANCHISE AGREEMENT 
 FOR 
 McDONALD’S RESTAURANTS 

THIS AMENDED AND RESTATED MASTER FRANCHISE AGREEMENT FOR McDONALD’S RESTAURANTS, (together with all Schedules and Exhibits hereto,
the “Agreement”), dated as of November 10, 2008, 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 MF Subsidiaries (as
defined below), organized in the jurisdiction, and with its respective principal office at the location, set forth herein, Arcos Dorados B.V., a company organized under the laws of the Netherlands with its principal office at Amsterdam, The
Netherlands (“Owner”), Arcos Dorados Cooperatieve U.A., a cooperative organized under the laws of the Netherlands with its principal office at Amsterdam, The Netherlands (“Dutch Coop”), Arcos Dorados Limited, a
company organized and existing under the International Business Companies Ordinance, 1984 of the British Virgin Islands with its principal office at Tortola, British Virgin Islands (“Parent” and, together with Owner and Dutch Coop,
the “Owner Entities”), and, solely for purposes of Sections 6.1, 6.11, 6.12, 7.1, 7.8, 7.9, 7.18, 8.2, 18.2, 19.2, 21.2, 21.4, 21.6.5, 21.6.9, 21.8, 21.9, 22, 24.4, 24.9, 24.10, 25, 26 and 27, Los Laureles, Ltd., a company organized
and existing under the International Business Companies Ordinance, 1984 of the British Virgin Islands with its principal office at Tortola, British Virgin Islands (“Beneficial Owner” and, together with each Owner Entity,
McDonald’s, Master Franchisee and the MF Subsidiaries, the “Parties”). 
 WHEREAS, the Master Franchise
Agreement was entered into among the Parties on August 3, 2007 (the “Original MFA”); 
 WHEREAS, the
Parties have determined that certain amendments to the Original MFA are necessary to clarify the Parties’ obligations thereunder; 
 NOW, THEREFORE, the Original MFA is amended and restated to read in its entirety as follows: 

1. Definitions and Interpretation 
 1.1 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. 
 1.2 Interpretation. In this Agreement, except to the extent that the context otherwise requires: 

1.2.1 The Table of Contents and headings are for convenience of reference only and shall not affect the interpretation of
this Agreement; 
 1.2.2 Defined terms include the plural as well as the singular and vice versa; 

  
 8 

 1.2.3 Words importing gender include all genders; 

1.2.4 References to Sections, clauses, Schedules and Exhibits are references to Sections and clauses of, Schedules and
Exhibits to, this Agreement; 
 1.2.5 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

 1.2.6 References to any Party or Person include its successors and permitted assigns. 

2. Nature and Scope of Agreement 
 2.1 The System. McDonald’s and its Affiliates operate a restaurant system (the “System”), which is a comprehensive system for the ongoing development, operation and
maintenance of McDonald’s Restaurants, and includes the Intellectual Property and other proprietary rights and processes, including the designs and color schemes for restaurant buildings, signs, equipment layouts, formulas and specifications
for certain food products, including food and beverage products designated by McDonald’s as permissible to be served and sold in McDonald’s Restaurants, methods of inventory, operation, control, bookkeeping and accounting, and manuals
covering business practices and policies that form part of the Standards. McDonald’s and its Affiliates may add elements to, or modify, alter or delete elements from, the System in their sole discretion from time to time. McDonald’s
Restaurants have been developed for the retailing of a limited menu of uniform and quality food products, emphasizing prompt and courteous service in a clean, wholesome atmosphere that is intended to be attractive to children and families. The
System is operated and advertised widely within the United States of America and in many foreign countries. McDonald’s and its Affiliates hold, directly or indirectly, all rights to authorize the adoption and use of the System. The foundation
of the System is compliance with the Standards by McDonald’s franchisees, including each of the Master Franchisee Parties and the Franchisees, and compliance with the Standards provides the basis for the valuable goodwill and wide acceptance of
the System. Such compliance by each of the Master Franchisee Parties and the Franchisees, the accountability of each of the Master Franchisee Parties for its performance hereunder and the establishment and maintenance by Master Franchisee of a close
working relationship with McDonald’s in the operation of the Master Franchise Business together constitute the essence of this Agreement. Without limiting McDonald’s rights hereunder, McDonald’s will consider Master Franchisee’s
recommendations regarding regional tastes and preferences and will work with Master Franchisee to accommodate such tastes and preferences to the extent that McDonald’s reasonably determines, in its sole discretion, that such actions are
consistent with the System. 
 2.2 Master Franchisee Rights are Personal. Master Franchisee acknowledges that the Master
Franchisee Rights (as defined below) are being granted based upon the special relationship of trust and confidence that McDonald’s and certain of its Affiliates have developed and enjoy with Woods W. Staton, who controls, directly or
indirectly, the Master Franchisee Parties, the Owner Entities and Beneficial Owner. This special 

  
 9 

 
relationship is based upon Mr. Staton’s reputation and character and his demonstrated skills, ability, knowledge and experience related to the management and operation of
McDonald’s Restaurants, as well as his thorough understanding of the importance of the Intellectual Property and the Standards to McDonald’s and its Affiliates. The Parties acknowledge that the Master Franchisee Rights are granted to the
Master Franchisee Parties only and to no other Person and may not, except as expressly permitted by this Agreement, be Transferred to any other Person by assignment, will or operation of Applicable Law. 

2.3 Intent. This Agreement shall be interpreted to give effect to the intent of the Parties stated in this Section so that the
Master Franchise Business and any Franchised Restaurants shall be operated at all times in conformity and strict compliance with the System. 

3. Grant of Rights 
 3.1
Master Franchisee Rights. Subject to the terms and conditions of this Agreement, including all rights reserved to McDonald’s hereunder, McDonald’s grants to Master Franchisee the following rights (collectively, the “Master
Franchisee Rights”): 
 3.1.1 The right to own and operate, directly or indirectly, Franchised
Restaurants in each Territory other than Brazil; 
 3.1.2 The right and license to grant franchises with respect
to Franchised Restaurants to Franchisees in each Territory other than Brazil in accordance with the Franchisee Approval Process and the applicable Franchise Agreement, it being understood and agreed that any Franchisee may establish and operate only
one Franchised Restaurant per each Franchise Agreement; provided that a Franchise Agreement relating to Franchised Restaurants owned and operated by any Master Franchisee Party may relate to more than one Franchised Restaurant; 

3.1.3 The right to adopt and use, and to grant the right and license to Franchisees to adopt and use, the System in the
Franchised Restaurants in each Territory other than Brazil; 
 3.1.4 The right to advertise to the public that it
is a franchisee of McDonald’s; and 
 3.1.5 The right and license to grant franchises and sublicenses of
each of the foregoing rights and licenses to each MF Subsidiary other than Arcos Dourados Comercio de Alimentos, Ltda. (f/k/a “McDonald’s Comercio de Alimentos, Ltda.”, it being understood that any such grant by Master Franchisee to
an MF Subsidiary shall be wholly derivative of the grant of rights by McDonald’s to Master Franchisee under this Agreement and shall not convey any other right not specifically granted hereunder. 

3.2 MF Subsidiary Rights. Subject to the terms and conditions of this Agreement, including all rights reserved to McDonald’s
hereunder, Master Franchisee grants to each MF Subsidiary the following rights (collectively, the “MF Subsidiary Rights”), it being understood that each such grant, other than the grant to Arcos Dourados

  
 10 

 
Comercio de Alimentos, Ltda., is wholly derivative of the grant of rights to Master Franchisee set forth in Section 3.1 and conveys no other right not specifically granted to Master
Franchisee in such Section: 
 3.2.1 The right to own and operate, directly or indirectly, Franchised Restaurants
in its respective Territory; 
 3.2.2 The right and license to grant franchises with respect to Franchised
Restaurants to Franchisees in its respective Territory in accordance with the Franchisee Approval Process and the applicable Franchise Agreement, it being understood and agreed that any Franchisee may establish and operate only one Franchised
Restaurant per each Franchise Agreement; provided that a Franchise Agreement relating to Franchised Restaurants owned and operated by any Master Franchisee Party may relate to more than one Franchised Restaurant; 

3.2.3 The right to adopt and use, and to grant the right and license to Franchisees to adopt and use, the System in the
Franchised Restaurants in its respective Territory; and 
 3.2.4 The right to advertise to the public that it is
a franchisee of McDonald’s. 
 3.3 Certain Matters Relating to McCafes and Satellites. 

3.3.1 Master Franchisee acknowledges and agrees that it has no right or license to use or sublicense any Freestanding
McCafe, other than the Initial Freestanding McCafes, and that its rights with respect to the “McCafe” brand are limited to the operation of Incorporated McCafes and the Initial Freestanding McCafes subject to the conditions set forth in
this Agreement. 
 3.3.2 Each proposed designation by Master Franchisee of a McDonald’s Restaurant as a
Satellite shall be subject to the consent of McDonald’s to such designation prior to (a) the opening of such proposed Satellite; (b) the acquisition by Master Franchisee or any Subsidiary, directly or indirectly, of the fee simple
interest (or the local equivalent) in, or entrance into of a lease (or the local equivalent) directly or indirectly from the owner of such interest, the real property on which such Satellite is to be located; (c) the incurrence of any other
contractual obligation relating to such proposed Satellite; or (d) the request of any permit, authorization, consent or approval from any Governmental Authority relating to such proposed Satellite. 

3.4 Exclusivity. Subject to Sections 22 and 23, McDonald’s shall not at any time during the Term applicable in any Territory
(a) operate, directly or indirectly, any McDonald’s Restaurant in such Territory; (b) grant to any other Person any right to own and/or operate any McDonald’s Restaurant in such Territory; or (c) grant the right or license
to grant franchises to any other Person to operate any McDonald’s Restaurant in such Territory. 
 3.5 Reservation of
Rights. McDonald’s, on behalf of itself and its Affiliates, reserves all rights not specifically granted to Master Franchisee under this Agreement, including the right, directly or indirectly, to: 

  
 11 

 3.5.1 Use and sublicense the Intellectual Property in each Territory for all
other purposes and means of distribution, including retail licensing, catalogs, Ronald McDonald House Charities, other charities, grocery, packaged foods, public and corporate relations materials and activities and Internet marketing and
distribution; 
 3.5.2 Sell, promote or license the sale of products or services under the Intellectual Property,
including through electronic communications or the use of the Internet; and 
 3.5.3 Use the Intellectual
Property in connection with all other activities not prohibited by this Agreement. 
 3.6 No Grant; No Authority. For the
avoidance of doubt, no grant of any Master Franchisee Rights or MF Subsidiary Rights is made to any Owner Entity. Neither any Owner Entity nor any Master Franchisee Party shall make any agreement, guaranty or representation on behalf of
McDonald’s or any of its Affiliates. 
 3.7 Certain Matters Relating to Brazil. 

3.7.1 Each Party hereto acknowledges that McDonald’s and Arcos Dourados Comercio de Alimentos, Ltda. have entered
into a second amended and restated master franchise agreement dated as of November 10, 2008 with respect to Brazil (the “Brazil MFA”) pursuant to which McDonald’s has granted to Arcos Dourados Comercio de Alimentos, Ltda.
the MF Subsidiary Rights in exchange for the payment of Continuing Franchise Fees and other amounts as and when specified in the Brazil MFA. 
 3.7.2 Each Party hereto agrees that, if any provision of this Agreement conflicts with any provision of the Brazil MFA, then the terms of this Agreement shall prevail, and each of the Owner Entities,
Master Franchisee and Arcos Dourados Comercio de Alimentos, Ltda. shall take all actions necessary or desirable (or will cooperate with McDonald’s in taking such actions), to ensure that at all times the Brazil MFA is not inconsistent with any
provision of this Agreement. 
 3.7.3 Each of McDonald’s and Arcos Dourados Comercio de Alimentos, Ltda.
acknowledges and agrees that (a) the Renewal Criteria and the other terms, conditions and procedures set forth in Sections 4.2 and 4.3 shall serve as the renewal criteria and the other terms, conditions and procedures for purposes of
Section 4 of the Brazil MFA; (b) the Franchisee Approval Process set forth herein shall serve as the franchisee approval process for purposes of Section 6.3.1 of the Brazil MFA; and (c) the New Franchise Agreement shall serve as
the form of franchise agreement for purposes of Section 6.4.2 of the Brazil MFA. 
 3.8 Cooperation. The Parties
shall cooperate to execute and deliver such agreements or other documents they may mutually deem appropriate in order to effectuate the grant of MF Subsidiary Rights to each of the MF Subsidiaries; provided, however, that each such
agreement and other document shall be consistent this 

  
 12 

 
Agreement and agree that, in the case of any ambiguity or inconsistency, the provisions of this Agreement shall govern and control. 
 4. Term and Renewal of Agreement 
 4.1 Term. Unless terminated
pursuant to Sections 22 or 23, the initial term of this Agreement shall commence on August 3, 2007 and shall extend until (a) August 2, 2027 (the “Regular Term”) for each of Argentina, Aruba, Brazil, Chile, Colombia,
Costa Rica, Curaçao, Ecuador, Mexico, Panama, Peru, Puerto Rico, Uruguay, Venezuela and the U.S. Virgin Islands of St. Thomas and St. Croix; and (b) August 2, 2017 (the “French Term” and together with the Regular
Term, the “Terms”) for French Guiana, Guadeloupe and Martinique, subject to the renewal rights set forth below. 
 4.2 Renewal. McDonald’s shall have the right, in its reasonable business judgment based on the renewal criteria set forth in Exhibit 4 (the “Renewal Criteria”), to
grant Master Franchisee an option to extend this Agreement for all Territories for an additional ten years after the expiration of the Regular Term (the “Renewal Option”) as provided in this Section. Master Franchisee shall have the
right, in its sole discretion, to extend this Agreement with respect to French Guiana, Guadeloupe and Martinique for an additional ten years after the expiration of the French Term by written notice to McDonald’s given not less than one year
prior to the expiration of the French Term; provided that if this option is exercised, Master Franchisee must exercise it with respect to all three Territories. The Renewal Option shall not apply to any Territory as to which the Master
Franchisee Rights shall have been terminated. 
 4.3 Renewal Procedures. 

4.3.1 McDonald’s shall determine whether to grant Master Franchisee a Renewal Option based on the Renewal Criteria
and shall provide to Master Franchisee a written notice thereof (a “Renewal Notice”) not earlier than August 3, 2020 nor later than August 3, 2024. The Renewal Notice shall set forth the terms of the Renewal Option, or, in
the event McDonald’s elects not to grant a Renewal Option, the material terms on which McDonald’s would be willing to approve a Transfer of the Master Franchise Business as permitted by Section 4.3.2. Master Franchisee shall advise
McDonald’s of its intent to exercise or not to exercise any Renewal Option not more than 60 days following the date of such Renewal Notice. 
 4.3.2 If either (a) McDonald’s elects not to grant a Renewal Option; or (b) Master Franchisee elects not to exercise the Renewal Option, then Master Franchisee shall have the right, subject
to Sections 21.2, 21.4 and 22.3 to solicit any Person for purposes of consummating a Transfer of the Master Franchise Business during the three-year period commencing on the date of the Renewal Notice (the “Solicitation Period”), on
and subject to the terms and conditions set forth by McDonald’s in the Renewal Notice. During the Solicitation Period, McDonald’s shall cooperate with Master Franchisee to consummate any proposed Transfer to a Transferee approved by
McDonald’s. 
 4.3.3 If Master Franchisee exercises the Renewal Option, then Master Franchisee and
McDonald’s shall cooperate and use their best efforts to consummate an amendment and restatement of this Agreement to reflect the 

  
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terms of the renewal as specified in the Renewal Notice, which may include amended terms relating to Initial Franchise Fees, Continuing Franchise Fees and any other matter as McDonald’s may
determine in its sole discretion. 
 5. Franchise and Related Fees 

5.1 Initial Franchise Fees. 
 5.1.1 Unless otherwise agreed by McDonald’s, in connection with the opening of any new Master Franchisee Restaurant on or after August 3, 2007, an initial franchise fee (the “Initial MFR
Fee”) shall be paid by Master Franchisee to McDonald’s in an amount equal to, in the case of any Franchised Restaurant other than a Satellite, $2,250, and, in the case of any Satellite, $1,125, multiplied by, in each case, the
lesser of (a) 20; or (b) the number of years remaining in the Term applicable in such Territory (with any partial remaining year rounded up to one full year) (such number of years, the “MFR Term”). If on the expiration of
any MFR Term, Master Franchisee desires to keep operating such Master Franchisee Restaurant, then Master Franchisee shall pay to McDonald’s an additional Initial MFR Fee in connection with such Master Franchisee Restaurant. Below is an example
of the calculation of an Initial MFR Fee, which is for illustrative purposes only and shall in no event be deemed to conflict with any other provision of this Section. 
 Example: If the expiration of the applicable Term is August 2, 2027 and Master Franchisee opens a new Master Franchisee Restaurant that is not a Satellite on July 1, 2009, then Franchisee
shall pay to Master Franchisee an Initial Franchisee Fee in an amount equal to $42,750 (or $2,250 * 19) and Master Franchisee shall pay to McDonald’s an amount equal to $42,750, regardless of whether such amount is received by Master Franchisee
from the applicable Franchisee. If such Master Franchisee Restaurant were a Satellite, then Master Franchisee shall pay to McDonald’s an amount equal to $21,375. 

5.1.2 Subject to Section 5.1.4(b) and unless otherwise agreed by McDonald’s, for each Franchise Agreement (or
agreement to extend the term of any Franchise Agreement) entered into by Master Franchisee or any of its Subsdiaries with a Franchisee (other than Master Franchisee or any MF Subsidiary) on or after August 3, 2007, Master Franchisee shall
require the applicable Franchisee to pay to Master Franchisee an initial franchise fee (the “Initial SFR Fee” and, together with the Initial MFR Fees, the “Initial Franchise Fees”) in an amount equal to, in the case
of any Franchised Restaurant other than a Satellite, $2,250, and, in the case of any Satellite, $1,125, multiplied by, in each case, the greater of (a) the number of years remaining in the Term applicable in the Territory in which the
Franchise Agreement (or agreement to extend the term of the Franchise Agreement) has been executed; or (b) the number of years included in the term of such Franchise Agreement (or agreement to extend the term of the Franchise Agreement), in
each case, with any partial remaining year rounded up to one full year. Master Franchisee shall pay to McDonald’s 50% of the amount of each Initial SFR Fee, regardless of whether received by Master Franchisee from the applicable Franchisee.
Below is an example of the 

  
 14 

 
calculation of an Initial SFR Fee, which is for illustrative purposes only and shall in no event be deemed to conflict with any other provision of this Section. 

Example: If the expiration of the applicable Term is August 2, 2027 and Master Franchisee enters into a new Franchise
Agreement (or agreement to extend the term of any Franchise Agreement) with a Franchisee on July 1, 2009 in respect of a Franchised Restaurant that is not a Satellite for a 20-year term, then Franchisee shall pay an Initial Franchisee Fee in an
amount equal to $45,000 (or $2,250 *20) and Master Franchisee shall pay to McDonald’s an amount equal to $22,500, regardless of whether such amount is received by Master Franchisee from the applicable Franchisee. If such Franchised Restaurant
were a Satellite, then Master Franchisee shall pay to McDonald’s an amount equal to $11,250. 
 5.1.3 With
respect to any new Master Franchisee Restaurant, each Initial Franchise Fee shall be payable on or prior to the date of the opening of such new Master Franchisee Restaurant. With respect to a Franchised Restaurant that is not a Master Franchisee
Restaurant, the Initial Franchise Fee shall be payable upon the earlier of (a) the payment of the Continuing Franchise Fees in the calendar month in which the Initial Franchise Fee is payable; or (b) the opening of such Franchised
Restaurant. 
 5.1.4 
 (a) Master Franchisee shall not be required to pay the Initial Franchise Fee with respect to any Franchised Restaurant that Relocates, unless the term of the applicable Franchise Agreement is extended in
connection with such Relocation, in which case the Initial Franchise Fee shall be equal to, in the case of any Franchised Restaurant other than a Satellite, $2,250, and, in the case of any Satellite, $1,125, multiplied by, in each case, the
number of years of such extension (with any partial remaining year rounded up to one full year). 
 (b) If a
Franchisee enters into a Franchise Agreement (or agreement to extend the term of any Franchise Agreement) in connection with (i) the acquisition of a Franchised Restaurant from Master Franchisee; or (ii) the exercise of an option to
acquire a Franchised Restaurant included as a term of a Business Facilities Lease entered into with Master Franchisee, then Franchisee shall only be required to pay the Initial Franchise Fee in respect of the years of such Franchise Agreement that
extend beyond the Term applicable in such Territory. Below is an example of the calculation of an Initial SFR Fee, which is for illustrative purposes only and shall in no event be deemed to conflict with any other provision of this Section.

 Example: If the expiration of the applicable Term is August 2, 2027 and Master Franchisee sells a Master
Franchisee Restaurant to a Franchisee and, in connection therewith, enters into a new Franchise Agreement with respect to such Franchised Restaurant that expires on June 2, 2029, then Franchisee shall pay an Initial

  
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Franchisee Fee in an amount equal to $4,500 (or $2,250 *2) and Master Franchisee shall pay to McDonald’s an amount equal to $2,250. 

5.2 Continuing Franchise Fees. 
 5.2.1 Subject to Sections 5.2.2, 5.2.3 and 5.2.4 and except as otherwise provided in this Agreement, Master Franchisee shall pay to McDonald’s aggregate continuing franchise fees (“Continuing
Franchise Fees”) with respect to each calendar month (or ratable portion thereof, including in the case of any Franchised Restaurant subject to an Approved Closing during such calendar month) during the applicable Term in an amount equal to
7% of the U.S. Dollar equivalent of the Gross Sales of each of the Franchised Restaurants in the Territories for such calendar month (or such ratable portion thereof), minus any applicable Brand Building Adjustment (the “Regular
Royalty”). Master Franchisee shall cause Continuing Franchise Fees attributable to any Brand Building Adjustment to be applied promptly to such activities as Master Franchisee may determine in its sole discretion to promote and enhance the
System and the Franchised Restaurants and the goodwill and reputation associated with the Intellectual Property in the Territories. 
 5.2.2 Notwithstanding Section 5.2.1, in the case of any Existing Franchise Agreement that provides for a Royalty at a rate less than the Regular Royalty (the “Existing Royalty”),
Master Franchisee shall, for so long as such Existing Franchise Agreement remains in effect, pay to McDonald’s Continuing Franchise Fees with respect to the related Franchised Restaurant equal to the Existing Royalty. 

5.2.3 In the case of any Franchise Agreement that relates to a Franchised Restaurant that (a) is not a Master
Franchisee Restaurant, (b) is not located in Puerto Rico; and (c) is either (i) entered into after the date hereof; or (ii) is transferred by a Master Franchisee Party to a Franchisee in a Conventional Franchising Transaction,
Master Franchisee shall pay to McDonald’s Continuing Franchise Fees during the stated term and any extension of such Franchise Agreement (but only during the Term) in an amount equal to 5% of the U.S. Dollar equivalent of the Gross Sales
of such Franchised Restaurant (the “New Franchisee Royalty”). 
 5.2.4 In the case of any
Franchise Agreement that relates to a Franchised Restaurant that (a) is not a Master Franchisee Restaurant, (b) is located in Puerto Rico; and (c) is either (i) entered into after the date hereof; or (ii) transferred by a
Master Franchisee Party to a Franchisee in a Conventional Franchising Transaction, Master Franchisee shall pay to McDonald’s Continuing Franchise Fees during the stated term and any extension of such Franchise Agreement (but only during the
Term) in an amount equal to 4.5% of the U.S. Dollar equivalent of the Gross Sales of such Franchised Restaurant (the “Puerto Rican Royalty”). 

5.2.5 If at any time during the Regular Term there occurs any voluntary, involuntary, direct or indirect sale, assignment,
transfer or other 

  
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disposition of a Franchised Restaurant by a Franchisee to a Master Franchisee Party, then from and after the date of such transfer or disposition Master Franchisee shall pay to McDonald’s
Continuing Franchise Fees with respect to such Franchised Restaurant equal to the Regular Royalty. 
 5.2.6 If at
any time during the Regular Term, McDonald’s increases the International Franchisee Royalty, then from and after the date of such increase, the New Franchise Royalty and the Puerto Rican Royalty shall each be increased to the extent of the
increase of the International Franchisee Royalty. 
 5.2.7 Each Master Franchisee Party agrees that it shall not
charge any Franchisee a Royalty in excess of the International Franchisee Royalty. 
 5.2.8 If any Franchised
Restaurant fails to report or generate Gross Sales with respect to any calendar month (or a ratable portion thereof) otherwise than as a result of an Approved Closing, then Gross Sales for such Franchised Restaurant with respect to such calendar
month (or such ratable portion thereof) shall be deemed to be equal to the average monthly Gross Sales (or comparable ratable portion thereof) reported by such Franchised Restaurant within the 12-month period ending immediately preceding the
calendar month in which such failure to report or generate occurred; provided, however, that if such failure to report or generate is attributable to Force Majeure, no Continuing Franchise Fees with respect to the affected Franchised
Restaurant shall be so payable for any calendar month (or such ratable portion thereof) following the first date on which any event constituting such Force Majeure shall have occurred and during which such event of Force Majeure continues.

 5.2.9 Continuing Franchise Fees with respect to any calendar month shall be payable by Master Franchisee to
McDonald’s no later than the seventh Business Day of the next succeeding calendar month. 
 5.2.10 Each MF
Subsidiary agrees that, in exchange for the grant of MF Subsidiary Rights to the MF Subsidiary pursuant to Sections 3.1 and 3.2, it shall pay directly to McDonald’s its allocable share of the Initial Franchise Fees and Continuing Franchise Fees
owed by Master Franchisee to McDonald’s. 
 5.2.11 Each MF Subsidiary agrees that it shall be jointly and
severally obligated with Master Franchisee for the payment of Initial Franchisee Fees and Continuing Franchise Fees. 
 5.3
Transfer Fees. In the event of any voluntary, involuntary, direct or indirect sale, assignment, transfer or other disposition of a Franchised Restaurant by Master Franchisee, any of its Subsidiaries or any Franchisee, Master Franchisee shall
charge a transfer fee of not less than $10,000 per Franchised Restaurant and shall remit to McDonald’s at the same time that it makes payment of the Continuing Franchise Fees in the calendar month in which the transfer fee is payable, an amount
equal to 50% of the amount of each such fee so charged; provided, however, that no such fee shall be charged (a) by Master Franchisee or any of its Subsidiaries to any other Subsidiary of Master Franchisee; (b) in the event
of any such sale, assignment, transfer or other disposition by a Franchisee to any of its Affiliates; or (c) in the event of the exercise of an option to 

  
 17 

 
acquire a Franchised Restaurant included as a term of a Business Facilities Lease entered into with Master Franchisee. Below is an example of the calculation of a transfer fee, which is for
illustrative purposes only and shall in no event be deemed to conflict with any other provision of this Section. 

Example: If a Franchisee in Puerto Rico sells her Franchised Restaurant to the Master Franchisee, 50% of the transfer fee shall be
payable to McDonald’s. In addition, as from the date of the transfer, the Royalty payable by the Master Franchisee would increase from the then-prevailing Puerto Rican Royalty to the then-prevailing Regular Royalty. 

5.4 Summary of Fees Payable. Exhibit 26 summarizes the fees payable pursuant to this Section. The summary is for
convenience of reference only and shall in no event be deemed to conflict with any other provision of this Section. 
 6. Representations and
Warranties 
 On and as of August 3, 2007 and the date hereof (except with respect (a) to such representations and
warranties that are expressly made as of another date, which representations and warranties shall be made as of such other date; and (b) with respect to Section 6.8, which representation is only made as of August 3, 2007), Beneficial
Owner, each Owner Entity, Master Franchisee, and, with respect to Section 6.10, each MF Subsidiary, jointly and severally represent and warrant to McDonald’s as follows: 

6.1 Organization and Qualification. Each of Beneficial Owner, Parent, Dutch Coop, Owner and Master Franchisee is duly organized,
validly existing and in good standing under the laws of its jurisdiction of formation and has all requisite power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated by
this Agreement. Each of Beneficial Owner, Parent, Dutch Coop, Owner and Master Franchisee is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of the
Master Franchise Business and any other business conducted by Beneficial Owner, Parent, Dutch Coop, Owner or Master Franchisee makes such licensing or qualification necessary, except to the extent that the failure to be so licensed or qualified or
in good standing would not adversely affect the ability of Beneficial Owner, Parent, Dutch Coop, Owner or Master Franchisee to carry out their respective obligations under or consummate the transactions contemplated by this Agreement. The execution
and delivery of this Agreement by Beneficial Owner, Parent, Dutch Coop, Owner and Master Franchisee, the performance by Beneficial Owner, Parent, Dutch Coop, Owner and Master Franchisee of their respective obligations hereunder and the consummation
of the transactions contemplated by this Agreement have been duly authorized by all requisite action on the part of Beneficial Owner, Parent, Dutch Coop, Owner, Master Franchisee and the holders of their respective Equity Interests, as applicable.
Beneficial Owner, Parent, Dutch Coop, Owner and Master Franchisee have provided to McDonald’s true and complete copies of their respective constituent documents. 
 6.2 Capitalization. 
 6.2.1 Parent is the record and
beneficial owner of 100% of the Equity Interests of Dutch Coop. The Equity Interests of Dutch Coop and the certificate 

  
 18 

 
representing such Equity Interests are owned and held by Parent, free and clear of all Encumbrances, are duly authorized, validly issued, fully paid and nonassessable and have not been issued in
violation of preemptive or similar rights. No Person other than Parent holds or has a right to receive Equity Interests of Dutch Coop or any other instrument representing Equity Interests of Dutch Coop. The information with respect to Parent set
forth in Exhibit 3 is correct. 
 6.2.2 Dutch Coop is the record and beneficial owner of 100% of the
Equity Interests of Owner. The Equity Interests of Owner and the certificate representing such Equity Interests are owned and held by Dutch Coop, free and clear of all Encumbrances, are duly authorized, validly issued, fully paid and nonassessable
and have not been issued in violation of preemptive or similar rights. No Person other than Dutch Coop holds or has a right to receive Equity Interests of Owner or any other instrument representing Equity Interests of Owner. The information with
respect to Dutch Coop set forth in Exhibit 3 is correct. 
 6.2.3 Owner is the record and beneficial owner
of 100% of the Equity Interests of Master Franchisee. The Equity Interests of Master Franchisee and the certificate representing such Equity Interests are owned and held by Owner, free and clear of all Encumbrances, are duly authorized, validly
issued, fully paid and nonassessable and have not been issued in violation of preemptive or similar rights. No Person other than Owner holds or has a right to receive Equity Interests of Master Franchisee or any other instrument representing Equity
Interests of Master Franchisee. The information with respect to Owner set forth in Exhibit 3 is correct. 
 6.3 No
Conflict. This Agreement has been duly executed and delivered by each Owner Entity and Master Franchisee and, assuming due and valid authorization, execution and delivery hereof by each other Party hereto, constitutes the legal, valid and
binding instrument of each Owner Entity and Master Franchisee, enforceable against each of them in accordance with its terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
other similar laws of general application affecting enforcement of creditors’ rights generally; and (b) to the extent that any remedy of specific performance or injunctive or other forms of equitable relief may be subject to equitable
defenses and would be subject to the discretion of the court before which any proceeding therefor may be brought. 
 6.4
Governmental Consents and Approvals. None of the execution, delivery or performance of this Agreement by any Owner Entity or Master Franchisee or the consummation of the transactions contemplated by this Agreement (a) violates, conflicts
with or will result in any breach of any provision of the constituent documents of any Owner Entity or Master Franchisee, as applicable; (b) requires any filing with, obtaining any permit, authorization, consent or approval from, or providing
any notification to, any Governmental Authority, except those contemplated or required by this Agreement; (c) will result in a violation or breach of, or, with or without due notice or lapse of time or both, constitute a default or give rise to
any right of termination, cancellation or acceleration under, any of the terms, conditions or provisions of any note, bond, mortgage, indenture, lease, license, contract, agreement or other instrument or obligation to which any Owner Entity or
Master Franchisee is a party or by which any of its 

  
 19 

 
respective properties or Assets may be bound or affected; or (d) violates any Applicable Law, except, in the case of each of the foregoing clauses, such violations, breaches or defaults that
would not, individually or in the aggregate, have a material adverse effect on the ability of any Owner Entity or Master Franchisee to execute, deliver or perform this Agreement or consummate the transactions contemplated hereby. 

6.5 Anti-Terrorism; Compliance with Applicable Law. None of the property or interests of any Owner Entity or Master Franchisee is
subject to being “blocked” under any Anti-Terrorism Laws. Neither such Party, nor any of its respective funding sources (including any legal or beneficial owner of any Equity Interest in any Owner Entity or Master Franchisee) or Related
Parties is or has ever been a terrorist or suspected terrorist within the meaning of the Anti-Terrorism Laws or identified by name or address on any Terrorist List. Each of Parent, Dutch Coop, Owner and Master Franchisee are in compliance with
Applicable Law, including all such Anti-Terrorism Laws. 
 6.6 Litigation. There are no Actions by or against any Owner
Entity or Master Franchisee that could adversely affect the legality, validity or binding effect of this Agreement or the performance by any Owner Entity or Master Franchisee of any of their respective obligations hereunder or the consummation of
any of the transactions contemplated hereby. 
 6.7 No Resale. Except as expressly provided in this Agreement, Master
Franchisee is acquiring the Master Franchisee Rights for Master Franchisee’s own account for purposes of operating the Master Franchise Business, including Franchised Restaurants, and of entering into Franchise Agreements, and not for purposes
of the resale or redistribution of the Master Franchisee Rights or any other speculative purpose. Master Franchisee owns all of the interest in the franchise granted hereunder. 

6.8 Information. All material information requested by McDonald’s and provided by any Owner Entity or Master Franchisee to
induce McDonald’s to enter into this Agreement was true and complete in all material respects on and as of the date such information was provided and is true and complete in all material respects on and as of the date hereof. 

6.9 Disclosure Document. Each Owner Entity and Master Franchisee has received, reviewed and understood the disclosure document
provided to it by McDonald’s as required by Applicable Law in Brazil, French Guiana, Mexico, Guadeloupe and Martinique and has waived, to the extent permissible under Applicable Law, any right to receive such documents in a language other than
English and to receive such documents in advance of November 10, 2008. Each Owner Entity and Master Franchisee acknowledge and agree that no such disclosure document is required by Applicable Law in any other Territory. 

6.10 MF Subsidiaries. The execution and delivery of this Agreement by each MF Subsidiary, the performance by each MF Subsidiary of
its respective obligations hereunder and the consummation of the transactions contemplated by this Agreement have been duly authorized by all requisite action on the part of each MF Subsidiary. This Agreement has been duly executed and delivered by
each MF Subsidiary and, assuming due and valid authorization, execution and delivery hereof by each other Party hereto, constitutes the legal, valid and binding instrument of such MF Subsidiary, enforceable against such MF Subsidiary in accordance
with its terms, except (a) as limited by 

  
 20 

 
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’ rights generally; and
(b) to the extent that any remedy of specific performance or injunctive or other forms of equitable relief may be subject to equitable defenses and would be subject to the discretion of the court before which any proceeding therefor may be
brought. 
 6.11 Escrowed Shares; Trusts. The Certificated Equity Interests of Master Franchisee and each Escrowed MF
Subsidiary delivered as of August 3, 2007 to Escrow Agent by Owner, Master Franchisee and each other registered owner of an MF Subsidiary constitute all of the Equity Interests of Master Franchisee and each Escrowed MF Subsidiary (other than
any Escrowed MF Subsidiary that has issued Dematerialized Equity Interests) issued and outstanding on August 3, 2007. The Certificated Equity Interests of each Non-Escrowed MF Subsidiary delivered as of August 3, 2007 to the applicable
Trustee by Master Franchisee and each of the registered owners of the Non-Escrowed MF Subsidiaries constitute all of the Equity Interests of each Non-Escrowed MF Subsidiary (other than any Non-Escrowed MF Subsidiary that has issued Dematerialized
Equity Interests) issued and outstanding on August 3, 2007. Master Franchisee and each other registered owner of an Escrowed MF Subsidiary that has issued Dematerialized Equity Interests as of August 3, 2007 have delivered Escrowed
Constituent Documents to Escrow Agent for each such Escrowed MF Subsidiary. The Escrowed Constituent Documents of each Escrowed MF Subsidiary that has issued Dematerialized Equity Interests by Master Franchisee and each other registered owner of an
Escrowed MF Subsidiary that has issued Dematerialized Equity Interests constitute all of the Equity Interests issued and outstanding on August 3, 2007 of each Escrowed MF Subsidiary that has issued Dematerialized Equity Interests. 

6.12 Shareholders Agreements. There are no shareholders agreements, voting trusts or other similar agreements to which Beneficial
Owner is a party with respect to the Voting Interests of any Owner Entity or Master Franchisee other than the Shareholders Agreement, the Intercreditor Agreement and the Creditor Security Documents. 

7. Certain Obligations of the Owner Entities, Master Franchisee and Master Franchisee Parties 

7.1 Core Documents. 
 7.1.1 Without the prior consent of McDonald’s and except as otherwise permitted by this Agreement, none of Beneficial Owner, any Owner Entity, Master Franchisee or any Escrowed MF Subsidiary shall
amend its Constituent Documents in a manner that would violate, or result in a breach of any covenant contained in, this Agreement or any Related Agreement, or that would be materially adverse to the interests of McDonald’s without the consent
of McDonald’s. 
 7.1.2 Beneficial Owner has delivered to McDonald’s an executed shareholders agreement
in the form of Exhibit 5 (the “Shareholders Agreement”). Beneficial Owner agrees not to enter into any shareholders agreement, voting trust or other similar agreement with respect to the Voting Interests of any Owner Entity
or Master Franchisee other than the Shareholders Agreement, the Intercreditor Agreement and the Creditor Security Documents. Beneficial Owner 

  
 21 

 
shall not consent to, or enter any amendment, waiver or modification of the Shareholders Agreement that would violate, or result in a breach of any covenant contained in, this Agreement or any
Related Agreement, or that would be materially adverse to the interests of McDonald’s, unless McDonald’s shall have received not less than 10 days’ written notice of such amendment, together with the text thereof, and shall have
consented thereto. 
 7.1.3 Beneficial Owner has delivered to McDonald’s the Credit Agreement, the initial
Letter of Credit and all related financing or security documents entered into by any Owner Entity or Master Franchisee Party to finance the transactions contemplated by the Purchase Agreement or to support the Letter of Credit (the
“Financing Agreements”). None of Beneficial Owner, any Owner Entity or any Master Franchisee Party shall (a) consent to, or enter any material amendment, waiver or modification of the terms and conditions related to the
Collateral in any Financing Agreement, unless McDonald’s shall have received prior written notice of such amendment, together with the text thereof, and shall have consented thereto; provided, however, that if such material
amendment, waiver or modification relates to Creditor Collateral, such consent shall not be unreasonably withheld by McDonald’s; or (b) incur Indebtedness secured by any Collateral (whether to Refinance Indebtedness under the Financing
Agreements or otherwise) unless McDonald’s shall have received prior written notice of such incurrence, together with the definitive agreements evidencing such Indebtedness and shall have consented to any provisions of such agreements related
to the Collateral, it being understood that (i) a condition to such consent shall be a requirement that the exercise of any remedies in respect of Liens relating to the Collateral in respect of such Indebtedness (or any related amount) be
subject to the Intercreditor Agreement, the Escrow Agreement and the Trust Agreements; and (ii) if such Indebtedness is secured solely by any Creditor Collateral, such consent shall not be unreasonably withheld by McDonald’s. 

7.2 No Other Business or Funded Debt; Separateness. Without the prior consent of McDonald’s, such consent not to be
unreasonably withheld: 
 7.2.1 No Owner Entity or any Master Franchisee Party shall, directly or indirectly,
enter into any other QSR Business or any business other than the Master Franchise Business, whether or not related to the Master Franchise Business. 
 7.2.2 No Owner Entity shall incur any Funded Debt or engage in a business other than holding Equity Interests of another Owner Entity or Master Franchisee other than Indebtedness contemplated by the
Financing Agreements and any Refinancing thereof. 
 7.2.3 No Owner Entity shall: 

(a) Institute proceedings to have such Owner Entity be adjudicated bankrupt or insolvent; 

  
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 (b) Consent to the institution of bankruptcy or insolvency proceedings
against such Owner Entity; 
 (c) File a petition seeking, or consent to, a reorganization or relief with respect
to such Owner Entity under any Applicable Law relating to bankruptcy; 
 (d) Consent to the appointment of a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Owner Entity or a substantial part of its property; 
 (e) Make any assignment for the benefit of creditors of such Owner Entity; 
 (f) Admit in writing such Owner Entity’s inability to pay its debts generally as they become due; or 
 (g) Take action in furtherance of any of the foregoing. 
 7.2.4
Each Owner Entity shall: 
 (a) Maintain separate books, records and bank accounts; 

(b) Hold itself out as a separate legal entity; and 

(c) Strictly comply with all organizational formalities to maintain its separate existence. 

7.3 Senior Management. 
 7.3.1 Each of the Parties acknowledges and agrees that the Intellectual Property has significant value to McDonald’s, its Affiliates, the Master Franchisee Business and the System. 

7.3.2 In order to safeguard the value of the Intellectual Property, McDonald’s shall be entitled to approve the
appointment of (a) the chief executive officer (or similar designation) having overall responsibility for the Master Franchise Business in the Territories (the “Chief Executive Officer”); and (b) the chief operating
officer (or similar designation) having overall responsibility for the administration of the operation of the Master Franchise Business in the Territories (the “Chief Operating Officer”), each of whom shall be nominated by Master
Franchisee. The initial Chief Executive Officer and the initial Chief Operating Officer are specified in Exhibit 6. 
 7.3.3 In the event Master Franchisee wishes to appoint a new Chief Executive Officer or Chief Operating Officer, Master Franchisee shall submit to McDonald’s the name of the proposed successor,
together with information in support of the candidacy, including a résumé for the candidate detailing his qualifications and experience and such other information as McDonald’s may reasonably request. McDonald’s shall be
entitled to approve such candidate (such approval not to be unreasonably withheld) and shall notify Master Franchisee of 

  
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its decision with respect to a candidate within 30 Business Days of its receipt of Master Franchisee’s submission. The candidate shall also be made available for interviews by
McDonald’s at its offices in Oak Brook, Illinois. Master Franchisee may appoint an interim Chief Executive Officer or Chief Operating Officer during the pendency of McDonald’s review of successor candidates, but in no event for a period in
excess of six months from the termination of the predecessor officer. If, at the expiration of such six-month period, Master Franchisee and McDonald’s shall have failed to agree on a successor officer, McDonald’s shall be entitled to
designate in its sole discretion a Person to hold the applicable office pending Master Franchisee’s submission of information relating to a further candidate and McDonald’s approval thereof, and Master Franchisee agrees to take such action
as shall be necessary to cause such Person to be so appointed. All salary, benefits and incentives of such Person (including relocation expenses for such Person and his immediate family) shall be for the sole account of Master Franchisee.

 7.3.4 Master Franchisee shall cause each of the Chief Executive Officer and the Chief Operating Officer to
devote his full-time and best efforts to the operations of the Master Franchise Business in the Territories and to promote and enhance the operation of the System and the Franchised Restaurants and the goodwill and reputation associated with the
Intellectual Property. 
 7.4 Managing Directors. Master Franchisee shall appoint and maintain with respect to each
Territory or any group of Territories, a managing director (or similar officer) with overall responsibility for the conduct of the Master Franchise Business in such Territory or group of Territories (each, a “Managing Director”).
Each Managing Director shall be a permanent resident of one of the Territories for which he has responsibility. Master Franchisee shall cause each Managing Director to devote his full-time and best efforts to the operation of the Master Franchise
Business in the applicable Territory and to cooperate with his counterparts in other Territories as appropriate to promote and enhance the operation of the System and the Franchised Restaurants and the goodwill and reputation associated with the
Intellectual Property. 
 7.5 Certain Actions with Respect to Franchised Restaurants. Master Franchisee shall, at its
sole expense: 
 (a) With respect to any new Master Franchisee Restaurant, either (i) enter into a New
Franchise Agreement in connection with such Master Franchisee Restaurant; or (ii) amend Exhibit 2 to the master franchise agreement between the Master Franchisee and the applicable MF Subsidiary in the Territory in which such new Master
Franchisee Restaurant has been opened to document such opening and deliver a copy of such amended Exhibit 2 to McDonald’s no later than 60 days following the end of the calendar year in which the Master Franchisee Restaurants were opened and
the relevant amendments to Exhibit 2 occurred (or should have occurred); 
 (b) Cause each Franchised Restaurant
to comply with the System and not to engage in activity that may conflict with, or otherwise be detrimental to, the System; 

  
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 (c) Ensure that each Franchised Restaurant is subject to a Customer Service
Program that meets or exceeds the applicable Standards; 
 (d) Monitor continuously and measure with reasonable
frequency the compliance by each Franchised Restaurant with the QSC Standards using a system for evaluating restaurant performance that meets or exceeds the applicable Standards; and 

(e) Adopt and implement procedures for identifying all Confidential Information as such and for controlling the
distribution, reproduction and collection of Confidential Information to and from Franchisees and employees of the Franchised Restaurants, and for preventing each Franchisee and / or its employees from further disseminating such Confidential
Information. Master Franchisee shall promptly notify McDonald’s in the event any Confidential Information is lost, stolen, released or unaccounted for by it or any of its Subsidiaries or Franchisees. Master Franchisee shall advise
McDonald’s as to the steps being taken by Master Franchisee and/or such Franchisee to recover such Confidential Information and shall take such steps as McDonald’s may direct. 

7.6 Closings. Master Franchisee shall not, and shall not permit any of its Subsidiaries or Franchisees to, close any Franchised
Restaurant except pursuant to an Approved Closing. 
 7.7 Related Party Transactions. Except as expressly permitted by
this Agreement, Master Franchisee shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including any purchase, sale, lease or exchange of any property or the rendering of
any service) with any Related Party of Master Franchisee otherwise than on an arm’s-length basis. 
 7.8 Compliance with
Law: Notices and Pleadings 
 7.8.1 Beneficial Owner, each Owner Entity and Master Franchisee shall, and
Master Franchisee shall cause each of its Subsidiaries to, comply with Applicable Law. 
 7.8.2 Beneficial Owner,
each Owner Entity and Master Franchisee shall promptly provide McDonald’s with copies of any Notices received by any Master Franchisee Party, any Owner Entity or any Related Party of any of them relating to this Agreement, the Master Franchise
Business, any Franchisee, any Managing Director, any Franchised Restaurant or any Related Agreement. 
 7.9 Letter of Credit
and Prepaid Amount. 
 7.9.1 Subject to Section 7.9.4, as security for the performance of Master
Franchisee’s and its Subsidiaries’ obligations hereunder, Master Franchisee shall, at its sole expense, obtain, deliver to McDonald’s and maintain throughout the Regular Term one or more standby letters of credit issued in favor of
McDonald’s by a Qualified Bank with an aggregate amount available for 

  
 25 

 
drawing thereunder of $80,000,000 and otherwise on terms and conditions (including the terms and conditions of any related reimbursement or similar agreement between any LC Bank and any Master
Franchisee Party) acceptable to McDonald’s (as reissued from time to time, the “Letters of Credit”). McDonald’s may, in its sole discretion and at Master Franchisee’s sole expense, cause the Letters of Credit to be
confirmed by any Qualified Bank in the United States of America. Master Franchisee shall, at its sole expense, cause any Letter of Credit to be reissued by a Qualified Bank no later than 60 days prior to the expiration date of such Letter of Credit,
effective as of the expiration of the predecessor Letter of Credit. Each Letter of Credit shall provide that it shall not expire prior to the date that is 30 Business Days following the Effective Termination, unless earlier terminated by the
beneficiary, the account party with the consent of the beneficiary or at its stated expiration. 
 7.9.2 The
Parties agree that in certain cases, the failure of Beneficial Owner, any Owner Entity, Master Franchisee or the MF Subsidiaries to comply with their respective obligations hereunder may cause immediate and substantial damage to the interests of
McDonald’s and its Affiliates in this Agreement. To compensate McDonald’s for such damage, the Parties have agreed that McDonald’s shall be entitled, but not obligated, to draw on the Letters of Credit (or any one of them in whole or
in part) as and to the extent provided below (each such amount, an “LC Payable”) on the occurrence of the following events (each, an “LC Trigger Event”): 

(a) The failure of McDonald’s to receive when due any amount required to be paid by any Owner Entity, Master
Franchisee or any MF Subsidiary to McDonald’s under this Agreement within 10 days after the date such payment is due (exclusive of any other grace period hereunder), in which event McDonald’s shall be entitled to draw an aggregate amount
under the Letters of Credit equal to the amount of such overdue payment, plus interest thereon to but excluding the date of draw as provided in Section 24.2.3; 

(b) The Transfer of any interest in any Restricted Real Estate made in violation of Section 7.14.3, in which event
McDonald’s shall be entitled to draw an aggregate amount under the Letters of Credit equal to the purchase price paid (whether in cash or property) for such Restricted Real Estate in connection with such Transfer (or, if greater, the fair
market value of such property, as estimated by McDonald’s in the exercise of its reasonable judgment); 

(c) The failure by Beneficial Owner, any Owner Entity, Master Franchisee or any MF Subsidiary to comply with any final
award of the ICC pursuant to Section 25.2 in accordance with the terms thereof, in which event McDonald’s shall be entitled to draw an aggregate amount under the Letters of Credit equal to (i) the amount of such award, if a monetary
award: or (ii) the aggregate amount available under all Letters of Credit, if a non-monetary award; 

  
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 (d) Any action, plan or arrangement by Beneficial Owner, any Owner Entity,
Master Franchisee or any MF Subsidiary taken or made with a view to avoiding or delaying their respective participation in arbitral proceedings instituted under Section 25.2 or with a view to obstructing or circumventing the operation of such
Section or any proceeding thereunder, including through the institution of proceedings before any court or other body asserting the invalidity or unenforceability of such Section or any of its terms, in which event McDonald’s shall be entitled
to draw the aggregate amount available under all Letters of Credit; 
 (e) During the period following the
Effective Termination and on or prior to the third full Business Day preceding the LC Expiration Date, the failure by McDonald’s to have received, as security for the performance by each Owner Entity, Beneficial Owner and each Master Franchisee
Party of its respective payment obligations following such Effective Termination up to an amount equal to the amount available for drawing under the Letter of Credit on such third full Business Day, a continuing perfected first priority Lien,
evidenced by documents that are satisfactory in form and scope to McDonald’s in its reasonable judgment, in all of Master Franchisee’s right, title and interest in, to and under the Secured Restricted Real Estate, in which event
McDonald’s shall be entitled to draw an aggregate amount under the Letters of Credit equal to the aggregate appraised value of the Secured Restricted Real Estate with respect to which McDonald’s does not have a continuing first priority
perfected security interest as of such date, as set forth in the most recent appraisal thereof made pursuant to Section 16.3.4; provided, however, that McDonald’s shall not be entitled to enforce its rights as a secured party
with respect to such Secured Restricted Real Estate unless, and solely to the extent that, any Owner Entity, Beneficial Owner or any Master Franchisee Party shall have failed to satisfy any such obligation as and when the same shall become due; and

 (f) The failure by Master Franchisee (i) to cause any Letter of Credit to be reissued by a Qualified Bank
in the full amount required hereunder regardless of any prior draw thereunder no later than 60 days prior to the stated expiration date of such Letter of Credit; or (ii) to restore the aggregate amount available under all Letters of Credit to
be (A) at any time during the Regular Term (other than during the Prepaid Amount Period), $80,000,000; and (B) at any time during the Prepaid Amount Period, no less than $65,000,000 (or, if the Prepaid Amount is less than $15,000,000, such
greater amount such that the sum of the Prepaid Amount and the aggregate amount available under the Letters of Credit is equal to $80,000,000) within 30 days following any draw under any such Letter of Credit, in which event McDonald’s shall be
entitled to draw the aggregate amount available under all Letters of Credit. 
 7.9.3 McDonald’s
certification to the applicable LC Bank that any of the foregoing drawing events has occurred shall be conclusive and binding on the applicable LC Bank as evidence of McDonald’s entitlement to draw on such

  
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Letter of Credit. No draw by McDonald’s under any Letter of Credit shall (a) constitute an admission by McDonald’s of the occurrence or continuance of any Material Breach, the
amount of damage incurred by McDonald’s as a result of the occurrence of any of the foregoing events, or a waiver of any other right or remedy to which McDonald’s may be entitled under this Agreement or Applicable Law; or (b) impair
in any respect whatsoever McDonald’s rights to require each Master Franchisee Party to comply with its respective obligations under Sections 23.2 and 23.3 on any termination of this Agreement with respect to any Territory (other than any
payment obligations satisfied by a draw on any Letter of Credit). 
 7.9.4 Until November 9, 2013 (the
“Prepaid Amount Period”), Master Franchisee shall not be obligated to obtain, deliver to McDonald’s and maintain Letters of Credit with an aggregate amount available for drawing thereunder of $80,000,000, provided that
Master Franchisee shall (a) obtain, deliver to McDonald’s and maintain Letters of Credit with an aggregate amount available for drawing thereunder of $65,000,000 at all times during the Prepaid Amount Period; and (b) make and maintain
a deposit with McDonald’s of $15,000,000 with respect to Master Franchisee’s obligations under the MFA, as such obligations may become due and payable under the MFA (such amount as it may be reduced from time to time following the
application of an LC Payable, the “Prepaid Amount”). 
 (a) Transfers of funds payable to
McDonald’s with respect to the Prepaid Amount shall be made by wire transfer to such account as McDonald’s may specify in writing to Master Franchisee. 

(b) Master Franchisee agrees that (i) it shall have no right or entitlement to the Prepaid Amount or any proceeds
thereof, except as expressly set forth herein; (ii) McDonald’s shall have no obligation to (and for the avoidance of doubt, Master Franchisee acknowledges that McDonald’s shall not) segregate the Prepaid Amount from its other funds
and securities or otherwise hold such Prepaid Amount for the account or the benefit of any Person other than itself; and (iii) McDonald’s may invest the Prepaid Amount if and to the extent it deems appropriate and in such funds or
securities as it may determine in its sole discretion. 
 (c) In the event of an LC Trigger Event during the
Prepaid Amount Period, the related LC Payable shall be satisfied, first, to the extent of the Prepaid Amount and, second, to the extent the LC Payable has not been paid in full after the application of the Prepaid Amount set forth above, the Letter
of Credit, until such LC Payable is paid in full. 
 (d) McDonald’s shall notify Master Franchisee within
five Business Days of any application of the Prepaid Amount, and Master Franchisee shall prepay such additional amount as may be necessary to restore the Prepaid Amount to $15,000,000 within five Business Days of the date of McDonald’s notice.

  
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 (e) Commencing November 10, 2008 and continuing
until the end of the Prepaid Amount Period, interest on the balance from time to time of the Prepaid Amount shall be payable, in arrears, on the 10th day of each November, February, May and August of each year, subject to adjustment in accordance with the Following
Business Day Convention (each such date being referred to herein as a “Interest Payment Date” and each period of time for which interest is payable on a Interest Payment Date (being a period from, and including, the immediately
preceding Interest Payment Date to, but excluding, the next succeeding Interest Payment Date) being referred to herein as a “Interest Payment Period”, except that the first Interest Payment Period shall be the period from, and
including, November 10, 2008 to, but excluding, the first Interest Payment Date, and the last Interest Payment Period shall be the period from, and including, the Interest Payment Date immediately preceding the expiration of the Prepaid Amount
Period, but excluding, November 9, 2013, subject to adjustment in accordance with the Following Business Day Convention) in an amount equal to the product of (i) the average daily balance of the Prepaid Amount during the applicable
Interest Payment Period; multiplied by (ii) the applicable ROI. McDonald’s determination of the interest payable pursuant to this Section shall be conclusive and binding in the absence of manifest error. Interest shall be payable
within ten Business Days following each Interest Payment Date in same day funds to the account designated by Master Franchisee in writing to McDonald’s for such purpose. 

(f) McDonald’s shall refund to Master Franchisee the Prepaid Amount (or corresponding portion thereof) plus
accrued but unpaid interest to but excluding the date of refund upon either (i) the expiration of the Prepaid Amount Period and the receipt by McDonald’s of a Letter of Credit in an aggregate amount equal to the Prepaid Amount; or
(ii) upon 30 Business Days written notice to McDonald’s and receipt by McDonald’s of one or more additional Letters of Credit, an increase by Master Franchisee of the aggregate amount available for drawing under the Letters of Credit.

 7.10 Consular Services. At McDonald’s request, Master Franchisee shall assist McDonald’s in obtaining any
visas, work permits or other approvals needed to allow McDonald’s personnel or consultants to provide services, inspections or audits in any Territory. 
 7.11 Insurance. 
 7.11.1 Throughout the Term applicable in
any Territory, Master Franchisee shall acquire and continuously maintain at its sole expense (a) all insurance policies required by any Site Agreement, Franchise Agreement or other contract or arrangement relating to the Master Franchise
Business in such Territory; and (b) insurance policies with respect to each Master Franchisee Party in such Territory providing the following coverage with insurance companies rated at least A VIII or the equivalent, in the most recent edition
of A.M. Best’s Insurance Guide: (i) commercial general liability coverage providing coverage 

  
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for operations, personal injury liability, advertising liability, contractual liability, contractor’s protective liability, property damage liability, U.S. jurisdictional coverage, terrorism
and products liability coverage; (ii) advertiser’s professional errors and omissions liability insurance coverage; (iii) workers compensation insurance with statutory limits of coverage and employers liability insurance;
(iv) comprehensive automobile liability insurance covering the use and maintenance of owned, not-owned, hired and rented vehicles and including coverage for bodily injury and third party property damage; (v) umbrella liability insurance in
excess of the policies described in clauses (b) (i), (ii) and (iv) of this Section; (vi) “all risk” property insurance, including coverage with respect to damages resulting from earthquake, flood, named windstorm or
terrorism; (vii) business interruption insurance; (viii) unemployment compensation insurance coverage; (ix) cyber liability insurance; and (x) crime coverage. 

7.11.2 Master Franchisee shall cause (a) this Agreement to be specifically listed as an “insured contract”
(or any comparable term used in such policy) and the coverage to be provided thereunder to be primary and not contributory with respect to any other insurance available to McDonald’s or any of its Affiliates; and (b) such policy to provide
coverage for McDonald’s, its Affiliates and all of their respective stockholders, directors, officers, employees as named insureds under each of the policies specified in Section 7.11.1. No such policy shall exclude coverage from claims
made between co-insureds solely on the basis of the parties’ designation as named insureds. The policy shall be specifically endorsed to provide that the coverages will be primary and that any other insurance carried by any named insured,
including McDonald’s, shall be excess and non-contributory”. 
 7.11.3 Coverage limits under the
insurance policies specified in Section 7.11.1 shall cover such risks and be provided in amounts no less than those specified in Exhibit 7; provided, however, that McDonald’s may at any time direct Master Franchisee to
acquire different or additional insurance coverage limits (including such as may result from inflation, the identification of new risks, changes in Applicable Law or standards of liability, trends in litigation awards or other circumstances deemed
relevant by McDonald’s in its sole discretion). Policy deductibles shall not exceed $500,000, without prior approval of McDonald’s. All such insurance policies shall provide that coverage thereunder shall not be canceled, non-renewed or
materially changed without at least 30 days’ prior notice to McDonald’s. Master Franchisee shall provide McDonald’s upon its request with an electronic image of any of the insurance policies required hereunder. 

7.12 Required Technology and Related Equipment. 

7.12.1 To the fullest extent permitted by Applicable Law, McDonald’s shall have the right to specify the technology
and related equipment to be used by Master Franchisee and its Franchisees in the operation of the Franchised Restaurants, including all software, hardware and similar items. Master Franchisee and its Franchisees shall not use any technology,
software, hardware or equipment in such operations that has not been approved by McDonald’s. 

  
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 7.12.2 To the fullest extent permitted by Applicable Law, McDonald’s
may modify its Standards applicable to technology and related equipment from time to time, and Master Franchisee shall purchase for use in Master Franchisee Restaurants any new or modified technology, software, hardware, equipment or other similar
items necessary to comply with such modified Standards. In connection with the applicable Reinvestment Plan, McDonald’s and Master Franchisee shall cooperate in determining a schedule for the implementation among Franchised Restaurants of any
new or modified technology, software, hardware or other items specified in this Section that is at least comparable to McDonald’s plans for McDonald’s Restaurants in the United States of America and taking into consideration the other
matters provided for in such Reinvestment Plan, the age and viability of the existing items, the relative Gross Sales of such Franchised Restaurants and such other factors as are appropriate to promote and enhance the operation of the System and the
Franchised Restaurants. 
 7.12.3 McDonald’s and its Affiliates have developed proprietary software,
technology and / or equipment, including the Tango and the Latin American Data Warehouse, which are owned by McDonald’s or its Affiliates. Certain of such developed proprietary software, technology and / or equipment shall be licensed to the
Master Franchisee Parties for their use. The Master Franchisee Parties shall execute, deliver and comply with any license relating to the foregoing or other agreement that McDonald’s or any such Affiliate may require in connection therewith and
shall promptly pay any related fees and costs specified therein as and when they are due and payable. 
 7.13 Financial
Covenants. Master Franchisee shall comply with the following financial covenants at all times during the Regular Term. 
 7.13.1 Master Franchisee shall maintain a Fixed Charge Coverage Ratio at least equal to 1.25. 
 7.13.2 Master Franchisee shall maintain a Leverage Ratio not in excess of (a) 5.5, from August 3, 2007 to August 2,2009; (b) 5.25, from August 3, 2009 to August 2, 2010;
(c) 5.0, from August 3, 2010 to August 2, 2011; (d) 4.75, from August 3, 2011 to August 2, 2012; and (e) 4.5, thereafter. 
 7.14 Real Estate. 
 7.14.1 Subject to Section 7.14.4,
Master Franchisee shall own, directly or indirectly, the fee simple interest (or the local equivalent) in, or lease (or the local equivalent) directly or indirectly from the owner of such interest, all real property on which any Franchised
Restaurant is located. 
 7.14.2 If Master Franchisee shall no longer be entitled to the exclusive exploitation
of the Master Franchisee Rights in any Territory as a result of a termination pursuant to Section 22.3.1(b), then McDonald’s shall be entitled to develop Real Estate within any such Territory for use by Master Franchisee, its Franchisees
or any other Person and charge Master Franchisee, its Franchisees or any other Person, as the case may be, fees with respect to the use of such Real 

  
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Estate that are established in accordance with McDonald’s policies in effect from time to time and that take into account local market conditions. 

7.14.3 Except as permitted by Sections 7.9(e) and 7.20, Master Franchisee shall not otherwise Transfer any of its right,
title or interest in any Restricted Real Estate without McDonald’s prior consent, which consent may be withheld in its sole discretion. 
 7.14.4 Master Franchisee shall at all times during the Regular Term cause (a) no more than 50% by number of the Franchised Restaurants (excluding Satellites) in all Territories to be owned, operated
or managed by Franchisees who are not Master Franchisee Parties; (b) no more than 50% by number of the Franchised Restaurants (excluding Satellites) in any Territory to be located on Real Estate that is owned, held or leased by Franchisees who
are not Master Franchisee Parties; and (c) no more than 10% by number of the Franchised Restaurants (excluding Satellites) in all Territories to be located on Real Estate so owned, leased or held by Franchisees who are not Master Franchisee
Parties. 
 7 .15 Anti-Terrorism; Anti-Corruption. 

7.15.1 Master Franchisee shall implement, and it and its Subsidiaries shall comply with, anti-money laundering policies
and procedures that incorporate “know-your-customer” verification programs and such other provisions as may be required by Applicable Law. 
 7.15.2 Master Franchisee shall implement procedures to confirm, and shall confirm, that (a) none of Master Franchisee, any Person that is at any time a legal or beneficial owner of any Equity
Interest in Master Franchisee or that provides funding to Master Franchisee or any of its Subsidiaries or any landlord under any Site Agreement is identified by name or address on any Terrorist List or is a Related Party of any Person so identified;
and (b) none of the property or interests of Master Franchisee or its Subsidiaries is subject to being “blocked” under any Anti-Terrorism Laws. 
 7.15.3 Master Franchisee shall (a) deliver to McDonald’s on January 1 of each year an annual certification to the effect that it has complied with the requirements set forth in Sections
7.15.1 and 7.15.2; and (b) notify McDonald’s within five Business Days upon becoming aware of any violation of such requirements or of information to the effect that any Person whose status is subject to confirmation pursuant to
Section 7.15.2 is identified on any Terrorist List, any list maintained by OFAC or to being “blocked” under any Anti-Terrorism Laws, in which event Master Franchisee shall, and shall cause its Related Parties to, cooperate with
McDonald’s in an appropriate resolution of such matter, including the disposition of any affected Master Franchise Business and any discussions with or actions required by any applicable Governmental Authority. 

7.15.4 In accordance with Applicable Law in each Territory and the United States of America, none of any Master Franchisee
Party or any of its respective Affiliates, principals, partners, officers, directors, managers, 

  
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employees, agents or any other persons working on their behalf, shall offer, pay, give, promise to payor give, or authorize the payment or gift of money or anything of value to any officer or
employee of, or any Person acting in an official capacity on behalf of, the Governmental Authority of any Territory, or any political party or official thereof or while knowing that all or a portion of such money or thing of value will be offered,
given or promised, directly or indirectly, to any official, for the purpose of (a) influencing any action or decision of such official in his or its official capacity; (b) inducing such official to do or omit to do any act in violation of
his or its lawful duty; or (c) inducing such official to use his or its influence with any Governmental Authority to affect or influence any act or decision of such Governmental Authority in order to obtain certain business for or with, or
direct business to, any person, including any Party or any of their Related Parties. 
 7.16 PCI Compliance. Master
Franchisee Party shall, and shall cause its MF Subsidiaries and Franchisees to ensure that each Franchised Restaurant that accepts any cashless payments (including credit and / or debit cards), adheres to the then current PCI (Payment Card Industry)
Standards or any equivalent thereof or any substitute therefore. Any costs associated with an audit or to gain compliance with these standards shall be borne by Master Franchisee. Master Franchisee shall, and shall cause its MF Subsidiaries and
Franchisees to, provide McDonald’s with evidence of such compliance at McDonald’s request and provide, or make available, to McDonald’s copies of any audit, scanning results or related documents relating to such compliance. Master
Franchisee shall notify McDonald’s if it suspects or has been notified by any third party of a possible security breach related to the cashless system (or related cashless data) used in any Franchised Restaurant. 

7.17 Charitable Activities. McDonald’s and its Subsidiaries have sponsored and promoted various charitable activities
throughout the Territories, including the Ronald McDonald Houses, Ronald McDonald Rooms at hospitals and other care facilities and Ronald McDonald care mobiles. Master Franchisee shall fulfill any obligations under sponsorships existing as of
August 3, 2007 and thereafter shall take appropriate account of other Ronald McDonald charitable activities and sponsorship opportunities and support them to the extent commercially reasonable in light of the performance of the Master
Franchisee Business; provided, however, that in no event shall Master Franchisee discontinue support for any material Ronald McDonald charitable activity that is being supported by McDonald’s and its Subsidiaries in the
Territories as of August 3, 2007 without previously discussing this decision with the Relationship Committee. 
 7.18
Escrowed Shares; Trust Agreements; Pledge Arrangements. 
 7.18.1 Subject to Section 21, each Owner
Entity, Master Franchisee and each other registered owner of any Escrowed MF Subsidiary shall (a) promptly deliver, or cause to be delivered, to Escrow Agent any Certificated Equity Interests of Master Franchisee and each Escrowed MF Subsidiary
issued by any of them subsequent to August 3, 2007, together with any applicable Local Stock Power and / or applicable Local Voting Power; and (b) execute and deliver a pledge agreement and such other documents as and to the extent
required by the applicable MFA Document and otherwise containing such terms as may be reasonably satisfactory to McDonald’s. 

  
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 7.18.2 Subject to Section 21, Master Franchisee and each other
registered owner of any Non-Escrowed MF Subsidiary shall duly endorse in favor of, and promptly deliver, or cause to be delivered, to the applicable Trustee any Certificated Equity Interests of each Non-Escrowed MF Subsidiary issued by any of them
subsequent to August 3, 2007 in accordance with the terms of the Trust Agreements. 
 7.18.3 Subject to
Section 21, Owner, Master Franchisee and each other registered owner of any Escrowed MF Subsidiary that issues Dematerialized Equity Interests subsequent to August 3, 2007 shall (a) promptly deposit Escrowed Constituent Documents of
such Escrowed MF Subsidiary with Escrow Agent, together with any applicable Local Stock Power and/or applicable Local Voting Power; and (b) execute and deliver a pledge agreement as and to the extent required by the applicable MFA Document and
otherwise containing such terms as may be reasonably satisfactory to McDonald’s. 
 7.18.4 Subject to
Section 21, Master Franchisee and each other registered owner of any Non-Escrowed MF Subsidiary shall cause the assignment of any Dematerialized Equity Interests issued by any Person subsequent to August 3, 2007 to the applicable Trustee
to be approved, and shall register the applicable Trustee as the owner of such Dematerialized Equity Interests, in accordance with the terms of the Trust Agreements. 

7.18.5 To the fullest extent permitted by Applicable Law, Owner, Master Franchisee and each other registered owner of any
Escrowed MF Subsidiary shall use commercially reasonable efforts to cause any Escrowed MF Subsidiary to issue its Equity Interests in the form of Certificated Equity Interests. 

7.18.6 If any Person is deemed to be an MF Subsidiary pursuant to Section 21.2.2 and such Person is not organized in
Mexico or Costa Rica, then the owner of such Person shall, as a condition precedent to the Transfer, (a) if the Equity Interests of such Person are Certificated Equity Interests, deliver such Certificated Equity Interests to Escrow Agent; and
(b) if the Equity Interests of such Person are Dematerialized Equity Interests, deliver Escrowed Constituent Documents of such Person to Escrow Agent. If any Person agrees to be deemed an MF Subsidiary pursuant to Section 21.2.2 and such
Person is organized in Mexico or Costa Rica, then the owner of such Person shall, as a condition precedent to the Transfer, (x) if the Equity Interests of such Person are Certificated Equity Interests, duly endorse in favor of, and deliver such
Certificated Equity Interests to, the applicable Trustee, and cause the applicable Trustee to be registered as the owner of such Certificated Equity Interests, in accordance with the terms of the applicable Trust Agreement; and (y) if the
Equity Interests of such Person are Dematerialized Equity Interests, cause the assignment of such Dematerialized Equity Interests to the applicable Trustee to be approved, and to register the applicable Trustee as the owner of such Dematerialized
Equity Interests, in accordance with the terms of the applicable Trust Agreement. 
 7.19 Compliance Certificate; Notice.

  
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 7.19.1 Master Franchisee shall deliver to McDonald’s within 45 days
after the end of each fiscal year a certificate from its Chief Executive Officer and its Chief Operating Officer stating whether or not, after due inquiry, the signers know of any Material Breach, or any event that with notice or passage of time (or
both) would constitute a Material Breach. If they do know of any such Material Breach or event, the certificate shall provide a description thereof, including its status. 

7.19.2 Master Franchisee shall deliver to McDonald’s within 90 days after the end of each fiscal quarter, and within
120 days after the end of each fiscal year, a certificate from its Chief Executive Officer and its chief financial officer demonstrating in reasonable detail compliance at the end of such quarter with each of the covenants set forth in
Section 7.13. 
 7.19.3 Promptly upon any officer of Master Franchisee obtaining knowledge of a Material
Breach or any event that with notice or passage of time (or both) would constitute a Material Breach, Master Franchisee shall give notice thereof to McDonald’s and provide such other information as may be reasonably available to it to enable
McDonald’s to evaluate such Material Breach or event. 
 7.20 LC Collateral Pool. 

7.20.1 As security for the performance of the obligations of each of the Owner Entities, Beneficial Owner and each Master
Franchisee Party hereunder following the Effective Termination, Master Franchisee has taken all steps necessary to grant to McDonald’s a continuing perfected first priority Lien in all of its right, title and interest in, to and under the
Secured Restricted Real Estate (the “LC Collateral Pool”); provided, however, that the LC Collateral Pool shall secure such obligations up to an amount equal to the aggregate amount available for drawing under the
Letters of Credit as in effect on the third full Business Day prior to the Effective Termination. All documentation relating to such Lien or the LC Collateral Pool shall be in form and scope acceptable to McDonald’s in its reasonable judgment.
The Parties acknowledge that (a) such documentation shall provide for foreclosure by judicial sale or other similar process under Applicable Law whereby collateral is sold on an arm’s length basis and the proceeds of such sale are first
paid to lienholders and any remainder is paid to the debtor; and (b) no such documentation will provide for strict foreclosure or other similar process under Applicable Law whereby a lienholder obtains title to collateral immediately following
a default by the debtor (or following the expiration of any required cure period). 
 7.20.2 Master Franchisee
shall take all such action as may be necessary or desirable, including as directed by McDonald’s, to maintain the first priority perfected status of the Lien created pursuant to Section 7.20.1 until such time as each Owner Entity,
Beneficial Owner and each Master Franchisee Party shall have satisfied all of its respective obligations hereunder, including any post-termination obligations under Section 23 and the payment of any arbitral award or other judgment against such
Person relating to matters arising out of this Agreement; provided, however, that if no arbitration under Section 25.2 is pending against any of the foregoing Persons on the second anniversary of the

  
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Effective Termination, the Lien created pursuant to Section 7.20.1 shall terminate on such second anniversary date. 
 8. Obligations of Beneficial Owner and Owner. 
 8.1 Obligations of
Owner. All interests of Owner, whether direct or indirect, in any Franchised Restaurant or any other McDonald’s-related business in the Territories shall be held by Owner through Master Franchisee. Master Franchisee shall own, directly or
indirectly, 100% of the Equity Interests of each of its Subsidiaries (other than any directors’ qualifying shares and joint ventures existing on August 3, 2007) and shall not enter into any partnership, joint venture or similar
arrangement, except with the prior consent of McDonald’s. 
 8.2 Obligations of Beneficial Owner. Beneficial Owner
shall at all times during the Regular Term own directly not less than 40% of the aggregate Economic Interests and 51% of the aggregate Voting Interests of Parent and indirectly not less than 40% of the aggregate Economic Interests and 51% of the
aggregate Voting Interests of Master Franchisee; provided; however, that Beneficial Owner shall not be deemed to be in breach of this Section if in the event of an IPO the Economic Interests of Beneficial Owner in Parent (and
consequently of Master Franchisee) are diluted to less than 40%. Notwithstanding the foregoing, if Beneficial Owner would, after giving effect to an IPO, retain less than 30% of the aggregate Economic Interests of Parent, Beneficial Owner must
subscribe to a number of additional Economic Interests of Parent in such IPO such that, after giving effect to such IPO, Beneficial Owner would own directly not less than 30% of the aggregate Economic Interests of Parent. Notwithstanding anything to
the contrary herein, and regardless of any IPO or subsequent equity issuances, Beneficial Owners shall at all times maintain direct ownership of not less than 51% of the aggregate Voting Interests of Parent and maintain indirect ownership of not
less than 51% of the aggregate Voting Interests of Master Franchisee. 
 9. Suppliers 

9.1 Restricted Supplier Period; Supplier Criteria. 

9.1.1 To the fullest extent permitted by Applicable Law, during the applicable Restricted Supplier Period, Master
Franchisee and each Franchised Restaurant shall (a) acquire and use exclusively the products and services of those vendors and Distributors that as of August 3, 2007 supply any Restricted Product (the “Existing
Suppliers”); and (b) comply with all related protocols or other requirements of each applicable Existing Supplier, unless otherwise mutually agreed in writing between Master Franchisee and such Existing Supplier; provided,
however, that if Master Franchisee or any Franchisee is unable to procure products or services from any Existing Supplier because (i) Master Franchisee or such Franchisee is unable to procure a sufficient quantity of products or services
at competitive prices from Existing Suppliers; or (ii) the quality of products or services provided by such Existing Supplier has deteriorated below the applicable QSC Standards or other applicable Standards and no other Existing Supplier in
the Territory is able to provide such products or services as and to the extent required, then Master Franchisee may, after providing McDonald’s with documentation evidencing the circumstances

  
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described in clause (i) or (ii) above, request that McDonald’s designate or approve as promptly as practicable one or more other vendors to provide such products or services. If,
during such Restricted Supplier Period, a new product is introduced or there is an innovation to an existing product that, in either case, would be a Restricted Product, Master Franchisee may request that McDonald’s approve a vendor of such
product identified by Master Franchisee that complies with the supplier criteria set forth in Exhibit 8 (the “Supplier Criteria”) or any other criteria reasonably suggested by McDonald’s. 

9.1.2 After the expiration of the applicable Restricted Supplier Period, Master Franchisee and any Franchised Restaurant
shall be entitled to use and acquire from vendors that are not Existing Suppliers (a “New Supplier” and, together with Existing Suppliers, the “Approved Suppliers”) Restricted Products; provided that each
such vendor (a) meets the Supplier Criteria; and (b) is approved by McDonald’s. Master Franchisee shall identify and pre-approve each New Supplier at its sole expense and shall reimburse McDonald’s for any expense it incurs in
connection with the approval of any vendor. 
 9.2 Other Products and Services. If a product or service is not a
Restricted Product, then Master Franchisee and any Franchised Restaurant may acquire and use such product from any vendor or Distributor if and so long as such product or service complies with the Standards. 

9.3 Global Suppliers. If McDonald’s or any of its Affiliates enters into any global supply arrangement with any supplier or
other vendor for any products or services (a “Global Supplier”), it shall notify Master Franchisee and, if Master Franchisee so requests, shall provide Master Franchisee with information regarding such global supply arrangement,
including contact information. At the option and upon request of Master Franchisee, McDonald’s shall cooperate in facilitating an agreement between Master Franchisee and such Global Supplier; provided, however, that such
cooperation shall be conditioned upon (a) a commitment by Master Franchisee or any applicable Franchisee to acquire and use such products and services for a period of not less than two years and exclusively in all Franchised Restaurants;
(b) the compliance by the Master Franchisee Parties or such Franchisee with all related protocols or other requirements of such Global Supplier; and (c) the compliance by the Master Franchisee Parties with all of the terms and conditions
of this Agreement. 
 9.4 Master Franchisee Party as Approved Supplier or Distributor. If Master Franchisee or any of its
Related Parties is also an Approved Supplier or a Distributor, then it shall provide products and services to Franchised Restaurants operated by unaffiliated Franchisees in any Territory on pricing and other economic terms (including rebates) that
are no less favorable than those offered by such Person to Master Franchisee Restaurants in such Territory. 
 9.5
McDonald’s Rights to Add or Terminate Approved Supplier. If McDonald’s determines that any product or service offered by any Approved Supplier is not in compliance with the applicable Standards, then McDonald’s shall have the
right to terminate such Approved Supplier with respect to such product or service. In such event, Master Franchisee shall, and shall cause its Subsidiaries and (to the extent permitted by the relevant Franchise Agreement) Franchisees to, as promptly
as reasonably practicable 

  
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cease doing business with the applicable vendor or Distributor and, at McDonald’s request, return or destroy all non-complying products held in inventory. McDonald’s may designate any
other vendor of Distributor as an Approved Supplier with respect to such product or service. 
 10. McDonald’s General Services

 10.1 Communications; Visits; Additional Services. McDonald’s shall advise and consult with Master Franchisee
periodically in connection with the operation of the Master Franchise Business and the Franchised Restaurants and, upon Master Franchisee’s written request, at other reasonable times during normal business hours in the applicable Territory.
McDonald’s shall communicate to Master Franchisee know-how, new developments, techniques and improvements in areas of restaurant management, food preparation and service that are pertinent to the operation of a McDonald’s Restaurant. These
communications shall be in the form that McDonald’s, in its sole discretion, deems to be most appropriate in the circumstances and may be accomplished through, among other means, visits made by McDonald’s employees, through printed and
filmed reports, seminars and / or newsletter mailings or through electronic communications, including e-mail. McDonald’s or one of its Affiliates shall also make available to Master Franchisee, as determined by McDonald’s in its sole
discretion, such additional services, facilities, rights and privileges relating to the operation of McDonald’s Restaurants outside the United States of America that McDonald’s makes generally available from time to time to its
franchisees. 
 10.2 Operations Manuals. The Operations Manuals contain Standards for the System and other information
applicable to Master Franchisee’s and its Franchisee’s obligations under this Agreement, and McDonald’s may at any time amend or supplement the Operations Manuals in its sole discretion and without notice to any other Party. Master
Franchisee shall comply with the Operations Manuals, as so amended or supplemented. Master Franchisee may translate the Operations Manuals or applicable portions thereof into the local language of each Territory at its sole expense, and
McDonald’s shall own all rights in each such translation, which shall thereafter constitute Copyrights. If any translation of the Operations Manuals or any portion thereof is available to McDonald’s, McDonald’s shall use its
reasonable efforts to provide access thereto to Master Franchisee and its Franchisees. In the event of any dispute as to the contents of the Operations Manuals or the substance or interpretation of any provision thereof, the terms of the master copy
of the Operations Manuals (English language version) maintained by McDonald’s at its principal place of business shall be controlling. 
 10.3 Relationship Committee. Master Franchisee and McDonald’s shall establish a committee consisting of two employees from each such Party who are officers of and designated by such Party and
whose principal responsibilities include the business functions related to this Agreement (the “Relationship Committee”), to discuss issues related to the management and operation of the Master Franchise Business and Franchised
Restaurants, address specific operational issues, provide recommendations, advice and assistance, discuss and agree upon the Business Plan, seek and provide approvals and consents hereunder, and otherwise to facilitate the performance by all Parties
of their respective obligations and exercise of their respective rights hereunder. Among the issues to be addressed by the Relationship Committee shall be any suggestions by Master Franchisee to McDonald’s of initiatives to adapt the System to

  
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local customs, tastes and preferences in the Territories. In addition, McDonald’s shall provide Master Franchisee with reasonable access to appropriate technology and systems personnel of
McDonald’s for purposes of discussing current and proposed technology implementation and operational issues hereunder, and otherwise providing reasonable levels of assistance to Master Franchisee Parties with respect to the software and
technology required hereunder for use in connection with the Master Franchise Business or the Franchised Restaurants. Throughout the Regular Term, the Relationship Committee shall meet by telephone or in person at such reasonable intervals as agreed
upon by the Parties, and shall meet quarterly in Oak Brook, Illinois or such other time and place as is agreed by the Parties. McDonald’s and Master Franchisee shall each be responsible for their own costs and expenses, including any travel
expenses, incurred with respect to the Relationship Committee. 
 11. Certain Matters Relating to Franchisees 

11.1 New Franchisees; Transfers. 
 11.1.1 Master Franchisee may enter into or renew a Franchise Agreement with, or Transfer any Franchise Agreement to, any Person, provided that (a) such Person is an Existing Franchisee or such
Person (including, in the case of any renewal of a Franchise Agreement, the applicable Franchisee) is pre-approved by Master Franchisee (a “New Franchisee” and together with the Existing Franchisees, the
“Franchisees”) in accordance with a franchisee approval process approved by McDonald’s and that contains the elements specified in Exhibit 9 (the “Franchisee Approval Process”); (b) in the case of
any Existing Franchisee, such Existing Franchisee is in compliance with each of its Franchise Agreements; and (c) the entry into such Franchise Agreement is not inconsistent with the applicable Business Plan. 

11.1.2 Promptly following its pre-approval of a Franchisee, Master Franchisee shall provide McDonald’s with the
following: (a) the full legal name of the Franchisee and each Person that has any direct or indirect Equity Interest in such Franchisee; (b) an electronic image of the related Franchise Agreement; and (c) such other information as
McDonald’s may request from time to time. 
 11.2 Franchise Agreements. 

11.2.1 In no event shall the term of any Franchise Agreement exceed the Term applicable in the Territory in which such
Franchise Agreement is executed, or extend more than 10 years beyond such Term. 
 11.2.2 Any Franchise
Agreement, including any amendment or renewal thereof, entered into with respect to a New Franchisee shall be substantially in the form set forth in Exhibit 10 (each, a “New Franchise Agreement” and together with the Existing
Franchise Agreement, the “Franchise Agreements”) and shall, in each case, contain any provision marked with “***” in Exhibit 10. 

11.2.3 If Master Franchisee or any Franchisee seeks to (a) amend any Existing Franchise Agreement (x) that
relates to a Franchised Restaurant that is not a Master Franchisee Restaurant, then Master Franchisee shall use its best efforts to cause such amendment to reflect the asterisked terms specified in the

  
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form of the New Franchise Agreement to the extent not already reflected therein; or (y) that relates to a Franchised Restaurant that is a Master Franchisee Restaurant, then Master Franchisee
shall not amend the Existing Franchise Agreement without the prior consent of McDonald’s; or (b) renew any Franchise Agreement, then (x) Master Franchisee shall effect such renewal only by entering into a New Franchise Agreement with
the applicable Franchisee; and (y) shall charge a Royalty that is not less than the rate then applicable hereunder for purposes of calculating Continuing Franchisee Fees. 

11.2.4 Master Franchisee shall only enter into a Franchise Agreement with a Franchisee for a particular Franchised
Restaurant in a particular Territory. Master Franchisee shall not enter into a Franchise Agreement or any other agreement or understanding in respect of franchise rights, whether express or implied, that would grant it rights with respect to an
entire Territory or any region or sub-division thereof, nor shall Master Franchisee enter into a Franchise Agreement if, after giving effect to such Franchise Agreement, such Person would be the sole Franchisee with respect to any Territory or
subdivision thereof. 
 11.2.5 Master Franchisee shall provide to each Franchisee any disclosure document or
other information required to be so delivered under Applicable Law in connection with the entry into a Franchise Agreement or otherwise. 
 11.2.6 No Franchise Agreement shall be extended without the prior consent of McDonald’s. 
 11.3 Actions with Respect to Franchisees. Master Franchisee shall, at its sole expense: 
 11.3.1 Cause each Franchise Agreement to be timely registered with any appropriate Governmental Authority as and to the extent required by Applicable Law. 

11.3.2 Take all actions necessary to enforce each Franchise Agreement strictly in accordance with its terms and to ensure
each Franchisee is in compliance with the System. 
 11.3.3 In addition to services under the Training Program,
provide reasonable levels of assistance to each Franchisee and to the Restaurant Managers to promote and enhance the operation of the System and the Franchised Restaurants and the goodwill or reputation associated with the Trademarks and other
Intellectual Property. 
 12. Training 
 12.1 Training Provided by McDonald’s. Each of the following employees of Master Franchisee shall be deemed to be a key employee (a “Key Employee”): (a) each Managing
Director; (b) the Chief Executive Officer; (c) the Chief Operations Officer; (d) the chief financial officer; (e) the director of human resources; (f) the director of training; (g) the chief of development; (h) the
chief of franchising; (i) the chief of marketing; and (j) any other employee as may from time to time be designated by McDonald’s as a Key 

  
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Employee. Each Key Employee shall undergo training that is comparable in all material respects to training provided to employees of McDonald’s having comparable positions, tenure and
responsibilities. Such training shall be provided by McDonald’s or one of its Affiliates at a location of McDonald’s selection and shall be provided free of charge; provided that McDonald’s shall have no obligation whatsoever
for any salaries, wages, benefits payable to any Key Employee, or for any travel and living expenses (including local transportation costs) incurred by such Key Employee, during the period of such training. If and to the extent McDonald’s
produces new training materials for its employees generally, McDonald’s shall make such materials available to Master Franchisee upon written request. 
 12.2 Training Provided by Master Franchisee. Master Franchisee shall provide initial and ongoing training (including “refresher” training at reasonable intervals) for all personnel of
Master Franchisee, its Subsidiaries and Franchisees and the Franchised Restaurants, other than Key Employees, that is consistent with the Global Training Standards (the “Training Program”). Master Franchisee may charge fees to
attend the Training Program but any such fees must be consistent, on a pro rata basis, with the fees charged to students attending training seminars at Hamburger University in São Paulo, Brazil. The Training Program shall be deemed property
of McDonald’s as a “work made for hire” and shall constitute a Copyright hereunder. 
 12.3 Certain Training
Facilities. Pursuant to the Hamburger University License Agreement, McDonald’s has, among other things, licensed Master Franchisee to use the “Hamburger University” mark subject to the terms and conditions set forth therein. If
Master Franchisee elects to provide all or any component of the Training Program through any other dedicated institution, it shall so advise McDonald’s and provide McDonald’s with such information regarding such institution as
McDonald’s may request. Master Franchisee shall not be entitled to create or use any such facility or to use the “Hamburger University” mark (or any mark confusingly similar thereto) in the name of such institution, without the prior
consent of McDonald’s and the entry into of a license agreement containing certification requirements and other terms and conditions identical in all material respects to the Hamburger University License Agreement. 

13. Business Plans 

13.1 Initial Business Plans. McDonald’s and Master Franchisee have agreed upon (a) a Restaurant Opening Plan and
Reinvestment Plan for the initial three years of the applicable Term; and (b) a Strategic Marketing Plan with respect to each Territory for the initial 18 months of the applicable Term in such Territory, copies of which are attached hereto as
Exhibit 11. For the avoidance of doubt, Satellites may not be counted as part of the openings required under the any Restaurant Opening Plan. By February 3, 2008, Master Franchisee shall submit to McDonald’s for its review and
approval a proposed initial Franchising Plan, which Franchising Plan shall specify that in each year of such Franchising Plan no more than 50% by number of the Franchised Restaurants (excluding Satellites) are owned, operated or managed by
Franchisees who are not Master Franchisee Parties and otherwise comply with the restrictions set forth in Section 7.14.4. Such Franchising Plan shall have a term of three years, or such lesser period as McDonald’s may approve. Master
Franchisee shall implement each such Component Plan in accordance with its terms; provided, however, that Master Franchisee may propose, subject to McDonald’s prior written consent (such consent not be unreasonably

  
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withheld), amendments to any such Component Plan to adapt to changes in economic or political conditions. 
 13.2 Subsequent Business Plans. 
 13.2.1 On or prior to the
third anniversary of the applicable Term and each third anniversary thereafter, McDonald’s and Master Franchisee shall mutually agree upon a subsequent Restaurant Opening Plan and Reinvestment Plan. Not later than six months prior to the
expiration of Restaurant Opening Plan or Reinvestment Plan, Master Franchisee shall prepare and present to McDonald’s a proposed successor Restaurant Opening Plan and Reinvestment Plan. McDonald’s and Master Franchisee shall negotiate in
good faith to finalize the terms thereof, including its effective date. Each Restaurant Opening Plan and Reinvestment Plan shall have a term of three calendar years or such other period as McDonald’s may approve. 

13.2.2 On or prior to the eighteenth month anniversary of the applicable Term and each eighteenth month anniversary
thereafter, McDonald’s and Master Franchisee shall mutually agree upon a subsequent Strategic Marketing Plan. Not later than six months prior to the expiration of Strategic Marketing Plan, Master Franchisee shall prepare and present to
McDonald’s a proposed successor Strategic Marketing Plan. McDonald’s and Master Franchisee shall negotiate in good faith to finalize the terms thereof, including its effective date. Each Strategic Marketing Plan shall have a term of
eighteen months or such other period as McDonald’s may approve. 
 13.2.3 Master Franchisee shall submit to
McDonald’s for its review and approval a proposed successor Franchising Plan, not later than six months prior to the expiration of the predecessor Franchising Plan. Each Franchising Plan shall have a term of three years, or such other period as
McDonald’s may approve and shall specify that in each year of such Franchising Plan no more than 50% by number of the Franchised Restaurants (excluding Satellites) are owned, operated or managed by Franchisees who are not Master Franchisee
Parties and otherwise comply with the restrictions set forth in Section 7.14.4. 
 13.2.4 If McDonald’s
and Master Franchisee fail to reach agreement with respect to the terms of (a) the successor Restaurant Opening Plan prior to the expiration of the initial Restaurant Opening Plan, then during the three-year period commencing on the expiration
of such initial Restaurant Opening Plan, Master Franchisee shall open 210 Franchised Restaurants that are not Satellites (the “Base Plan”); or (b) any other Restaurant Opening Plan prior to the expiration of the immediately
preceding Restaurant Opening Plan, then during the three-year period commencing on the expiration of such preceding Restaurant Opening Plan, Master Franchisee shall open a number of Franchised Restaurants equal to the product of (i) the Base
Plan Index, multiplied by (ii) 110%. Any openings of Franchised Restaurants in the preceding Restaurant Opening Plan in excess of the Targeted Openings of such Plan shall be credited against the number of Franchised Restaurants that
Master Franchisee shall be required to open pursuant to the preceding sentence. 

  
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 13.2.5 If McDonald’s and Master Franchisee fail to reach agreement with
respect to the terms of any subsequent Reinvestment Plan prior to the expiration of the then-applicable Reinvestment Plan, then Master Franchisee shall, in each year after the expiration of such Reinvestment Plan pending effectiveness of the
subsequent Reinvestment Plan, reinvest in the applicable Territory reinvestment amounts that are, in the aggregate and in U.S. Dollar terms, at least 20% greater than the targeted reinvestment amounts included in the preceding Reinvestment
Plan. 
 13.2.6 Each subsequent Component Plan and Strategic Marketing Plan shall be in form and scope
substantially similar to the applicable initial Component Plan or Strategic Marketing Plan, as the case may be. Master Franchisee shall implement each such subsequent Component Plan and Strategic Marketing Plan in accordance with its terms;
provided, however, that Master Franchisee may propose, subject to McDonald’s prior written consent (such consent not be unreasonably withheld), amendments to any such Component Plan or Strategic Marketing Plan to adapt to changes
in economic or political conditions. 
 14. Advertising, Marketing and Promotion Materials and Activities; Packaging 

14.1 Strategic Marketing Plan. 
 14.1.1 Master Franchisee shall create, develop, prepare, coordinate and implement a Strategic Marketing Plan with respect to each Territory. 

14.1.2 Each Strategic Marketing Plan shall obligate Master Franchisee to aggregate expenditures to implement the Strategic
Marketing Plan in an amount not less than 5% of Gross Sales of all Franchised Restaurants in the Territories (the “Mandatory Marketing Commitment”); provided, however, that such amount shall be reduced for any
Franchised Restaurant subject to an Existing Franchise Agreement to the extent such Existing Franchise Agreement requires lesser expenditures for such purposes. Master Franchisee shall be entitled to cause Franchisees to contribute to expenditures
contemplated by the Strategic Marketing Plan no less than 5% of Gross Sales of their respective Franchised Restaurants, but in no event in excess of the commitment specified in any Existing Franchise Agreement in the case of any Existing Franchisee.

 14.1.3 Master Franchisee shall develop, create, produce, manufacture, print, distribute, broadcast, publish
and display Materials and conduct related advertising, promotional and marketing activities in connection with each Strategic Marketing Plan. All Materials and related advertising, promotional and marketing activities shall (a) be accurate,
factually correct and not misleading; (b) be brand-enhancing and consistent with McDonald’s Corporation’s brand image so as not to diminish in any way the goodwill or reputation associated with the Intellectual Property; and
(c) conform to Applicable Law, the Standards and the highest standards of ethical advertising and marketing. In order to protect the goodwill and integrity associated with the Intellectual Property and McDonald’s Corporation’s brand
image, McDonald’s reserves the right to review and approve such Materials and related advertising, promotional and marketing activities in 

  
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advance. If McDonald’s fails to grant any such approval within ten Business Days of its receipt of such submission, such submission shall be deemed to be disapproved. McDonald’s may at
any time direct Master Franchisee or any of its Subsidiaries or Franchisees to cease the use, distribution, publishing, display and/or broadcast of any Materials, any element or portion of a Strategic Marketing Plan or any related advertising,
marketing or promotion activities determined by McDonald’s in its reasonable discretion to be inconsistent with the Standards or otherwise detrimental to McDonald’s Corporation’s brand image, and Master Franchisee shall take all steps
necessary to comply with such direction at it sole expense. 
 14.2 Global Marketing Activities. 

14.2.1 Master Franchisee acknowledges and agrees that McDonald’s and its Affiliates may enter into agreements
relating to global, regional and other advertising, promotional and marketing alliances intended for the benefit of the System as determined by McDonald’s and its Affiliates in their discretion and may establish programs to fund activities
undertaken by such alliances. Master Franchisee authorizes McDonald’s and its designees to negotiate such agreements on its behalf and agrees to be bound by and comply with such agreements and to deliver the types and levels of promotional
support in connection with such alliances as directed by McDonald’s from time to time. Master Franchisee shall pay to McDonald’s in respect of the funding of such alliances an amount up to 0.2% of Gross Sales of all Franchised Restaurants
in the Territories. Amounts contributed pursuant to this Section shall be credited against the Mandatory Marketing Commitment for the Territories. 
 14.2.2 Master Franchisee acknowledges and agrees that McDonald’s and its Affiliates may enter into agreements relating to global, regional and other marketing programs intended for the benefit of the
System as determined by McDonald’s and its Affiliates in their discretion, including various “Happy Meal” programs. Master Franchisee authorizes McDonald’s and its designees to negotiate such agreements on behalf of Master
Franchisee and its Subsidiaries and agrees to be bound by and comply with such agreements and to deliver the types and levels of promotional support in connection with such programs as directed by McDonald’s from time to time. 

14.2.3 Master Franchisee acknowledges that, prior to August 3, 2007, McDonald’s or its Affiliates may have
entered into agreements with respect to future marketing programs to take place in one or more Territories and Master Franchisee agrees to be bound by and comply with such agreements, provided that McDonald’s shall have notified Master
Franchisee thereof prior to August 3, 2007. 
 14.3 Premiums. Master Franchisee shall ensure that all premiums,
including “Happy Meal” premiums, self-liquidating premiums and premiums for profit, to be distributed, sold or promoted in connection with the Franchised Restaurants comply with Applicable Law and the Standards and shall be brand-enhancing
and consistent with McDonald’s Corporation’s brand image so as not to diminish in any way the goodwill or reputation associated with the Intellectual Property, and shall be tested and approved in

  
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advance by a safety-testing lab approved by McDonald’s in accordance with the schedule and frequency determined by such safety-testing lab, at Master Franchisee’s sole expense. All
premiums relating to global marketing activities referred to in Section 14.2 shall also be subject to McDonald’s prior approval. 
 14.4 Competitive Market Data. Master Franchisee shall at its sole expense participate in quarterly industry surveys or compilations of competitive market data (such as “Fast Track”) as
and when directed by McDonald’s at Master Franchisee’s sole expense and promptly provide the results of such surveys to McDonald’s. 
 15. Intellectual Property 
 15.1 Rights. Master Franchisee’s
right to use the Intellectual Property is derived solely from this Agreement. McDonald’s owns or has the right to license the Intellectual Property and all goodwill associated with the Intellectual Property. Subject to the limitations set forth
in this Agreement, including strict compliance with conditions set forth in this Section 15, McDonald’s grants to Master Franchisee the non-exclusive right to use, and to sublicense its Franchisees to use, the Intellectual Property solely
in connection with the development, ownership, operation, promotion and management of the Franchised Restaurants in each Territory as specified in Exhibit 12, and to engage in related advertising, promotional and marketing programs and
activities. 
 15.2 Intellectual Property Standards. Development, ownership, operation, promotion, management and
sublicensing of the Franchised Restaurants and all uses of the Intellectual Property by Master Franchisee and its Franchisees shall meet or exceed the applicable Standards and shall comply with Applicable Law. Master Franchisee shall use, affix and
otherwise display, and shall require its Franchisees to use, affix and otherwise display the Intellectual Property strictly in conformity with the Standards, together with applicable trademark, patent and / or copyright designations / markings
(including any legends designating McDonald’s or its licensor as owner of the Intellectual Property and proper patent markings on any applicable Patents and related materials and equipment), as it may be directed by McDonald’s from time to
time in its sole discretion, and with any other specifications as McDonald’s may prescribe from time to time to promote and foster the goodwill represented by the Intellectual Property and the System or otherwise to protect or perfect
McDonald’s and / or its licensor’s interests in the Intellectual Property. Master Franchisee shall and shall cause its Franchisees to immediately cease or modify any use of the Intellectual Property that is not in compliance with
Applicable Law or the Standards or as otherwise instructed by McDonald’s, at Master Franchisee’s sole expense. Master Franchisee shall and shall cause its Franchisees to comply with all Standards applicable to advertising, promotions and
creative review. Master Franchisee shall permit and shall requires its Franchisees to permit inspection by McDonald’s, at reasonable intervals during normal business hours, for the purpose of monitoring the use of the Intellectual Property by
Master Franchisee and its Franchisees and verifying the presence of appropriate control measures with respect to compliance with the Standards. 
 15.3 Specimens. At McDonald’s request, Master Franchisee shall submit specimens of all signage, uniforms, packaging, Materials, stationary, business cards and other materials displaying, using
or bearing the Intellectual Property or relating to the Franchised Restaurants to McDonald’s, at Master Franchisee’s sole expense, for 

  
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McDonald’s review and approval prior to Master Franchisee’s or any Franchisee’s manufacture, printing, production, use, display, broadcast, distribution or sale of any of the
foregoing and in accordance with procedures established by McDonald’s for such purposes from time to time. If McDonald’s fails to grant any required approval within ten Business Days of such submission, the submission shall be deemed to be
disapproved. 
 15.4 Ownership. Master Franchisee acknowledges and agrees and shall require its Franchisees to
acknowledge and agree that the Intellectual Property and all rights therein and the goodwill pertaining thereto in each Territory belong to McDonald’s (or its licensor) and that all uses of the Intellectual Property in each Territory shall
inure to and be for the benefit of McDonald’s (or its licensor). Master Franchisee and its Franchisees shall not directly or indirectly, (a) attack or impair the title of McDonald’s (or its licensor) to the Intellectual Property, the
validity of this Agreement, or any of the registrations for or applications to register the Intellectual Property filed by or on behalf of McDonald’s (or its licensor); or (b) file any application to register or record any of the
Intellectual Property, in whole or in part, or any other name, trademark or service mark relating to the Franchised Restaurants or that is identical or otherwise confusingly similar to or that might be dilutive of the Intellectual Property,
including any trademark or service mark that uses “Mc” or “Mac”, anywhere in the world, unless requested by McDonald’s to do so and, in such event, subject to McDonald’s specific direction and written request.

 15.5 No Assignment. Nothing contained in this Agreement shall be construed as an assignment to Master Franchisee or
any other Person of any right, title or interest in or to the Intellectual Property, it being understood and acknowledged by Master Franchisee that all use thereof in any Territory shall inure exclusively to and be for the benefit of McDonald’s
(or its licensor), and Master Franchisee shall cause its Franchisees to acknowledge and agree that all use of the Intellectual Property shall inure exclusively to and be for the benefit of McDonald’s (or its licensor). Upon McDonald’s
request, Master Franchisee shall execute and deliver and shall require its Franchisees to execute and deliver such documents as McDonald’s may deem necessary or desirable to use the Intellectual Property in conformity with Applicable Law or to
protect the interests of McDonald’s and / or its licensor with respect thereto, including documents to record Master Franchisee and / or any Franchisee as users of the Intellectual Property or to protect the interests of McDonald’s and /
or its licensor in the Intellectual Property. 
 15.6 Defense of Rights. Master Franchisee shall cooperate with
McDonald’s for purposes of securing, preserving, protecting and defending McDonald’s (or its licensor’s) rights in and to the Intellectual Property and for purposes of securing, preserving, protecting and defending the rights granted
to Master Franchisee hereunder as determined by McDonald’s in its discretion and at Master Franchisee’s sole expense, unless otherwise expressly agreed in writing by McDonald’s. Such cooperation shall include the filing, prosecuting
and processing of any trademark, service mark or copyright application or registration, or other filings, and the recording of this Agreement and/or any Franchise Agreement with any appropriate Governmental Authority, all as may be requested by
McDonald’s. Master Franchisee shall immediately notify McDonald’s of any objection to the use by Master Franchisee or any Franchisee of any Intellectual Property or of any suspected infringement or imitation by others of any Intellectual
Property that may come to the attention of Master Franchisee or any Franchisee. McDonald’s shall have sole discretion to control all challenges to the 

  
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Intellectual Property, including the right to determine whether or not any formal legal action shall be taken on account of any alleged infringement or imitation (though nothing in this Agreement
shall be construed as imposing an obligation on McDonald’s to take any such action) and Master Franchisee shall render all assistance as McDonald’s may request in connection therewith. McDonald’s may in its discretion bring and
prosecute any claim or cause of action in its own name and join Master Franchisee or any applicable Franchisee as a party thereto, or require Master Franchisee to file an action in its own name to protect the Intellectual Property, subject to
McDonald’s direction. Master Franchisee and its Franchisees shall not institute any action for infringement of the Intellectual Property, except to the extent that McDonald’s may so direct Master Franchisee and then solely in accordance
with such direction. 
 15.7 Registration. Master Franchisee shall cooperate with McDonald’s in (a) registering
this Agreement or a summary version thereof with any applicable Governmental Authority within any Territory to the extent required or desirable to fully protect McDonald’s rights in the Intellectual Property under Applicable Law;
(b) maintaining or perfecting such registration; and (c) canceling such registration upon termination or expiration of this Agreement. McDonald’s is authorized by Master Franchisee to cancel the registration of this Agreement with any
applicable Governmental Authority within any Territory upon termination or expiration of this Agreement, for any reason, independent of any action executed by Master Franchisee before such Governmental Authorities. Master Franchisee shall execute on
behalf of itself and its Franchisees and deliver such documentation as may be necessary or desirable in connection with the foregoing, including any power of attorney as may be required by Applicable Law. Master Franchisee shall bear all costs that
may be incurred by McDonald’s or its representatives in registering, perfecting, maintaining and canceling the registration of this Agreement as aforesaid. 
 15.8 Intellectual Property Created by Master Franchisee and its Franchisees. To the extent permitted by Applicable Law, all ideas, concepts, techniques and materials relating to the System, the
Intellectual Property and / or the Franchised Restaurants, any enhancements, improvements and / or derivative works of any of the foregoing, and any trademarks or service marks that are created by Master Franchisee, any of its Subsidiaries or
Franchisees or any of their respective employees or agents (the “Developed IP”) shall be immediately disclosed to McDonald’s and shall be deemed property of McDonald’s as “works made for hire” and shall
constitute Intellectual Property hereunder. To the extent that such Developed IP is not “works for hire,” Master Franchisee shall, and shall cause such other Person to, immediately assign and does assign, all rights therein, including
moral rights, to McDonald’s. The assignors of the Developed IP shall execute and deliver any documents requested by McDonald’s to confirm such assignment. None of Master Franchisee or any of its Subsidiaries or Franchisees is authorized to
use, sell, distribute or license any products or materials incorporating the Intellectual Property outside of the operation of the Franchised Restaurants without McDonald’s prior consent. None of Master Franchisee or any of its Subsidiaries or
Franchisees shall file, or suffer to be filed, any applications to register any Intellectual Property including, for the avoidance of doubt, any Developed IP, without McDonald’s prior consent. 

15.9 Trademarks. 

  
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 15.9.1 None of Master Franchisee or any of its Subsidiaries or Franchisees
shall adopt or use any new “Mc” or “Mac” trademarks or service marks, or any other trademarks (including without limitation product names, slogans and logos), service marks or domain names in connection with the Franchised
Restaurants, without McDonald’s prior consent. 
 15.9.2 None of Master Franchisee or any of its
Subsidiaries or Franchisees shall use the Trademarks (or any component thereof): 
 (a) In conjunction with its
corporate, business, trade or legal name; 
 (b) In conjunction with any prefix, suffix or other modifying terms;

 (c) In relation to any unauthorized services or products; 

(d) As part of any domain name, electronic address, electronic mail address, Internet home page, intranet, extranet or
Website; or 
 (e) In any manner not expressly authorized by this Agreement. 

15.9.3 If so requested by McDonald’s in writing, Master Franchisee shall identify itself as the independent owner of
its business, give notices of trademark and service mark registrations in the manner McDonald’s specifies, obtain such fictitious or assumed name registrations as may be required under Applicable Law to distinguish itself from McDonald’s
and its Affiliates, and provide evidence of Master Franchisee’s use of the Trademarks, both in form and content. 
 15.9.4 McDonald’s shall have the right to modify or discontinue the use by McDonald’s, Master Franchisee or any of its Subsidiaries or any Franchisee of any Trademark or the specifications for
use of any Trademark, or to require Master Franchisee or any of its Subsidiaries or any Franchisee to commence use of new or substitute Trademarks. Master Franchisee shall, and shall require each of its Subsidiaries and each Franchisee to, promptly
comply with any such changes at Master Franchisee’s or Franchisee’s sole expense. McDonald’s shall not have any obligation to reimburse Master Franchisee or any Franchisee for any expenditures made by Master Franchisee or any
Franchisee to modify or discontinue the use of any Trademark or to adopt additional or substitute trademarks, including any expenditures relating to any Franchised Restaurant or to advertising, promotional materials or signage. 

15.9.5 Master Franchisee shall not permit any Approved Supplier to use its relationship with the System to promote such
Approved Supplier’s business to the public or to include McDonald’s name / logo or the Trademarks in the Approved Supplier’s published client lists or marketing materials relating to such Approved Supplier’s products or services
without McDonald’s prior consent. 
 15.10 Copyrights. 

  
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 15.10.1 To the extent permitted by Applicable Law, if Master Franchisee or
any Franchisee creates any adaptations or derivative works based upon or incorporating any of the Copyrights, Master Franchisee shall, and shall cause each such other Person to, assign to McDonald’s all right, title and interest that any of
them may have or acquire in such adaptations and derivative work and waive any moral rights that have or may accrue to them. Each such adaptation or derivative work shall constitute Copyrights hereunder. 

15.10.2 McDonald’s authorizes Master Franchisee to translate the Copyrights into foreign languages necessary in order
to use the Copyrights pursuant to the Master Franchisee Rights. Master Franchisee represents and warrants that any such translation shall be accurate and complete. Master Franchisee acknowledges and agrees that any translation of the Copyrights
shall be McDonald’s sole and exclusive property, and Master Franchisee assigns to McDonald’s all right, title and interest in each such translation. Any such translation shall constitute Copyrights hereunder. McDonald’s is expressly
authorized by Master Franchisee to register such translation in its own name or in the name of any Affiliate of McDonald’s, with any applicable Governmental Authority within any Territory. Master Franchisee acknowledges that, in case of
termination or expiration of this Agreement, McDonald’s may authorize the use of such translation to any third party in its sole discretion. Master Franchisee and Franchisees shall modify or discontinue use of Copyrights or adopt and use new,
revised or additional Copyrights if instructed to do so by McDonald’s, at Master Franchisee’s and Franchisees’ sole expense. 
 15.11 Trade Secrets. Master Franchisee acknowledges that the Trade Secrets constitute McDonald’s valuable confidential and proprietary information. Master Franchisee shall and shall require
its Franchisees to take all commercially reasonable steps to protect the confidentiality of the Trade Secrets and to prevent the unauthorized disclosure of the Trade Secrets, including employing the practices and procedures that it uses to protect
its own trade secrets and other confidential or proprietary information. Master Franchisee shall restrict disclosure of the Trade Secrets to its employees, agents, Franchisees and other authorized Persons on a need-to-know basis and only after such
Persons have been informed of, and are subject to obligations in writing to maintain, the Trade Secrets’ confidentiality. Master Franchisee shall not use, disclose or reproduce, or authorize any other Person to use, disclose or reproduce, the
Trade Secrets for any reason or purpose except in connection with the operation of the Franchised Restaurants. 
 15.12
Names. Notwithstanding anything to the contrary in this Agreement, Master Franchisee may continue to use any legal name or “operating as” name that includes any Intellectual Property that may imply ownership by an Affiliate or
Subsidiary of McDonald’s Corporation, including “Arcos Dorados”. 
 16. Reports 

16.1 Generally. 
 16.1.1 Master Franchise shall maintain such books and records as may be appropriate to evidence the performance of its obligations hereunder, including the books and records specifically required by this
Section. 

  
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 16.1.2 Master Franchisee shall maintain during the applicable Term and for a
period of not less than six years from the dates of their preparation all books, records and accounts relating to Master Franchisee and its Subsidiaries, the Master Franchise Business and the Master Franchisee Restaurants. All such books, records
and accounts shall be maintained at the principal office of Master Franchisee or at such other location as shall be notified to McDonald’s on request. 
 16.2 Financial Accounting; Record Keeping; Internal Controls. 
 16.2.1 Master Franchisee shall at its sole expense make and keep books, records and accounts that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of Assets of Master
Franchisee and its consolidated Subsidiaries and shall maintain a system of internal accounting controls sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general or specific
authorization; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, consistently applied from period to period, and requirements prescribed from time to time by McDonald’s, and
to maintain accountability for such Assets; (c) access to such Assets is permitted only in accordance with management’s general or specific authorization; and (d) the recorded accountability for such Assets is compared with existing
Assets at reasonable intervals and appropriate action is taken with respect to any differences. McDonald’s shall have the right at all times to access and obtain any information required to be delivered to it by Master Franchisee hereunder
directly from such financial accounting and record keeping systems, and to the extent McDonald’s cannot or does not do so, Master Franchisee shall transmit all information requested by McDonald’s to McDonald’s or its designee at the
times and in the manner specified by McDonald’s. 
 16.2.2 Without limiting the generality of
Section 16.2.1, Master Franchisee shall maintain (a) a “data warehouse” containing Gross Sales data; and (b) copies of (i) all applications, approvals, registrations or approvals required to be filed with or obtained
from any Governmental Authority; (ii) documentation submitted in connection with the GROIP; (iii) a log book and summary of all complaints received pursuant to the Customer Service Program and the results of any “mystery shop”
programs; (iv) documentation submitted by potential suppliers pursuant to the supplier approval process; (v) documentation submitted by potential franchisees pursuant to the Franchisee Approval Process; (vi) inspection forms and
reports for Franchised Restaurants; and (vii) documentation related to the design and testing of the system of internal accounting controls implemented as required by Section 16.2.1. 

16.3 Standard Reporting Package. Master Franchisee shall continue to furnish to McDonald’s in the English language the
package of financial and performance review reports furnished by McDonald’s Restaurants as of August 3, 2007, which reports are substantially in the forms attached as Exhibit 13 and include the reports described below (as such
package may be amended by McDonald’s from time to time, the “Standard Reporting Package”), each of which shall be true and complete in all respects and certified by the chief financial officer of Master Franchisee: 

  
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 16.3.1 Concurrently with the payment of Continuing Franchise Fees, an
operations report with respect to each Territory detailing for the applicable Franchised Restaurants (a) Gross Sales; and (b) guest counts for each such Franchised Restaurant for the prior calendar month; 

16.3.2 Within 90 days following the end of each fiscal quarter of Master Franchisee, true and complete copies of the
consolidated balance sheet of Master Franchisee as of the last day of such fiscal quarter and the related consolidated statements of income, retained earnings, shareholders’ equity, cash flows and debt summaries of Master Franchisee for such
fiscal quarter, together with all related notes and schedules thereto, prepared in accordance with GAAP (except as noted therein); 
 16.3.3 Within 90 days following the end of Master Franchisee’s fiscal year (which fiscal year shall be a calendar year), a summary by Franchised Restaurant of the previous year’s capital
expenditures related to the Restaurant Opening Plan and the Reinvestment Plan (with capital expenditures related to Reinvestment to be segregated between investments related to maintenance of Franchised Restaurants and those related to reimaging of
Franchised Restaurants). 
 16.3.4 Within 120 days following August 3, 2007, and thereafter with 90 days
following the end of Master Franchisee’s fiscal year or at such other time as McDonald’s may reasonably request (or in no event shall more than one such appraisal per year be at the expense of Master Franchisee), an appraisal as of a
recent date of the LC Collateral Pool conducted by one or more independent appraisers selected by Master Franchisee. 
 16.3.5 Within 120 days following the end of Master Franchisee’s fiscal year, true and complete copies of the audited consolidated balance sheet of Master Franchisee as of the last day of such fiscal
year and the related audited consolidated statements of income, retained earnings, cash flows and debt summaries of Master Franchisee for such fiscal year, together with all related notes and schedules thereto prepared in accordance with GAAP
(except as noted therein), accompanied by the unqualified report thereon of Master Franchisee’s independent certified public accountants; 
 16.3.6 Within 120 days following the end of Master Franchisee’s fiscal year, a detailed schedule of the Contingencies of Master Franchisees and its Subsidiaries, segmented on a Territory-by-Territory
basis as of the last day of such fiscal year, prepared in accordance with U.S. GAAP by Master Franchisee’s independent certified public accountants; 
 16.3.7 Within ten days following McDonald’s request therefor, copies of any business license applications, tax returns (including any amendments thereto) that Master Franchisee has filed or proposes
to file with applicable tax or other Governmental Authorities in each Territory reflecting sales and / or income of one or more Franchised Restaurants; and 
 16.3.8 Such other reports at such times and in such form as McDonald’s may from time to time require by written notice to Master Franchisee, which

  
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reports may include, among other things, information regarding drive-thru sales, restaurant customer service times, labor costs and compliance with the QSC Standards. 

17. Inspections and Audits 
 17.1 Inspections of Business Operations. McDonald’s shall be entitled at any time during normal business hours and without prior notice to any Master Franchisee Party, to inspect the Master
Franchise Business, including any MF Subsidiary and the Franchised Restaurants, and to interview employees of the Master Franchisee Party and Franchised Restaurant personnel, monitor and test the equipment and products in the Franchised Restaurants,
observe, photograph and videotape the Franchised Restaurant, remove samples from the Franchised Restaurants, review all uses of the Intellectual Property, inspect and, to the fullest extent permitted by Applicable Law, copy all records, tax returns
and other financial information of Master Franchisee or Franchisee, ensure that advertising expenditures are being made, and remove copies of records. Master Franchisee shall cooperate fully with McDonald’s during any such inspection.

 17.2 Inspections and Audits of Books and Records. McDonald’s shall be entitled at any time during normal business
hours and without prior notice to Master Franchisee, to inspect and audit, or cause to be inspected and audited, the business records, bookkeeping and accounting records, business license applications, sales and income tax (if any) records and
returns, the data warehouse and records required to be maintained pursuant to Section 16 and other records of Master Franchisee Parties and the books and records of any individual, corporation, partnership or other entity that owns an interest
in any of the Master Franchisee Parties. Master Franchisee shall cooperate fully with McDonald’s representatives and independent accountants hired to conduct any inspection or audit. If such records and information are in the possession of a
third party, Master Franchisee shall either obtain such records or information itself or shall obtain the authorization from each such third party to allow McDonald’s to perform the inspection and audit at such third party’s location. If
any inspection or audit discloses an understatement of the Gross Sales of the Franchised Restaurants, then McDonald’s may, at its option, require Master Franchisee to pay to it, within 15 days after receipt of the inspection or audit report,
Continuing Franchise Fees and all other sums due on the amount of such understatement, plus a late charge (at the date and on the terms provided in Section 24.2) from the date originally due through and including the date of payment.
Further, if such inspection or audit is made necessary by Master Franchisee’s failure to furnish reports, supporting records, other information or financial statements as required by this Agreement, or to furnish such reports, records,
information or financial statements on a timely basis, or if an understatement of Gross Sales resulting from the failure to transmit or report for the period of any audit is determined by any such audit or inspection to be greater than 2%,
McDonald’s may, at its option, require Master Franchisee to reimburse McDonald’s for the cost of the inspection or audit, including the charges of McDonald’s employees or attorneys and independent accountants, and the travel expenses,
room and board and applicable per diem charges for such Persons. The foregoing remedies shall be in addition to McDonald’s other rights and remedies under this Agreement or Applicable Law. 

  
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 18. Confidential Information/Exclusive Dealing by Master Franchisee 

18.1 Confidential Information. 
 18.1.1 McDonald’s and its Affiliates possess, or there may be created hereunder, certain confidential and proprietary information and trade secrets, consisting of (a) methods, procedures and
techniques for locating, designing, developing, constructing, decorating and equipping Franchised Restaurants; (b) techniques for advertising, marketing, pricing and soliciting the products of the Franchised Restaurants; (c) marketing and
advertising programs, calendars and plans; (d) methods, standards, specifications and procedures for operation of a Franchised Restaurant, including the Standards; (e) sales management techniques, information management techniques,
business technology and information management technology; (f) the Intellectual Property to the extent not in the public domain; and (g) all other information relating to the business and operation of the System, including the Training
Program and the Operations Manuals (collectively, the “Confidential Information”). No Master Franchisee Party shall acquire any interest in the Confidential Information hereunder except to the extent of the Master Franchisee Rights
granted to Master Franchisee during the applicable Term, and the use or duplication of the Confidential Information in any other business or capacity shall constitute an unfair method of competition with McDonald’s, its Affiliates and
McDonald’s other franchisees. 
 18.1.2 McDonald’s shall disclose Confidential Information to the
Master Franchisee Parties solely on the condition that each of them agrees, and each does agree, that it (a) shall not use the Confidential Information in any other business or capacity; (b) shall maintain the absolute confidentiality of
the Confidential Information during and after the applicable Term; (c) shall not make unauthorized copies of any Confidential Information; (d) shall adopt and implement all reasonable procedures to prevent unauthorized use or disclosure of
Confidential Information, including such procedures as McDonald’s prescribes from time to time; and (e) shall not distribute, sell, trade or otherwise profit from any Confidential Information except as expressly authorized by this
Agreement. Each Master Franchisee Party shall inform its respective employees and any other Person having access to any Confidential Information about its status as such and, if so requested by McDonald’s, such employees and other Persons shall
execute confidentiality agreements in a form acceptable to McDonald’s and naming McDonald’s as a third party beneficiary of such agreements with an independent right to enforce the same. 

18.2 Competitive Businesses. 
 18.2.1 Each of the Master Franchisee Parties, Beneficial Owner and each Owner Entity acknowledges that McDonald’s would be unable to protect the Confidential Information and the free exchange of
ideas among its franchisees if such franchisees, any entity or person having a controlling interest in a franchisee or any Related Party having an active participation in a franchisee (e.g., as an officer, director or general manager) were
permitted to engage in, own, operate, franchise or perform services for Competitive Businesses. Accordingly, to the fullest extent permitted by Applicable Law, none of the 

  
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Master Franchisee Parties, any of their respective Related Parties having an active participation in the Master Franchise Business (e.g., as an officer, director or general manager),
Beneficial Owner or any Owner Entity shall, without the prior consent of McDonald’s: 
 (a) During the
applicable Term and for a period of two years thereafter, directly or indirectly: 
 (1) Engage in (including
through consulting, financing, employment or supply arrangements) or have any ownership interest in or provide any other assistance to any Competitive Business; or 

(2) Have any ownership interest in or provide any financial or other assistance to any entity that grants or proposes to
grant franchises or licenses or establishes or proposes to establish joint ventures for operation of any Competitive Business; or 
 (3) Perform services as a director, officer, manager, employee, consultant, representative, agent or in any other capacity for any Competitive Business; or 

(4) Perform services as a director, officer, manager, employee, consultant, representative, agent or otherwise for a
business that grants or proposes to grant franchises or licenses or establishes or proposes to establish joint ventures for operation of any Competitive Business; or 

(5) Solicit for purposes of employment any officer of McDonald’s Corporation or McDonald’s who is then employed
by, or who has within the last six months been employed as an officer by, McDonald’s Corporation, McDonald’s or any of their respective Affiliates; or 

(6) Divert customers to another food-related business; or 

(b) During the applicable Term and thereafter, directly or indirectly, duplicate the System (or any component thereof,
including through sales, use, display or distribution of McDonald’s products, “Happy Meal” premiums or McDonald’s crew uniforms or programs, as set forth in the Business Plans) at another restaurant or business or for any other
purpose. 
 19. Relationship of the Parties 
 19.1 Relationship of Parties. The Parties shall be independent contractors. This Agreement shall not create any fiduciary relationship between McDonald’s, on the one hand, and any Master
Franchisee Party, on the other hand. Nothing in this Agreement is intended to make any Master Franchisee Party a general or special agent, legal representative, subsidiary, joint venturer, partner, employee or servant of McDonald’s.

  
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No Master Franchisee Party shall represent that it has any relationship with McDonald’s other than as expressly permitted by this Agreement. McDonald’s shall not be obligated by or have
any liability under any agreement, representation or warranty made by any Master Franchisee Party. McDonald’s shall not be obligated for any damages to any Person or property directly or indirectly arising out of the Master Franchise Business,
whether or not caused by the negligent or willful action or failure to act of any Master Franchisee Party or any of its respective Affiliates. McDonald’s shall have no liability for any sales, service, value-added, use, excise, gross receipts,
property, workers’ compensation, unemployment compensation, withholding or other taxes, whether levied upon any Master Franchisee Party or its respective Assets or income, or upon McDonald’s in connection with services performed or
business conducted by any of them. Withholding taxes when required by Applicable Law and payment of all such taxes shall be the sole responsibility of the applicable Master Franchisee Party as required by Applicable Law. 

19.2 No Implied Employment Relationship. This Agreement shall not create any employment relationship between McDonald’s, on
the one hand, and Master Franchisee, any MF Subsidiary, any Owner Entity or Beneficial Owner, on the other hand, or their personnel, employees or any independent contractor hired by any of them. Master Franchisee, the MF Subsidiaries, each Owner
Entity and Beneficial Owner assume all obligations and responsibilities with respect to their respective employees under local labor or social security laws and all other Applicable Law. 
 20. Indemnification; No Liability 
 20.1 Master Franchisee Indemnifies
McDonald’s. Master Franchisee agrees to defend, indemnify and hold harmless McDonald’s, its Affiliates and all of their respective stockholders, directors, officers, employees, agents, attorneys-in-fact and representatives,
consultants, independent contractors, designees, successors and assigns, and each such Person’s Related Parties and representatives (the “McDonald’s Indemnified Parties”), from and against any and all Losses and Expenses
arising out of or relating any act or omission of Beneficial Owner, any Owner Entity, any Master Franchisee Party or any Franchisee in connection with the Master Franchise Business or any Franchised Restaurant, including: 

20.1.1 Any Claim by any third party; 

20.1.2 Any breach, violation or failure of any such Person to perform or comply with of any of their respective
representations, warranties or obligations arising out of or relating to this Agreement or any Franchise Agreement (including the failure to comply with any applicable Standards); 

20.1.3 Any negligence, recklessness, misconduct or criminal act by any such Person or any of its Related Parties or their
respective employees or personnel; 
 20.1.4 The infringement or other violation of any patent, trademark,
copyright or other proprietary rights of any third party, or the right of privacy or right of publicity, or the laws of unfair competition, in connection with this Agreement; provided that none of any Owner Entity or any Master Franchisee

  
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Party shall be responsible for any such infringement or other violation to the extent that it involves the use of Intellectual Property as authorized by McDonald’s; 

20.1.5 The death of or injury to any person, damage to any property, or any other damage, loss or injury, by whomsoever
suffered, resulting or claimed to result, in whole or in part, from any latent or patent defect in connection with the operation of the Master Franchise Business or any Franchised Restaurant, including improper construction and / or design, or any
claim of strict liability (or like theory of law) tort relating the operation of the Master Franchise Business or any Franchised Restaurant; 
 20.1.6 Any voluntary or mandatory recall of products that is due to a breach or violation by Master Franchisee, any of its Affiliates and / or its Approved Suppliers of any of their obligations hereunder,
any deviation from any applicable Standards or specifications by Master Franchisee, any of its Affiliates and / or any of its Approved Suppliers, or any failure by Master Franchisee, any of its Affiliates and / or its Approved Suppliers to perform
services and / or provide products in accordance with the terms of this Agreement; and 
 20.1.7 Any failure to
warn or inadequate warnings and / or instructions relating to any products. 
 20.2 Rights and Responsibilities of Indemnitor
and Indemnitee. In the event of any Claim or allegation entitling any Party to indemnification by another Party hereunder, or in the event that any Party discovers facts that will likely give rise to a claim for indemnification hereunder, the
Party entitled to indemnification hereunder (the “Indemnitee”) shall promptly notify the Party obligated to provide such indemnification (the “Indemnitor”) of same in writing giving reasonable detail of the Claim,
allegation or discovered facts (provided that the Indemnitee’s delay in furnishing notice of claims to Indemnitor shall not discharge the Indemnitor from its indemnification obligation hereunder, except to the extent such delay results in
actual prejudice to Indemnitor or its inability to effectively defend the Claims or allegations). 
 20.3 McDonald’s as
Indemnitee. With respect to any Claims or allegations for which Master Franchisee is obligated to indemnify McDonald’s pursuant to the terms of this Agreement, McDonald’s reserves the right to determine whether Master Franchisee or
McDonald’s shall assume the defense of such Claims or allegations, and in either case, to employ counsel selected by McDonald’s in its discretion, and to control the defense and settlement of any such Claims or allegations, acting
reasonably and in accordance with good faith business judgment with respect thereto, at Master Franchisee’s expense and without relieving Master Franchisee of any of its obligations hereunder. The rights of McDonald’s Indemnified Parties
under this Agreement are in no way contingent upon or limited by McDonald’s Indemnified Parties seeking to recover or recovering from third parties or otherwise mitigating their losses. 

20.4 No Liability. Except as expressly provided in this Agreement, neither McDonald’s nor any of its Related Parties assumes
any direct or indirect liability or obligation to any Owner Entity or any Master Franchisee Party with respect to the Master Franchise Business and neither McDonald’s nor any such Related Party shall have any

  
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liability to any Owner Entity or any Master Franchisee Party for damages of any kind, whether direct, consequential or otherwise incident to the conduct of the Master Franchisee Business, any
Franchisee or any Franchised Restaurant. 
 21. Transfer; Right of First Refusal; IPO 

21.1 Transfer of Rights by McDonald’s. McDonald’s may directly or indirectly Transfer all or any part of this Agreement,
or all or any of its rights or obligations herein, to any Person as long as such Person expressly assumes and agrees to perform McDonald’s obligations under this Agreement. No such Transfer shall release any Owner Entity or any Master
Franchisee Party from its respective obligations under this Agreement or any MFA Document, except to the extent expressly agreed by McDonald’s. 
 21.2 Transfer of Rights by Master Franchisee, any Owner Entity or Beneficial Owner. 
 21.2.1 Neither this Agreement nor any of their rights and obligations under this Agreement may be Transferred by Beneficial Owner, any Owner Entity, Master Franchisee or any MF Subsidiary without
McDonald’s prior consent. 
 21.2.2 Except as otherwise expressly permitted by Section 21.2.3, 21.2.4,
21.2.6 or 21.8, no direct or indirect Equity Interests in Beneficial Owner, any Owner Entity, Master Franchisee or any of Master Franchisee’s Subsidiaries (and no significant portion of the Assets thereof) (collectively, the “Restricted
Interests”) may be Transferred, in one or a series of related transactions, without McDonald’s prior consent, which consent may be withheld by McDonald’s in its sole discretion, to any Person including Master Franchisee or any
direct or indirect wholly owned Subsidiary of Master Franchisee (such Person, a “Proposed Transferee”); provided, however, that if Master Franchisee wishes to Transfer Equity Interests in, or all or substantially all
of the Assets of, any Subsidiary to any other wholly-owned Subsidiary of Master Franchisee, the consent of McDonald’s shall not be unreasonably withheld; provided further, that, with respect to the Transfer of Equity Interests in
(or all or substantially all of the Assets of) any MF Subsidiary, Master Franchisee shall cause the Transferee, as a condition precedent to such Transfer, to (a) (i) if the Equity Interests were issued by an Escrowed MF Subsidiary, deliver
its Equity Interests for deposit with Escrow Agent subject to the Escrow Agreement; or (ii) if the Equity Interests were issued by a Non-Escrowed MF Subsidiary, deliver its Equity Interests for deposit with applicable Trustee subject to the
Trust Agreements; and (b) execute and deliver to McDonald’s an instrument of accession, in form and scope satisfactory to McDonald’s, in which such Transferee agrees to be deemed an MF Subsidiary for all purposes of this Agreement and
to observe and be bound by all provisions of this Agreement and any other applicable Related Agreement. 
 21.2.3
Any Financial Investor may (a) at any time, without McDonald’s consent, Transfer collectively up to 20% of the Equity Interests of Parent to any one or more Persons that complies with the transfer criteria set forth in Exhibit 15 in
any transaction; (b) after an IPO, the remaining Equity Interests of Parent in a 

  
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sale into the public market (other than pre-arranged block trades); provided, however, pursuant to clause (a), that, in each case, no such Transfer (i) shall be a Transfer of
Equity Interests representing, convertible into, or exchangeable or exerciseable for, Equity Interests that represent, more than 20% of the aggregate economic or voting rights of the issued and outstanding Equity Interests from time to time of
Parent; or (ii) may be accompanied by the grant of any management, governance or similar rights whatsoever with respect to Parent (other than voting rights incident to the class to which such Equity Interests pertain under the relevant
constituent documents of Parent) or any “demand” rights to require Parent to register exclusively such Equity Interests for public sale in any jurisdiction whatsoever. 

21.2.4 Any Financial Investor in Parent may at any time, without McDonald’s consent, Transfer any Equity Interests of
Parent to any other Financial Investor or to Beneficial Owner. Any Financial Investor may, with the consent of McDonald’s (which consent shall not be unreasonably withheld), transfer Equity Interests to any private investment fund managed by
(a) a wholly owned subsidiary of any of (i) The Capital Group; (ii) DLJ South American Partners LLC; or (iii) Gávea Investimentos, Ltda.; or (b) any special purpose vehicle wholly owned by one or more of any such
funds, provided that the conditions precedent or subsequent to any such Transfer set forth in the Financial Investors Agreement are satisfied or waived by McDonald’s. 

21.2.5 Master Franchisee shall notify McDonald’s of each proposed direct or indirect Transfer of any Equity Interest
in (or all or substantially all of the Assets of) any Owner Entity, Master Franchisee or any of its Subsidiaries. The Transfer of any Equity Interests in Parent or any of its Subsidiaries in any manner otherwise than in the IPO shall be subject to
the condition that the Transferee thereunder agrees to restrictions on Transfer, the Call Option and other limitations, including any obligation to deliver Equity Interests to Escrow Agent subject to the Escrow Agreement or the applicable Trustee
subject to the Trust Agreements, as the case may be, that are identical in all material respects to those restrictions and limitations that were applicable to the Transferor, and no such Transfer may be consummated in the absence of a written
agreement by the Transferee acknowledging and agreeing to such restrictions and other limitations. The Transfer of any Equity Interests in Parent shall be subject to the condition that the Transferee thereunder agrees to restrictions on Transfer
that are identical in all material respects to those restrictions and limitations that were applicable to the Transferor, and no such Transfer may be consummated in the absence of a written agreement by the Transferee acknowledging and agreeing to
such restrictions and other limitations. 
 21.2.6 In the event any Equity Interests in Parent are Transferred,
whether by operation of law, testamentary disposition or otherwise, upon Woods W. Staton’s death or permanent incapacity, then each recipient of such Equity Interests in Parent (“Beneficiaries”) shall be deemed to agree to
observe and be bound by all provisions of this Agreement (for the avoidance of doubt, including the next succeeding sentence) and any other applicable Related Agreement by which Beneficial Owner was bound or to which any of Beneficial Owner’s
assets was subject. Beneficiaries shall execute and deliver such additional documents 

  
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and take such further action as may be necessary or desirable under all Applicable Law to evidence the foregoing accession to this Agreement and each applicable Related Agreement. 

21.2.7 Any Transfer of an Equity Interest in any of any Owner Entity, Master Franchisee or any of its Subsidiaries that
requires the prior consent of McDonald’s under this Agreement and is made without such consent shall convey no right to or interest in such Equity Interest and shall be void ab initio. 

21.2.8 Master Franchisee shall deliver to Escrow Agent a written instruction substantially in the form of Exhibit
16 (each, a “Transfer Instruction”) in connection with any Transfer. 
 21.3 Certain Conditions to the
Transfer of Restricted Interests by any Owner Entity, Master Franchisee or any of its Subsidiaries. Any proposed Transfer of Restricted Interests having a fair market value as of the proposed effective date of such Transfer of at least equal to
$500,000 is subject to the satisfaction or waiver by McDonald’s of each of the following conditions on or prior to such effective date: 
 21.3.1 Any Owner Entity or Master Franchisee, as the case may be, shall have paid to McDonald’s all amounts due but unpaid hereunder or under any Related Agreement; and 

21.3.2 If such Transfer relates to the Equity Interests in any MF Subsidiary or MF Subsidiaries with respect to one or
more Territories, Master Franchisee and Owner shall have executed and delivered to McDonald’s a general release, in form and scope satisfactory to McDonald’s, of any and all claims in such Territories against McDonald’s, its
Affiliates and their respective officers, directors, employees and agents. 
 21.4 Right of First Refusal. 

21.4.1 If Beneficial Owner or any Financial Investor (the “RFR Seller”) proposes to Transfer an Equity
Interest in Parent to any Person other than a direct or indirect wholly owned Subsidiary of Parent or pursuant to Section 21.2.3 or 21.2.4, and McDonald’s consents to such Transfer, an RFR Seller may effect such Transfer, provided
that the RFR Seller shall first give McDonald’s a right with respect to the Equity Interest in Parent to be Transferred (the “Offered Interest”) to substitute itself for the Proposed Transferee in the transaction in accordance
with this Section. 
 21.4.2 If an RFR Seller has received a bona fide, arm’s-length, executed,
written, binding offer for the Offered Interest which it is willing to accept, such RFR Seller shall give notice to McDonald’s of the proposed sale and of the terms and conditions of such offer, including a copy of the offer, the identity of
the Proposed Transferee, the consideration offered, the date on which the sale is proposed to be made, which shall not be earlier than 90 days and not later than 120 days from the date of such notice, any proposed ancillary agreements, along with
such other information as may reasonably be required by McDonald’s to evaluate the offer and the Proposed Transferee. 

  
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 21.4.3 Thereafter, McDonald’s shall have the right, by notice to the
RFR Seller within 60 days after receipt of such notice of proposed Transfer and all the information that McDonald’s requested to evaluate the offer and the Proposed Transferee pursuant to Section 21.4.2, to elect to purchase all of the
Offered Interest for the consideration offered and in accordance with the other terms and conditions of such offer; provided that McDonald’s shall have the right to substitute cash for any alternative form of consideration contemplated
by the proposed Transfer. 
 21.4.4 If McDonald’s elects not to purchase all of the Offered Interest, the
RFR Seller may proceed to complete the Transfer to the Proposed Transferee in accordance with such offer not later than 180 days after the notice thereof given to McDonald’s. If the proposed Transfer is not completed by that date or if the
terms of such Transfer of the Offered Interest are amended in any material respect, the provisions of this Section shall again apply and no Transfer may be made in reliance upon this Section without again complying with its provisions. 

21.5 [Intentionally Omitted.] 
 21.6 Call Option. 
 21.6.1 McDonald’s (in its own name,
or through a nominee) shall have the right from time to time to purchase (a) upon expiration of the Solicitation Period (i) prior to an IPO, all, but not less than all, of the fully diluted Equity Interests of Master Franchisee owned or
held, directly or indirectly, by Owner and any Equity Interest Transferred pursuant to Section 21.2.3; or (ii) after an IPO, all, but not less than all, of the fully diluted Equity Interests of Parent owned or held, directly or indirectly,
by any Non-Public Shareholder; (b) upon the occurrence of a Material Breach either (i) (A) prior to an IPO, all, but not less than all, of the fully diluted Equity Interests of Master Franchisee owned or held, directly or indirectly,
by Owner and any Equity Interest Transferred pursuant to Section 21.2.3; or (B) after an IPO, all, but not less than all, of the fully diluted Equity Interests of Parent owned or held, directly or indirectly, by any Non-Public Shareholder;
or (ii) all, but not less than all, of the Equity Interests of any MF Subsidiary operating (or licensing the operation of) Franchised Restaurants in any Territory affected by such Material Breach or to which such Material Breach may be
attributable, in either case directly or indirectly, by McDonald’s in its sole discretion, as set forth in Section 22.3.1; or (c) during the period of 12 full months (the “Sale Period”) following the earlier of
(i) the eighteenth month anniversary of the death or permanent incapacity of Woods W. Staton; (ii) the receipt by McDonald’s of notice from the Beneficiaries that such Beneficiaries have elected to have the Sale Period commence as of
a date specified in such notice, which date shall be after the receipt of such notice, (A) prior to an IPO, all, but not less than all, of the fully diluted Equity Interests of Master Franchisee owned or held, directly or indirectly, by Owner
and any Equity Interest Transferred pursuant to Section 21.2.3; or (B) after an IPO, all, but not less than all, of the fully diluted Equity Interests of Parent owned or held, directly or indirectly, by any Non-Public Shareholder (each, a
“Call Option”). 

  
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 21.6.2 The purchase price payable by McDonald’s pursuant to an exercise
of the Call Option (the “Call Option Price”) shall be equal to 
 (a) The Fair Market Value of
the Subject Business, multiplied by (i) in the event the Call Option is exercised pursuant to Section 21.6.1(a) or (c), 100%; or (ii) in the event the Call Option is exercised pursuant to Section 21.6.1(b), 80%;
less 
 (b) The sum of (i) Funded Debt less Cash, in each case attributable to the Subject Business;
and (ii) Contingencies attributable to the Subject Business, in each case, as determined by Master Franchisee’s independent certified public accountants as of the Fair Market Value Date or the Adjusted Fair Market Value Date, as the case
may be, and, if applicable, as subsequently adjusted as of the Option Closing Date pursuant to Section 21.7.2; 

provided, however, that if the Call Option Price (i) refers to any MF Subsidiary or Territory; and (ii) results in
a negative number, then Master Franchisee shall either (A) assume all of the Funded Debt (less Cash determined as of the Exercise Date or, if subsequently adjusted pursuant to Section 21.7.2, the Option Closing Date) and Contingencies
attributable to the Subject Business and execute a general release in favor of McDonald’s and in form and scope acceptable to McDonald’s, relieving McDonald’s of any obligations with respect thereto; or (B) pay to McDonald’s
the absolute value of such amount, in each case on or prior to the Option Closing Date. Master Franchisee shall deliver a notice, which notice shall be substantially in the form of Exhibit 17, to the Collateral Agent and McDonald’s
specifying whether it has elected (a) the alternative described in clause (A) of the preceding sentence (a “Debt Assumption Election”); or (b) the alternative described in clause (B) of the preceding sentence (a
“Payment Election”). 
 21.6.3 McDonald’s may exercise a Call Option by giving written
notice thereof to Master Franchisee and Owner. If McDonald’s is exercising the Call Option pursuant to (a) Section 21.6.1(b), McDonald’s shall deliver to the Persons set forth therein a written notice substantially in the form of
Exhibit 18 (the “Default Exercise Notice”); or (b) Section 21.6.1(a) or 21.6.1(c), McDonald’s shall deliver such written notice substantially in the form of Exhibit 19 (the “Non-Default Exercise
Notice”, together with the Default Exercise Notice, the “Exercise Notices” and the date of delivery of any Exercise Notice, the “Exercise Date”). 

21.6.4 As promptly as practicable after the Fair Market Value Date or the Adjusted Fair Market Value Date, as the case may
be, McDonald’s shall deliver a written notice to Escrow Agent or the applicable Trustee, as the case may be, with a copy to Master Franchisee and Owner, substantially in the form of Exhibit 20 (the “Settlement Notice”),
pursuant to which it shall (a) notify Escrow Agent or the applicable Trustee, as the case may be, of (i) the anticipated Option Closing Date; (ii) the Call Option Price; (iii) any Disputed Amounts; and (iv) the amount of the
Lender Payable; (b) instruct Escrow Agent or the applicable 

  
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Trustee, as the case may be, (i) to deliver the relevant Equity Interests to McDonald’s on the Option Closing Date and register McDonald’s (or its nominee) as the registered owner
of such Equity Interests and (ii) to segregate any Disputed Amounts from the Call Option Price and deposit such Disputed Amounts in an escrow account pending resolution thereof; and (c) certify to Escrow Agent or the applicable Trustee, as
the case may be, that (i) there is no Dispute under this Agreement regarding McDonald’s right to exercise the Call Option, which Dispute (A) was raised in good faith and in accordance with the arbitral procedures under
Section 25.2 no later than the one month anniversary of the Exercise Date relating to such Call Option; and (B) has been actively pursued by Master Franchisee, but which respect thereto no final judgment has been awarded (an
“Unresolved Dispute”), in each case against delivery by McDonald’s of the Call Option Price, and (ii) McDonald’s has received all approvals, licenses and authorizations from all Governmental Authorities in connection
with the Transfer of the Subject Business, which, in each case, is necessary for the Closing, or, in its sole discretion, elected to proceed to closing without such approvals, licenses and authorizations. The date on which the Settlement Notice is
delivered is referred to as the “Settlement Notice Date”. 
 21.6.5 The “Option Closing
Date” shall occur on the fifth Business Day after the Settlement Notice Date. At the reasonable request of McDonald’s and without further consideration, Beneficial Owner, each Owner Entity and each Master Franchisee Party shall execute
and deliver such additional documents and take such further action as may be necessary or desirable under all Applicable Law to consummate and make effective, in the most expeditious manner practicable, the Transfer of the Subject Business, free and
clear of any Encumbrances. 
 21.6.6 On the Option Closing Date, Escrow Agent or the applicable Trustee, as the
case may be, shall, upon payment of the Call Option Price and subject to the right of McDonald’s to escrow Disputed Amounts, Transfer and deliver to McDonald’s, and McDonald’s shall purchase, acquire, accept and take assignment and
delivery of, from Escrow Agent or the applicable Trustee, as the case may be, all of the right, title and interest in the Equity Interests relating to the Subject Business. 

21.6.7 Payments (if any) by McDonald’s to Escrow Agent or the applicable Trustee, as the case may be, of the full
amount of the Call Option Price shall constitute full payment of the Equity Interests subject to the Call Option and such Equity Interests shall be immediately and irrevocably Transferred to McDonald’s at the time of such payment. 

21.6.8 If McDonald’s disputes the amount of any of Funded Debt, Cash or Contingencies pursuant to
Section 21.7.2, then as promptly as practicable following the settlement of such dispute in accordance with the procedures set forth under Section 21.7.2, McDonald’s shall deliver to Escrow Agent or the applicable Trustee, as the case
may be, a written notice substantially in the form of Exhibit 21 (the “Disputed Amounts Settlement Notice”) instructing Escrow Agent or the applicable Trustee, as the case may be, to release from escrow the relevant amounts
to it or to Master Franchisee or Owner, as the case may be. 

  
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 21.6.9 From and after the occurrence and during the continuance of any
Material Breach, Beneficial Owner, any Owner Entity or any Master Franchisee Party, as applicable, shall (a) cause the Subject Business to operate its business in the ordinary course consistent with past practice; (b) not sell any
significant portion of the Subject Business’ Assets in one transaction or a related series of transactions; (c) not permit the Subject Business to create, incur or assume any additional Funded Debt; (d) cause the Subject Business to
pay or otherwise satisfy (except if being contested in good faith and subject to any applicable grace period) all other Indebtedness and liabilities (including taxes and trade payables) of the Subject Business as and when the same shall become due
and payable on a basis consistent with past practice; (e) not permit the Subject Business to securitize any of its receivables; (f) not take any action for purposes of liquidation of the Subject Business, making any general assignment for
the benefit of the Subject Business’ creditors, making a voluntary filing of a petition in commercial insolvency (including a concurso mercantil) or consenting to the filing of any other proceeding for the appointment of a receiver, a
conciliator or an auditor of such entity or other custodian or similar official for all or any portion of the business or Assets thereof; (g) remain subject to the terms of this Agreement; or (h) cause the Subject Business not to declare
or pay any distribution or dividend to holders of Equity Interests in the Subject Business. 
 21.7 Calculation of Call
Option Price. 
 21.7.1 Fair Market Value. McDonald’s and Master Franchisee agree to create and
maintain at all times an agreed list (the “FMV Institution List”) of internationally recognized investment banks from which investment banks shall be selected for purposes of determining the Fair Market Value. 

(a) McDonald’s and Master Franchisee agree that, in the case of any determination of the Fair Market Value,
(i) each of McDonald’s and Master Franchisee shall pay the fees and expenses of any institution it selects from the FMV Institution List; and (ii) each of McDonald’s and Master Franchisee shall share equally the fees and expenses
of any institution selected from the FMV Institution List to render a Secondary Valuation. 
 (b) The Fair Market
Value shall be calculated as the amount in U.S. Dollars that, as of the Exercise Date, would be received for the Subject Business in an arm’s-length transaction between a willing buyer and willing seller, taking into account the benefits
provided by this Agreement, determined as follows: 
 (1) McDonald’s and Master Franchisee shall each
select a financial institution from the FMV Institution List. These two institutions shall make their respective determinations of the fair market valuation of the Subject Business (each, a “Primary Valuation”) and submit them to
McDonald’s and Master Franchisee within 45 days of the delivery of the Exercise Notice. Each Primary Valuation shall set forth a single determination of the value of the Subject Business and not a range thereof. If the

  
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Primary Valuations differ by an amount which is less than 10% of the lower Primary Valuation, the Fair Market Value shall be the average of such Primary Valuations. If either McDonald’s or
Master Franchisee fails to timely appoint a financial institution from the FMV Institution List, or if a selected institution fails to deliver a Primary Valuation before the end of the 45-day period, then the Fair Market Value shall be equal to the
Primary Valuation that was timely delivered. 
 (2) If the Primary Valuations differ by an
amount which is greater than 10% of the lower Primary Valuation, McDonald’s and Master Franchisee shall, jointly, select a third institution from the FMV Institution List. (If McDonald’s and Master Franchisee cannot agree on a third
institution within ten days after the date on which the Primary Valuations were delivered, then McDonald’s and Master Franchisee shall meet at 10 a.m. (New York Time) on the 55th day following the date of the Exercise Notice at McDonald’s offices in Oak Brook, Illinois, and select an
institution from the FMV Institution List at random by drawing from a hat.) The selected institution shall then make its own determination, which shall be calculated without reference to or reliance on the Primary Valuations, of the Fair Market
Value (the “Secondary Valuation”) and deliver it to the parties within 45 days. The Secondary Valuation shall set forth a single determination of the value of the Fair Market Value and not a range thereof. The Primary Valuation that
is closest to the Secondary Valuation shall become the Fair Market Value; provided, however, that if the Secondary Valuation is the arithmetic mean of the Primary Valuations, then the Secondary Valuation shall become the Fair Market
Value. 
 (c) The date on which the Fair Market Value is determined pursuant to this Section is referred to as
the “Fair Market Value Date”. 
 (d) If the Settlement Notice Date has not occurred prior to the
one hundred twentieth calendar day after the Fair Market Value Date, then McDonald’s or, if the Settlement Notice Date has not occurred due to a failure to receive an approval, license or authorization from any Governmental Authority either
Master Franchisee or McDonald’s may, prior to delivering a Settlement Notice with respect to the applicable Subject Business, request that the Fair Market Value of such Subject Business be reviewed by delivering to the other Parties a fair
market value review notice in the form of Exhibit 22 (the “FMV Review Notice”), provided that no party may deliver such a notice if the delay in the Settlement Notice Date results from a failure of such party to take
such actions as may be necessary to timely obtain such approval, license or authorization. 
 (1) The Fair
Market Value review shall be conducted by the same institutions that conducted the initial Primary 

  
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Valuations of such Fair Market Value pursuant to Section 21.7.l(b). Each of these two institutions shall make a new Primary Valuation and submit them to McDonald’s and Master Franchisee
within 20 days of the delivery of the FMV Review Notice. Each Primary Valuation shall set forth a single determination of the value of the Subject Business and not a range thereof. If the Primary Valuations differ by an amount which is less than 10%
of the lower Primary Valuation, the Adjusted Fair Market Value shall be the average of such Primary Valuations. If either McDonald’s or Master Franchisee fails, if required, to timely appoint a replacement financial institution from the FMV
Institution List, or if a selected institution fails to deliver a Primary Valuation before the end of the 20-day period, then the Adjusted Fair Market Value shall be equal to the Primary Valuation that was timely delivered. 

(2) If the Primary Valuations differ by an amount which is greater than 10% of the lower Primary
Valuation, McDonald’s and Master Franchisee shall, jointly, select a third institution from the FMV Institution List. (If McDonald’s and Master Franchisee cannot agree on a third institution within ten days after the date on which the
Primary Valuations were delivered, then McDonald’s and Master Franchisee shall meet at 10 a.m. (New York Time) on the
25th day following the date of the Exercise Notice at
McDonald’s offices in Oak Brook, Illinois, and select an institution from the FMV Institution List at random by drawing from a hat.) The selected institution shall then make a Secondary Valuation and deliver it to the parties within 25 days.
The Secondary Valuation shall set forth a single determination of the value of the Adjusted Fair Market Value and not a range thereof. The Primary Valuation that is closest to the Secondary Valuation shall become the replacement Fair Market Value
(such new amount, the “Adjusted Fair Market Value”); provided, however, that if the Secondary Valuation is the arithmetic mean of the Primary Valuations, then the Secondary Valuation shall become the Adjusted Fair
Market Value. 
 (e) The date on which the Adjusted Fair Market Value is determined pursuant to this Section is
referred to as the “Adjusted Fair Market Value Date”. 
 (f) Each of McDonald’s and Master
Franchisee agrees to cooperate in good faith with any institution selected to conduct the Primary Valuations or Secondary Valuation and shall provide such institutions with access to any and all information and/or personnel requested by such
institution in connection with the determination of the Fair Market Value and/or the Adjusted Fair Market Value. Such requests may include, among other things, requests for financial projections,

  
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budget proposals, management presentations, accounting books and records and explanations by management with respect thereto. 

21.7.2 Funded Debt; Cash; Contingencies. 

(a) Within ten Business Days after the Fair Market Value Date or Adjusted Fair Market Value Date, as the case may be,
Master Franchisee shall deliver to McDonald’s an unaudited condensed consolidated balance sheet for the Subject Business as of the Fair Market Value Date or Adjusted Fair Market Value Date, as the case may be (the “Subject Business
Balance Sheet Date”, that sets forth on the face thereof or in the notes thereto the Funded Debt, Cash and Contingencies of the Subject Business, as determined by Master Franchisee’s independent certified public accountants (the
“Subject Business Balance Sheet”). If Master Franchisee fails to deliver a Subject Business Balance Sheet, then McDonald’s shall make a good faith estimate of the Subject Business Balance Sheet, which shall be definitive and
binding unless subsequently adjusted pursuant to Section 21.7.2(b). Master Franchisee shall cooperate in good faith with McDonald’s and provide McDonald’s and its representatives and advisors with full access to any and all
information and/or personnel requested by any of them in connection therewith. Such requests may include, among other things, accounting books and records and explanations by management with respect to McDonald’s review or preparation of the
Subject Business Balance Sheet. McDonald’s shall also have the right, in its sole discretion, to request another Subject Business Balance Sheet be delivered as of a date of its election if within sixty calendar days after the Fair Market Value
Date or Adjusted Fair Market Value Date, as the case may be, the Option Closing Date has not occurred. 
 (b) If
either (i) McDonald’s disagrees with the determinations of Funded Debt, Cash and Contingencies; or (ii) reasonably believes that the amount of Funded Debt, Cash or Contingencies has materially changed or will materially change between
the Subject Business Balance Sheet Date and the Option Closing Date, then McDonald’s shall have the right to notify Escrow Agent within 10 Business Days after receiving the Subject Business Balance Sheet by delivering a notice in the form of
Exhibit 23 (the “Disputed Amounts Notice”) in which it shall notify the other Parties of any disputed amounts (the “Disputed Amounts”). 

(1) In the event of a dispute, McDonald’s shall select an accounting firm that has not served as Master
Franchisee’s independent certified public accountants in either of the last two completed fiscal years (such a firm, a “Disqualified Firm”). This institution shall determine the value of the Funded Debt and/or Cash and/or
Contingencies of the Subject Business as of the Option Closing Date and shall submit it to McDonald’s and Master Franchisee within 30 days of the Option Closing Date (such calculation, along with the calculation performed by the

  
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Master Franchisee’s independent certified public accountants pursuant to Section 21. 7.2(a), the “Primary Calculations”). 

(2) Each Primary Calculation shall set forth a single determination of the value of the Funded Debt and/or Cash and/or
Contingencies of the Subject Business as of the Option Closing Date, as the case may be, and not a range thereof. If the Primary Calculations differ by an amount which is less than 10% of the lower Primary Calculation, the final value of the Funded
Debt and/or Cash or Contingencies, as the case may be, shall be the average of such Primary Calculations. If McDonald’s fails to timely appoint an accounting firm or if Master Franchisee’s independent certified public accountants or
McDonald’s accounting firm fails to deliver a Primary Calculation before the end of the 30-day period, then the value of the Funded Debt and/or Cash and/or Contingencies of the Subject Business, as the case may be, shall be equal to the Primary
Calculation that was timely delivered. 
 (3) If the Primary Calculations differ by an amount which is greater
than 10% of the lower Primary Calculation, McDonald’s and Master Franchisee shall jointly select a third accounting firm, which shall not be a Disqualified Firm. (If McDonald’s and Master Franchisee cannot agree on a third accounting firm
within ten days after the date on which the Primary Calculations were delivered, then McDonald’s and Master Franchisee shall meet at 10 a.m. (New York Time) on the fortieth day following the date of the Fair Market Value Date or the Adjusted
Fair Market Value Date, as the case may be, at McDonald’s offices in Oak Brook, Illinois, and select an accounting firm from the list of registered public accounting firms maintained by the Public Company Accounting Oversight Board (other than
any Disqualified Firm) at random by drawing from a hat.) The selected accounting firm shall then make its own determination, which shall be calculated without reference to or reliance on the Primary Calculations, of the value of the Funded Debt
and/or Cash and/or Contingencies of the Subject Business, as the case may be (the “Secondary Calculation”) and deliver it to the parties within 30 days. The Secondary Calculation shall set forth a single determination of the value
of the Funded Debt and/or Cash and/or Contingencies of the Subject Business, as the case may be, and not a range thereof. The Primary Calculation that is closest to the Secondary Calculation shall become the value of the Funded Debt and/or Cash
and/or Contingencies of the Subject Business, as the case may be; provided, however, that if the Secondary Calculation is the arithmetic mean of the Primary Calculations, then the Secondary Calculation shall become the value of the
Funded Debt and/or Cash and/or Contingencies of the Subject Business, as the case may be. 

  
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 (c) Each of McDonald’s and Master Franchisee agrees to cooperate in
good faith with any accounting firm selected to conduct the Primary Calculation or Secondary Calculation and shall provide such institutions with access to any and all information and/or personnel requested by such institution in connection with the
determination of the value of the Funded Debt and/or Cash and/or Contingencies of the Subject Business, as the case may be. Such requests may include, among other things, requests for financial projections, budget proposals, management
presentations, accounting books and records and explanations by management with respect thereto. 
 21.8 IPO. At any time
after August 3, 2011, if Master Franchisee shall have satisfied each of the criteria specified in Exhibit 24, after consulting with an internationally recognized investment banking firm acceptable to McDonald’s, Beneficial Owner and
the Financial Investors may effect an IPO with respect to no more than 60% of the Economic Interests of Parent; provided, however, that (a) at least 33% of all proceeds received in respect of Equity Interests sold in such IPO
shall be received by Master Franchisee or reinvested in the Master Franchise Business; (b) either (i) Beneficial Owner; or (ii) if McDonald’s owns any Equity Interests, the group comprised of Beneficial Owner and McDonald’s
shall, after giving effect to the IPO, retain at least 51% of the Voting Interests of Parent; and (c) such IPO does not result in the imposition of obligations on McDonald’s or its Affiliates in addition to those contemplated by this
Agreement or additional obligations upon the exercise of McDonald’s rights hereunder, including obligations imposed in connection with the with the listing on a national securities exchange or registration with any Governmental Authority. In
connection with the IPO, Parent shall grant, or cause to be granted, registration rights to McDonald’s with respect to any Equity Interests of a class offered in the IPO owned by McDonald’s, which shall be customary in form and scope, to
registration rights granted in similar transactions. McDonald’s shall have the right to review all documentation relating to the IPO, at Parent’s sole expense, and Parent shall use its best efforts to incorporate any comments
McDonald’s may have with respect to any of such documentation. In no event shall Beneficial Owner, any Financial Investor or Parent effect an IPO or other distribution of Equity Interests of any of Parent’s direct or indirect Subsidiaries;
provided; however, that Beneficial Owner and Financial Investors may, with the written consent of McDonald’s, such consent not to be unreasonably withheld, effect an IPO of their indirect Economic Interests in a Subsidiary other
than Parent, Master Franchisee or a Subsidiary of Master Franchisee, subject to mutually satisfactory agreements with respect to the amendment of this Agreement and any relevant Related Agreements. 

21.9 Right to Exercise Call Option; Damages on Failure to Complete. McDonald’s right to exercise the Call Option shall not be
affected by the occurrence of any event described in Section 22.2.3. If Beneficial Owner, any Owner Entity or any Master Franchisee Party fails to perform its obligations in respect of the Call Option such that McDonald’s does not receive
all of the right, title and interest in the Equity Interests relating to the Subject Business free and clear of all Liens (if applicable as set forth in the Escrow Agreement) hereunder or under the Escrow Agreement, or upon the occurrence of any
event described in Section 22.2.3, McDonald’s shall have the right upon notice to Beneficial Owner, any Owner Entity or the relevant Master Franchisee Party, as applicable, to cancel the Call Option without cost or penalty to
McDonald’s. Upon any such cancellation, or otherwise in the event that McDonald’s is not permitted to exercise 

  
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the Call Option or upon exercise does not receive all of the right, title and interest in the Subject Business, in addition to its other rights hereunder or under any other MFA Document,
McDonald’s shall (acting reasonably and in good faith) determine and be entitled to damages from Beneficial Owner, any Owner Entity and the Master Franchisee Parties, jointly and severally, of McDonald’s total damages and costs arising
from its loss of bargain represented by this Agreement, including among other damages the loss of revenues attributable to this Agreement. The Parties agree that such damages and costs recoverable by McDonald’s shall in no event be less than
the aggregate amount of Continuing Franchise Fees paid or payable by the Master Franchisee Parties hereunder for the most recently completed 12-month period ending on the date of such cancellation, multiplied by the number of years left in
the Regular Term, plus damages attributable to loss of goodwill associated with the Intellectual Property and any additional amounts that would be invested in or otherwise spent by McDonald’s to replicate the Subject Business that should
have been delivered to McDonald’s pursuant to such Call Option. 
 22. Material Breaches and Remedies 

22.1 Material Breaches by Master Franchisee. Master Franchisee shall be considered to be in default of its obligations under this
Agreement upon the occurrence and during the continuance of any Material Breach. 
 22.2 Material Breaches. Each of the
following events is a “Material Breach” hereunder: 
 22.2.1 The material breach by Beneficial
Owner, any Owner Entity, Master Franchisee, any MF Subsidiary of any of their respective (a) representations or warranties or (b) obligations, including compliance with the System, under this Agreement relating to or otherwise in
connection with any aspect of the Master Franchise Business, the Franchised Restaurants or any other matter in or affecting anyone or more Territories; provided, in the case of the foregoing clause (b), that Master Franchisee has failed to
cure such material breach within 30 days after receipt of notice thereof from McDonald’s; 
 22.2.2 The
failure by Master Franchisee, Owner or any MF Subsidiary to comply with any of its respective obligations contained in Section 7.15; 
 22.2.3 To the fullest extent permitted by Applicable Law, the insolvency or making of a general assignment for the benefit of creditors of any Owner Entity, Master Franchisee or an MF Subsidiary; the
voluntary filing by any Owner Entity, Master Franchisee or an MF Subsidiary of a petition in commercial insolvency (including a concurso mercantil); the filing by any other Person of such a petition against any Owner Entity, Master Franchisee
or an MF Subsidiary, which is not dismissed within 60 Business Days after the filing date; the adjudication of any Owner Entity, Master Franchisee or an MF Subsidiary as bankrupt or insolvent; the filing by or with the consent of any Owner Entity,
Master Franchisee or an MF Subsidiary of any other proceeding for the appointment of a receiver, a conciliator or an auditor of any Owner Entity, Master Franchisee or an MF Subsidiary or other custodian or similar official for the business or Assets
of any Owner Entity, Master Franchisee or an MF Subsidiary, or any part thereof; the appointment by any court of competent 

  
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jurisdiction of a receiver, a conciliator or an auditor or other custodian (permanent or temporary) of Assets of any Owner Entity, Master Franchisee or an MF Subsidiary, or any part thereof; or
the institution of proceedings for a composition with creditors under Applicable Law of any Territory by or against any Owner Entity, Master Franchisee or an MF Subsidiary; 

22.2.4 The conviction of Beneficial Owner, any Owner Entity, Master Franchisee or an MF Subsidiary or any agents or
employees by a court of competent jurisdiction, or pleading no contest by such Person to, (a) a crime or offense that is punishable by incarceration for more than one year or a felony; or (b) a crime or offense or the indictment on charges
thereof that, in the determination of McDonald’s, is likely to adversely affect the reputation of such Person, any Franchised Restaurant, McDonald’s or any of its Affiliates or the Trademarks, or otherwise adversely affect the System,
McDonald’s Restaurants or the goodwill associated with the Trademarks; 
 22.2.5 The participation by Master
Franchisee or any of its Subsidiaries in any fraudulent or dishonest activity that is material to the Master Franchise Business in any Territory or the failure by Master Franchisee to report to McDonald’s any such fraudulent or dishonest
activity by any of the employees or agents of Master Franchisee or any of its Subsidiaries, including the concealment of revenues or the provision of false or misleading financial information; 

22.2.6 The entry of any judgment against any Owner Entity, Master Franchisee or any MF Subsidiary in excess of $1,000,000,
or the failure to pay any creditor, including any Approved Supplier, Distributor or Governmental Authority, any amount as and when due and payable, that is not duly paid or otherwise discharged within 30 days, unless such judgment is being contested
on appeal in good faith by any Owner Entity or Master Franchisee; 
 22.2.7 The default by any Owner Entity,
Master Franchisee or any MF Subsidiary under the Financing Agreements (or any Refinancing thereof) and the continuation of such default beyond any applicable cure period set forth in any such Financing Agreement (or Refinancing), which default shall
be deemed to materially and adversely affect each of the Territories if it (a) was caused by any Owner Entity or Master Franchisee; or (b) was caused by any MF Subsidiary organized in a Major Territory and shall have resulted in or formed
the basis of the acceleration of all amounts then due and payable under any such Financing Agreement (or Refinancing); 
 22.2.8 The engagement by Master Franchisee or any of its Affiliates or any Managing Director in any Territory or Territories in public conduct that reflects materially and unfavorably upon the operation
of McDonald’s Restaurants, the System or the goodwill associated with the Intellectual Property, and the failure of Master Franchisee to cease such conduct within five days after receipt of notice thereof from McDonald’s; provided
that engagement in legitimate political activity (including testifying, lobbying, or otherwise attempting to influence legislation to the extent not in violation of the U.S. Foreign Corrupt Practices Act or similar anti-corruption or money
laundering law applicable in any Territory) shall not be grounds for termination; 

  
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 22.2.9 The engagement by Master Franchisee or any of its Affiliates or any
Managing Director in any Territory or Territories in an act constituting gross negligence, recklessness or intentional or willful misconduct relating to the conduct of the Master Franchisee Business that, in the determination of McDonald’s, is
likely to materially adversely affect the reputation of McDonald’s or any of its Affiliates or the Trademarks, or otherwise materially adversely affect the System, McDonald’s Restaurants or the goodwill associated with the Trademarks;
provided that engagement in legitimate political activity (including testifying, lobbying, or otherwise attempting to influence legislation to the extent not in violation of the U.S. Foreign Corrupt Practices Act or similar anti-corruption or
money laundering law applicable in any Territory) shall not be grounds for termination; 
 22.2.10 The failure by
Master Franchisee to comply with any provision of this Agreement other than those defined as a Material Breach more than once in any period of 12 consecutive months; provided that (i) promptly following any such breach by Master
Franchisee, McDonald’s shall notify Master Franchisee in writing that the first breach (as contemplated by this Section) has occurred, and (ii) thereafter, a Material Breach shall have occurred only to the extent that Master Franchisee
(x) commits a subsequent breach within the 12-month period following the date of such initial notice and (y) fails to cure such breach within 30 days after McDonald’s delivers to Master Franchisee a notice referencing this Section;

 22.2.11 The failure by Master Franchisee to achieve (a) at least 80% of the Targeted Openings during
anyone calendar year of any Restaurant Opening Plan; or (b) at least 90% of the Targeted Openings during the three-calendar year term of any Restaurant Opening Plan; 

22.2.12 The failure by Master Franchisee to comply with at least 80% of the U.S. Dollar funding requirements of any
Reinvestment Plan with respect to any Territory as and when such Reinvestment Plan is required to be implemented for a period of one year after notice thereof has been given to Master Franchisee; 

22.2.13 The failure by any Owner Entity, Master Franchisee or any MF Subsidiary to pay any amount required to be paid to
McDonald’s under this Agreement (including overdue interest thereon as provided in Section 24.2.3) that in the aggregate exceeds $80,000,000; 
 22.2.14 The failure by Master Franchisee (a) to cause any Letter of Credit to be reissued by a Qualified Bank no later than 60 days prior to the expiration date of such Letter of Credit; (b) to
restore the aggregate amount available under the Letters of Credit to (i) at any time during the Regular Term (other than during the Prepaid Amount Period), $80,000,000; and (ii) at any time during the Prepaid Amount Period, no less than
$65,000,000 (or, if the Prepaid Amount is less than $15,000,000, such greater amount such that the sum of the Prepaid Amount and the aggregate amount available under the Letters of Credit is equal to $80,000,000) within 30 days following any draw
thereunder; or (c) to fail to pay any amount to McDonald’s pursuant to Section 7.9.4(d) when due and payable; 

  
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 22.2.15 The failure, if any amount is payable pursuant to
Section 21.6.2, by Master Franchisee to either (i) assume all of the Funded Debt (less Cash determined as of the Exercise Date or, if subsequently adjusted pursuant to Section 21.7.2, the Option Closing Date) and Contingencies
attributable to the Subject Business and execute a general release in favor of McDonald’s and in form and scope acceptable to McDonald’s, relieving McDonald’s of any obligations with respect thereto; or (ii) pay to
McDonald’s any amounts payable on any Option Closing Date (without regard to any notice or cure period that may otherwise apply under this Agreement); 
 22.2.16 The material breach by Brazilian Master Franchisee of any of its obligations, including compliance with the System, under the Brazil MFA relating to or otherwise in connection with any aspect of
the Brazilian Master Franchise Business (as defined in the Brazil MFA), the Franchised Restaurants or any other matter in or affecting Brazil if Brazilian Master Franchisee shall have failed to cure such material breach within 30 days after its
receipt of notice thereof from McDonald’s; 
 22.2.17 The material breach by any Owner Entity or any Master
Franchisee Party of its representations, warranties or obligations under any MFA Document (other than this Agreement) if such Owner Entity or Master Franchisee Party shall have failed to cure such material breach within 30 days after its receipt of
notice thereof from McDonald’s; or 
 22.2.18 The entry into any agreement (including any unsecured or
secured debt facility, indenture or other instrument or agreement) by Beneficial Owner, any Owner Entity, Master Franchisee or any Subsidiary that is materially adverse to any of McDonald’s rights (a) under the Call Option; or (b) in
respect of the Intellectual Property. 
 22.3 Remedies. 

22.3.1 Upon the occurrence and during the continuance of a Material Breach, McDonald’s, at its option, may take
anyone or more of the following actions: 
 (a) In the case of any Material Breach, other than any Material
Breach specified in Section 22.2.11(a): 
 (i) Terminate this Agreement, in whole or, in McDonald’s
sole discretion, with respect to any one or more Territories identified by McDonald’s as being affected by such Material Breach or to which such Material Breach may be attributable, directly or indirectly; or 

(ii) Subject to Section 22.3.1(b), exercise the Call Option with respect to all of the Territories, or in
McDonald’s sole discretion, with respect to one or more Territories identified by McDonald’s as being affected by such Material Breach or to 

  
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which such Material Breach may be attributable, in either case directly or indirectly; 
 provided, however, that if the initial Material Breach relates to any one or more Territories other than a Major Territory and is not a Material Breach specified in Section 22.2.11(a),
McDonald’s shall only be entitled to exercise the Call Option with respect to such Territory or Territories. 
 (b) Solely in the case of any Material Breach specified in Sections 22.2.11(a), terminate the exclusive right of Master Franchisee to exploit the Master Franchisee Rights granted in Section 3 with
respect to each affected Territory. 
 22.4 Mitigation. McDonald’s shall have the right, but not the obligation, to
take such action as it may deem necessary or appropriate to cure or remediate any Material Breach, but no such action, cure or remediation shall constitute a waiver of any of McDonald’s rights or remedies hereunder or under Applicable Law with
respect to such Material Breach. Any such actions taken by McDonald’s shall be at the sole expense of Master Franchisee. 

22.5 Automatic Termination. Upon the occurrence of a Material Breach specified in Section 22.2.3, this Agreement shall
terminate without the need for any Party to take any further action. 
 23. Rights and Obligations Upon Termination or Expiration of the
Master Franchise 
 23.1 Termination or Expiration of this Agreement. If this Agreement expires or terminates
according to its terms, then: 
 23.1.1 McDonald’s shall have the right, but not the obligation, to acquire
all, but not less than all, of the Equity Interests in Master Franchisee at Fair Market Value; provided; however, that if this Agreement terminates with respect to French Guiana, Guadeloupe and Martinique upon the expiration of the
French Term, then McDonald’s shall have the right, but not the obligation, to acquire all, but not less than all, of the applicable Equity Interests of the MF Subsidiaries in French Guiana, Guadeloupe, Martinique at Fair Market Value.

 23.1.2 Master Franchisee shall pay to McDonald’s and its Affiliates, within ten Business Days following
the effective date of the termination or expiration of this Agreement, or such later date that the amounts due are determined as provided in this Agreement any amounts owed to McDonald’s or any of its Affiliates which are then unpaid and any
late charges with respect thereto. 
 23.1.3 If McDonald’s does not exercise its right to acquire all of the
Equity Interests in Master Franchisee pursuant to Section 23.1.1, then McDonald’s shall execute and deliver all necessary documents and instruments and perform any additional acts that McDonald’s determines to be necessary or
appropriate to confirm the continuing rights to the Intellectual Property and 

  
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otherwise of any Franchisee under a Franchise Agreement the term of which extends beyond the applicable Term. 
 23.2 Responsibilities of Master Franchisee Parties upon Termination. Upon termination or expiration of this Agreement with respect to any Territory, the Master Franchise Parties shall, with respect
to the affected Territory: 
 23.2.1 Not directly or indirectly at any time or in any manner identify themselves
or any business as a current franchisee or licensee of, or as otherwise associated with McDonald’s or any of its Affiliates, or use any Intellectual Property or any colorable imitation thereof in any manner or for any purpose, or utilize for
any purpose any trade name, trade or service mark or other commercial symbol that suggests or indicates a connection or association with McDonald’s or any of its Affiliates; 

23.2.2 Unless McDonald’s is entitled to and does exercise its right to acquire the Equity Interests in Master
Franchisee or any Equity Interest in any MF Subsidiary, within five Business Days remove all signs, structures, elements or designs incorporating or containing any Intellectual Property, and return to McDonald’s or destroy all items, forms and
materials containing any Intellectual Property or otherwise identifying or relating to a Franchised Restaurant and to comply fully with all Standards applicable to the closing or transfer of a McDonald’s Restaurant; 

23.2.3 Within five Business Days, take such action as may be required to cancel all fictitious or assumed name or
equivalent registrations relating to Master Franchise Parties’ use of any Intellectual Property; 
 23.2.4
Not sell any McDonald’s branded product or service or product or service identified as part of the System; 

23.2.5 If applicable, notify all search engines of the termination of Master Franchisee’s right to use domain names
incorporating or relating to the Intellectual Property and / or the Franchised Restaurants and Transfer (or cause to be Transferred) any domain name registrations within each Territory to McDonald’s or any other Person designated by
McDonald’s; 
 23.2.6 Not sell any equipment covered by Patents to any third party unless authorized in
writing by McDonald’s and to comply with McDonald’s directions regarding the disposition of such equipment at Master Franchisee’s sole expense; 
 23.2.7 Furnish to McDonald’s, within 30 Business Days after the effective date of termination or expiration, evidence satisfactory to McDonald’s of Master Franchisee’s compliance with the
foregoing obligations; 
 23.2.8 Immediately cease to use any of the Confidential Information which has been
disclosed to, or otherwise learned or acquired by Master Franchisee or any Master Franchisee Party and, no later than three Business Days after termination or expiration, return to McDonald’s all copies of all Operations

  
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Manuals and all materials containing Confidential Information which have been loaned or made available hereunder; and 

23.2.9 Within 30 Business Days, take such action as may be required to Transfer any MF Subsidiary that was organized in
such Territory or held Assets or Real Estate related to the operations of such Territory to a Person that is not a Subsidiary of Master Franchisee. 
 23.3 Transition Services. If a Call Option is exercised pursuant to Section 21.6.1 with respect to any or all Territories, then: 

23.3.1 McDonald’s shall be entitled immediately to assume the operation of any or all affected Franchised
Restaurants; 
 23.3.2 Master Franchisee shall, and shall cause its Related Parties to, cooperate with
McDonald’s in connection with the receipt of any approval from any Governmental Authority required to ensure the continuous operation of such Franchised Restaurants; and 

23.3.3 Master Franchisee shall provide, and shall cause each of its Related Parties to, provide to McDonald’s any
services required to ensure the continuous operation of such Franchised Restaurants (the “Services”), in accordance with the procedures and standards set forth below: 

(a) McDonald’s and Master Franchisee shall each nominate a representative to act as the “primary contact
person” with respect to the performance of the Services (each, a “Service Coordinator”). Unless otherwise agreed upon by the Parties, all communications relating to the Services shall be directed to the Service Coordinators.

 (b) Master Franchisee shall (and shall cause any Person performing services on its behalf to) use best
efforts, skill and judgment in providing the Services. 
 (c) Master Franchisee shall, and shall cause its
Related Parties to, reasonably cooperate with McDonald’s in all matters relating to the provision of the Services and perform all obligations hereunder in good faith and in accordance with principles of fair dealing and refrain from any willful
or intentional misconduct, gross negligence or violation of Applicable Law. 
 (d) Master Franchisee shall use
its best efforts to cause any third party whose actions are necessary to the provision of the Services to cooperate with McDonald’s in connection therewith. 

(e) McDonald’s shall use commercially reasonable efforts to (i) provide information and documentation necessary
for Master Franchisee to perform the Services; (ii) make available, as reasonably requested by Master Franchisee, sufficient resources; and (iii) make or provide timely decisions, approvals and acceptances in order that Master Franchisee
may perform the Services in a timely and efficient manner. 

  
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 (f) Master Franchisee shall follow, and shall cause its Related Parties to
follow, any Standards of McDonald’s applicable to the Services. 
 (g) In consideration for the Services,
McDonald’s shall pay to Master Franchisee all direct costs of Master Franchisee in providing the Services, including any reasonable and documented out-of-pocket expenses. 
 23.4 Right to Hire Former Employees. McDonald’s shall be entitled to interview, solicit and / or hire any former employee of any Franchised Restaurant that are no longer being operated by
Master Franchisee or a Franchisee. 
 24. General Provisions 
 24.1 Effective Date. The Original MFA became effective on August 3, 2007. This Agreement shall become effective as of the date hereof. 

24.2 Payments. 
 24.2.1 Master Franchisee’s obligation to pay any fee or make any payment to McDonald’s at the times and in the manner required under this Agreement shall in no event be conditioned upon receipt
by Master Franchisee of any amount from any Franchisee. 
 24.2.2 Master Franchisee shall at all times
participate in an automatic debit/credit transfer program as specified by McDonald’s from time to time for the payment of all amounts due to McDonald’s hereunder. Master Franchisee shall execute and deliver to McDonald’s such
documents and instruments as may be necessary to establish and maintain such an automatic debit/credit transfer program. 
 24.2.3 Amounts payable by Master Franchisee hereunder shall be paid in U.S. Dollars and shall be due and payable on the dates specified herein. If any payment required hereunder is not made when due,
Master Franchisee shall, to the fullest extent permitted by Applicable Law, pay to McDonald’s interest on the past due amount from and including the due date for such payment to, but excluding, the date of actual payment thereof at a per
annum rate equal to the highest rate allowed by Applicable Law or, if there is no maximum rate permitted by Applicable Law, then 15%. Such interest will be calculated on the basis of monthly compounding and the actual number of days elapsed,
divided by 365. This late charge shall be in addition to any other remedy available to McDonald’s hereunder or under Applicable Law. Master Franchisee acknowledges that nothing contained in this Section shall constitute an agreement by
McDonald’s to accept any overdue payment or a commitment by McDonald’s to extend credit to, or otherwise finance, Master Franchisee’s operation of the Master Franchise Business. 

24.2.4 Except for Continuing Franchise Fees, the calculation of U.S. Dollar equivalents for any amount payable
hereunder on any day shall be made using (a) on the spot rate of exchange for settlement on such date as reported in 

  
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The Wall Street Journal, Eastern Edition, as the New York foreign exchange selling rate applying to trading among banks in amounts of $1,000,000 or more, or, if not so reported; or
(b) the arithmetic average of the day’s spread for settlement on such date as reported in the Financial Times, London Edition. In the case of Continuing Franchise Fees, the calculation of the amounts payable shall be based on the
arithmetic average of the exchange rates determined in accordance with the preceding sentence of each day on which such exchange rates are published in the respective calendar month for which such Continuing Franchise Fees are owed. 

24.2.5 The U.S. Dollar is the sole currency of account and payment for all amounts payable by any Party to
McDonald’s hereunder, including damages. Any amount received or recovered in currency other than U.S. Dollars (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction or otherwise) shall only
constitute a discharge of the relevant Party to the extent of the U.S. Dollars that McDonald’s is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not
practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Dollar amount is less than the amount expressed to be due to McDonald’s, Master Franchisee, each MF Subsidiary and Owner
shall jointly and severally indemnify and hold harmless McDonald’s against any loss or cost sustained by it in making any such purchase. For the purposes of this Section, it shall be sufficient for McDonald’s to certify that it would have
suffered a loss had an actual purchase of U.S. Dollars been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Dollars on such date had not been practicable, on the first date on
which it would have been practicable). If any Master Franchisee Party is unable to pay Continuing Franchise Fees in U.S. Dollars as result of the imposition of any exchange controls by any Governmental Authority, then Master Franchisee or another
Master Franchisee Party shall make such payments on its behalf as and when such payment is due and payable. 

24.2.6 Except to the extent provided in this Section, amounts payable by any Master Franchisee Party to McDonald’s
hereunder shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments, fees or other governmental charges imposed or levied by or on behalf of any jurisdiction within the Territories or any
political subdivision or taxing authority thereof or therein (“Local Taxes”), except that each Master Franchisee Party shall withhold and pay by their due date all Local Taxes, if any, which are required to be withheld and paid by
the Master Franchisee Party under the Applicable Law of any Territory from which payment is made by the Master Franchisee Party to McDonald’s under this Agreement. If any Local Taxes withheld by any Master Franchisee Party or otherwise imposed
on McDonald’s in respect of such a payment are not creditable by McDonald’s for U.S. federal income tax purposes (including as a result of McDonald’s not being treated as the recipient and beneficial owner of the related income for
Local Tax purposes, or otherwise not being treated as the taxpayer with respect to such Local Taxes for U.S. foreign tax credit purposes), such Master Franchisee Party will pay to McDonald’s such additional amounts as may be necessary to ensure
that any net payment received by McDonald’s after such withholding or other payment of 

  
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Local Taxes is equal to the amount that McDonald’s would have received had no such withholding or other payment been required. The Master Franchisee Parties and Owner shall be jointly and
severally liable for the obligation to pay any amounts owed under the preceding sentence. The Master Franchisee Parties and Owner shall, jointly and severally, indemnify and hold McDonald’s and its Affiliates harmless against any penalties,
interest or expenses incurred by or assessed against McDonald’s or its Affiliates as a result of the failure by any Master Franchisee Party to withhold Local Taxes or to pay the Local Taxes by their due date to the appropriate taxing authority.

 24.3 Priority of Payments; Set-Off Rights. McDonald’s shall be entitled to apply any payment from any Master
Franchisee Party in such order as McDonald’s may determine in its sole discretion to any amount due but unpaid by any other Master Franchisee Party. No Master Franchisee Party shall have any right to any set-off, counterclaim, recoupment,
defense or other claim, right or action whatsoever against McDonald’s or any of its Affiliates. 
 24.4
Severability. The provisions of this Agreement shall at all times be construed, interpreted and applied to preserve and maintain the Parties’ intention to effect a unitary and indivisible transaction covering a single legal and economic
transaction that is personal to the Master Franchisee Parties. For purposes of any Transfer, assumption, rejection or rescission of this Agreement, this Agreement constitutes one indivisible and non-severable agreement dealing with and covering a
single legal and economic transaction which may be transferred, assumed, assigned, rejected or rescinded (as applicable) only as a whole with respect to all (and not less than all) of the obligations covered under this Agreement; provided, however,
that nothing herein shall constitute an admission by McDonald’s that any such Transfer, assumption, rejection or rescission (as applicable) is permissible under applicable law or this Agreement or shall constitute a waiver of any provision of
this Agreement, including without limitation, Section 21.2. To the extent consistent with the foregoing, 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. If any provision of this Agreement is held
to be invalid, inoperative or unenforceable for any reason, such provision shall be severed only with respect to such Territory and shall not have the effect of rendering such provision invalid, inoperative or unenforceable in any other Territory,
case or circumstance, or of rendering any other provision hereof invalid, inoperative, or unenforceable to any extent whatsoever in any other Territory. 
 24.5 Approvals and Consents of McDonald’s. Unless a different standard is expressly required in this Agreement, whenever in this Agreement any action is subject to McDonald’s prior
approval or consent, such approval or consent may be granted or denied in McDonald’s in the exercise of its discretion or business judgment based on its assessment of the overall best interest of the System and / or franchise program. Master
Franchisee shall make a timely written request for any such approval or consent, and each such approval or consent shall be evidenced by a writing signed by an officer of McDonald’s. Any approval or consent may be subject to such conditions as
McDonald’s deems appropriate or be granted on a “test” or temporary basis. 

  
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 24.6 Waiver. No Party to this Agreement 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 shall not be construed as a waiver of any subsequent Material Breach or a subsequent waiver of the same term or
condition, or a waiver of any other term or condition of this Agreement. The failure of any Party hereto 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. 
 24.7 Benefits of this Agreement. This Agreement is
binding upon the Parties hereto and their respective executors, administrators, heirs, permitted Transferees and successors in interest. This Agreement shall inure to the benefit of any permitted Transferee, to McDonald’s, its Affiliate and
licensors as provided in Sections 15 and 21 and to the McDonald’s Indemnified Parties. McDonald’s Corporation shall be an intended third party beneficiary of each obligation owed to McDonald’s by any Master Franchisee Party under this
Agreement. 
 24.8 Counterparts. This Agreement may be executed and delivered in one or more counterparts, and by the
different Parties hereto 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. 

24.9 Specific Performance. Beneficial Owner and each Master Franchisee Party acknowledges and agrees that any violation of
Section 7, 8, 11, 15, 16, 18 or 21 would cause McDonald’s irreparable injury for which damages may not be adequate, and that McDonald’s shall be entitled to injunctive relief, preventive measures or any remedy as may be available,
whether judicially or extra-judicially, and including specifically such relief as may be provided by a court of competent jurisdiction or any other Governmental Authority in the exercise of its powers, in order to enforce the obligations established
therein and / or to restrain any actual or threatened conduct of any Party in violation of any such Section. 
 24.10
Notices. Any and all notices required or permitted under this Agreement shall be in writing and shall be personally delivered, sent via an internationally recognized overnight delivery service, or sent by facsimile or electronic transmission
(with a confirming copy sent by international air mail) to the following respective addresses or facsimile number or e-mail address unless and until a different address or facsimile number has been designated by written notice to each 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

  
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	 	  	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 MF Subsidiary:	  	As specified in Exhibit 1
	
	If to Master Franchisee, Owner Entities 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

 Notices shall be
addressed to the Party to be notified at its most current business address or telecopy number or e-mail address of which the notifying Party has been notified. 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, in the case of McDonald’s, the State of Illinois, United States of America. 

24.11 Survival. The obligations of Master Franchisee to pay any amount due to McDonald’s hereunder and the obligations
contained in Sections 5, 7.9 (solely to the extent provided therein), 7.14, 15, 16, 17, 18, 20, 23 and 25 shall survive expiration or termination of this Agreement. 
 24.12 No Third Party Beneficiaries. Except as otherwise expressly provided herein, nothing in this Agreement is intended, nor shall be deemed, to confer any rights or remedies upon any Person not a
party hereto. McDonald’s does not warrant that such obligations have been imposed on or implemented by or on any other McDonald’s franchisee or any McDonald’s Restaurant. 

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

24.14 Criminal or Civil Penalties. No Party shall engage in any activity that would expose any other Party to a risk of criminal
or civil penalties under Applicable Law. 
 25. Governing Law and Arbitration 

25.1 Governing Law. This Agreement shall be governed by the substantive laws of the State of Illinois, United States of America,
without giving effect to principles of conflicts of laws. To the extent that it may be applicable, the Parties agree to exclude the application of the United Nations Convention on Contracts for the International Sale of Goods. 

25.2 International Arbitration. 
 25.2.1 The Parties agree that any dispute, controversy or claim arising out of, relating to or in connection with this Agreement, including, without limitation, any dispute regarding its validity or
termination, or the performance or breach thereof (each a “Dispute”), shall be finally settled by binding international arbitration in Chicago, Illinois, 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. The place of arbitration shall be Chicago, Illinois. 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. 

25.2.2 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. 
 25.2.3 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 

  
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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. 
 25.2.4 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. 

(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. 
 25.2.5 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. 

  
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 25.2.6 Each Party 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. 
 25.2.7 The Parties agree to submit to (i) the exclusive personal jurisdiction of the state and federal courts sitting in Chicago, Illinois 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. 
 25.2.8 The Parties that are not organized in the United States consent to the
service of process for the purposes of clause (i) of Section 25.2.7 by appointing CT Corporation, which maintains an office at 208 South LaSalle Street, Suite 814; Chicago, Illinois, as its agent to receive service of process or other
legal summons. Each of the Parties further consents to the service of process irrevocably for the purposes of clause (i) of Section 25.2.7 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 24.10. Nothing in this Section shall affect the right of any Party to serve legal process in any other manner permitted by Applicable Law. 

25.2.9 In accordance with Article 23(2) of the ICC Rules, the Parties may apply to the competent judicial authority
specified in Section 25.2.7 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. 

25.2.10 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; provided that McDonald’s shall first provide written notice of such election to Master Franchisee and permit Master Franchisee a period of not less than 30
days in which to elect to pay the award in cash rather than issue Equity Interests to McDonald’s. 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. 
 25.2.11 The Parties 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. 
 25.2.12 When a party 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 to the same or 

  
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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 consolidated in accordance with this Section under Articles 4(6) or 19 of the ICC Rules, even if the parties to such arbitration proceedings are not
identical. 
 25.2.13 Except as may be required by Applicable Law or court order, the Parties 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 25.2.7. The Parties further agree to obtain the arbitrators’ agreement to preserve the confidentiality of any arbitration. 
 25.2.14 The Parties 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. 
 25.3 Limitations. Except for claims arising from Master Franchisee’s non-payment or underpayment of
amounts due to McDonald’s or any of its Affiliates, any Dispute arising out of or relating to this Agreement or any Related Agreement or the relationship of the Parties hereto shall be barred unless an arbitration proceeding is commenced within
two years from the date the complaining Party knew or should have known of the facts giving rise to such Claim. 
 25.4
SPECIAL DAMAGES. EXCEPT WITH RESPECT TO MASTER FRANCHISEE’S OBLIGATION TO INDEMNIFY THE INDEMNIFIED PARTIES PURSUANT TO SECTION 20 AND CLAIMS MCDONALD’S BRINGS AGAINST ANY OTHER PARTY FOR ITS UNAUTHORIZED USE OF THE TRADEMARKS OR
ANY OTHER INTELLECTUAL PROPERTY OR ANY UNAUTHORIZED USE OR DISCLOSURE OF ANY CONFIDENTIAL INFORMATION, MCDONALD’S AND EACH OTHER PARTY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO OR CLAIM FOR ANY PUNITIVE, MORAL, EXEMPLARY OR ANY
SIMILAR DAMAGES AGAINST THE OTHER AND AGREE 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 ACTUAL DAMAGES IT SUSTAINS. 

26. Acknowledgements 

  
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 26.1 Evaluation and Advice. Master Franchisee, each MF Subsidiary, each Owner Entity
and Beneficial Owner acknowledge that each has read this Agreement, that each has had the opportunity to evaluate this Agreement and be advised by its counsel and financial, tax and business advisors with respect to its rights and obligations
hereunder and the scope, cost and risk of the undertaking contemplated by this Agreement. Master Franchisee, the MF Subsidiaries, each Owner Entity and Beneficial Owner understand and accept the terms, conditions and covenants contained in this
Agreement as being reasonably necessary to maintain McDonald’s high standards of quality and service and the uniformity of those standards at all Franchised Restaurants in order to protect and preserve the goodwill or reputation of the System
and the Trademarks. 
 26.2 Independent Investigation. Master Franchisee, each MF Subsidiary, each Owner Entity and
Beneficial Owner acknowledge that each of them has conducted an independent investigation of the business venture contemplated by this Agreement. Master Franchisee, each MF Subsidiary, each Owner Entity and Beneficial Owner recognize that this
venture involves business risks and that the success of the venture is largely dependent upon their respective business abilities. McDonald’s expressly disclaims the making of, and Master Franchisee, each MF Subsidiary, each Owner Entity and
Beneficial Owner acknowledge that none of them has received or relied upon, any guaranty, express or implied, as to the revenues, profits or success of the business venture. Master Franchisee, each MF Subsidiary, each Owner Entity and Beneficial
Owner acknowledge that none of them has received or relied on any representations by McDonald’s, any of its Affiliates or their respective officers, directors, employees or agents, except as expressly set forth herein or in the Purchase
Agreement. Each Party acknowledges that in all dealings with respect to this Agreement and the Related Agreements, such Party’s officers, directors, employees and agents act only in a representative capacity and not in an individual capacity.

 26.3 No Broker. Master Franchisee and each Owner Entity acknowledge that neither of them has used a broker to acquire
the Master Franchisee Rights or the Master Franchise Business. 
 27. Entire Agreement/Amendments 

27.1 Entire Agreement. Each of the Parties hereto acknowledges and warrants to each other that such Party wishes to have all terms
of such Party’s business relationship defined in this Agreement and the Related Agreements. None of the Parties wishes to enter into a business relationship with any of the other Parties in which any terms or obligations are the subject of
alleged oral statements or in which oral statements serve as the basis for creating rights or obligations different than or supplementary to the rights and obligations set forth herein. Accordingly, each Party agrees that this Agreement and the
Related Agreements and any other instrument executed contemporaneously and in connection herewith, supersede and cancel any prior and / or contemporaneous discussions (whether described as presentations, inducements, promises agreements or any other
term) between McDonald’s or anyone acting on its behalf, on the one hand, and Master Franchisee, any MF Subsidiary, each Owner Entity, Beneficial Owner or anyone acting on its or their behalf, on the other hand, which might be taken to
constitute agreements, representations, inducements, promises or understandings (or any equivalent to such terms) with respect to the relationship between 

  
 85 

 
the Parties, and each Party agrees that they have placed, and will place, no reliance on any such discussions. Without limiting the generality of the foregoing, the Parties acknowledge and agree
that no future franchise rights or offer of franchise rights have been promised by McDonald’s to Master Franchisee, any MF Subsidiary, each Owner Entity or Beneficial Owner, and no such franchise rights or offer of franchise rights shall come
into existence, except by means of a separate writing, executed by an officer of McDonald’s or other Person granting such rights. 
 27.2 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. 

*    *    * 

  
 86 

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

									
	McDonald’s:	 		 	Master Franchisee:
		
	MCDONALD’S LATIN AMERICA, LLC	 	LATAM, LLC
				
	By	 	 /s/ Maria Leggett
	 	By	 	  

		 	Name:	 	Maria Leggett	 		 	Name:
		 	Title:	 	Latin America General Counsel & Assistant Secretary	 		 	Title:
		
	Owner:	 	Dutch Coop:
		
	ARCOS DORADOS B.V.	 	ARCOS DORADOS COOPERATIEVE U.A.
				
	By	 	  
	 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
		
	Parent:	 	Beneficial Owner:
		
	ARCOS DORADOS LIMITED	 	LOS LAURELES, LTD.
				
	By	 	  
	 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 MASTER
FRANCHISE AGREEMENT 

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

									
	McDonald’s:	 		 	Master Franchisee:
			
	MCDONALD’S LATIN AMERICA, LLC	 		 	LATAM, LLC
					
	By	 	  
	 		 	By	 	 (illegible signature)

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
	Owner:	 		 	Dutch Coop:
			
	ARCOS DORADOS B.V.	 		 	ARCOS DORADOS COOPERATIEVE U.A.
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
	Parent:	 		 	Beneficial Owner:
			
	ARCOS DORADOS LIMITED	 		 	LOS LAURELES, LTD.
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 MASTER
FRANCHISE AGREEMENT 

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

													
	McDonald’s:	 		 	Master Franchisee:
			
	MCDONALD’S LATIN AMERICA, LLC	 		 	LATAM, LLC
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	
			
	Owner:	 		 	Dutch Coop:
			
	ARCOS DORADOS B.V.	 		 	ARCOS DORADOS COOPERATIEVE U.A.
					
	By	 	 /s/ (illegible signature)
	 		 	By	 	 /s/ (illegible signature)

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 	Trust International Management (T.I.M.) B.V. Managing Director	 		 		 	Title:	 	Trust International Management (T.I.M.) B.V. Managing Director
			
	Parent:	 		 	Beneficial Owner:
			
	ARCOS DORADOS LIMITED	 		 	LOS LAURELES, LTD.
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 		 	Name:	 	
		 	Title:	 		 		 		 	Title:	 	

 MASTER FRANCHISE AGREEMENT 

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

									
	McDonald’s:	 		 	Master Franchisee:
			
	MCDONALD’S LATIN AMERICA, LLC	 		 	LATAM, LLC
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
	Owner:	 		 	Dutch Coop:
			
	ARCOS DORADOS B.V.	 		 	ARCOS DORADOS COOPERATIEVE U.A.
					
	By	 	  
	 		 	By	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:
			
	Parent:	 		 	Beneficial Owner:
			
	ARCOS DORADOS LIMITED	 		 	LOS LAURELES, LTD.
					
	By	 	 /s/ Woods Staton
	 		 	By	 	 /s/ Woods Staton

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	ARCOS DORADOS ARGENTINA S.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	 COMPAÑIA DE INVERSIONES

INMOBILIARIAS (C.I.I.) S.A.

		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DOURADOS COMERCIO DE ALIMENTOS LTDA. (FORMERLY
KNOWN AS “MCDONALD’S COMERCIO DE ALIMENTOS LTDA.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARRAS COMERCIO DE ALIMENTOS LTDA.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DORADOS RESTAURANTES DE CHILE, LTDA. (FORMERLY
KNOWN AS “MCDONALD’S DE CHILE LIMITADA”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	ARCOS DORADOS CARIBBEAN DEVELOPMENT CORP. (FORMERLY KNOWN
AS “MCDONALD’S CARIBBEAN DEVELOPMENT CORPORATION”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	RESTAURANT REALTY OF MEXICO, INC.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	GOLDEN ARCH DEVELOPMENT CORPORATION
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ADMINISTRATIVE DEVELOPMENT COMPANY
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	LOGISTICS AND MANUFACTURING LOMA CO.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	MANAGEMENT OPERATIONS COMPANY
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	FRANCHISE SYSTEM DE COLOMBIA LTDA.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	ARCOS DORADOS COLOMBIA LTDA. Y COMPAÑIA SOCIEDAD EN
COMANDITA POR ACCIONES (FORMERLY KNOWN AS “FRANCHISE SYSTEM DE COLOMBIA
LTDA. Y COMPAÑIA SOCIEDAD EN COMANDITA POR ACCIONES”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DORADOS DE ALIMENTOS DE COSTA RICA ADCR, S.A.
(FORMERLY KNOWN AS “RÁPIDO SERVICIO DE ALIMENTOS DE COSTA RICA,
S.A.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCGOLD DEL ECUADOR S.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DORADOS CURAÇAO N.V. (FORMERLY KNOWN AS
MCDONALD’S ST. MARTEEN AND CURACAO, N.V.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	ARCOS DORADOS ARUBA N.V. (FORMERLY KNOWN AS
“MCDONALD’S ARUBA, N.V.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	RESTAURANT SYSTEM OF FRENCH GUIANA
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	RESTAURANT SYSTEM OF GUADELOUPE
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	RESTAURANT SYSTEM OF MARTINIQUE
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS SERCAL CORPORATIVO, S. DE R.L. DE C.V. (FORMERLY
KNOWN AS “MCDONALD’S CORPORATIVO MÉXICO, S. DE R.L. DE C.V.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	ARCOS SERCAL DE MEXICO, S.A. DE C.V. (FORMERLY
KNOWN AS “MCDONALD’S MÉXICO R.L. DE C.V.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ALIMENTOS CENTRALIZADOS DE MÉXICO S. DE R.L. DE
C.V.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	SERVICIOS ALIMENTOS CENTRALIZADOS DE MÉXICO, S. DE R.L.
DE C.V.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS SERCAL INMOBILIARIA, S. DE R.L. DE C.V. (FORMERLY
KNOWN AS “MDC INMOBILIARIA DE MEXICO, S. DE R.L. DE C.V.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DORADOS PANAMÁ, S.A. (FORMERLY KNOWN AS
“MCDONALD’S SISTEMAS DE PANAMA, S.A.)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	SISTEMAS MCOPCO PANAMÁ, S.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	EL DORADO-MAC, S.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	OPERACIONES ARCOS DORADOS DE PERU S.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DORADOS PUERTO RICO, INC. (FORMERLY KNOWN
AS “MCDONALD’S SYSTEM DE PUERTO RICO, INC.”)
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	GAUCHITO DE ORO S.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ARCOS DEL SUR S.R.L.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	ALIMENTOS ARCOS DORADOS DE VENEZUELA, C.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 
			
	COMPAÑIA OPERATIVA DE ALIMENTOS COR, C.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:
	
	GERENCIA OPERATIVA ARC, C.A.
		
	By	 	 (illegible signature)

		 	Name:
		 	Title:

 MASTER
FRANCHISE AGREEMENT 

 EXHIBIT 1 

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 Maipu 1210, 5th
Floor, City of Buenos Aires, Argentina. 

  

	2.	 Compañia de Inversiones (C.I.I.) Inmobiliarias 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. 

  

	3.	Arcos Dourados Comercio de Alimentos Ltda. (formerly known as “McDonald’s 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. 

  

	4.	 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. 

  

	5.	Arcos Dorados Restaurantes de Chile Ltda. (formerly known as “McDonald’s de Chile Limitada”), a limited liability company, formed under the laws of
Chile, with its principal office at Apoquindo No. 4499, Piso 5, Santiago, Chile. 

  

	6.	Arcos Dorados Caribbean Development Corporation (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.	 Franchise System de Colombia Ltda., a sociedad comercial (company) formed under the laws of Colombia with its principal office at Avenida Suba
No. 108-58, Torre A, 6th Floor, Bogotá,
Colombia. 

  

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

 

	9.	Rápido Servicio de Alimentos de Costa Rica, S.A., a sociedad anónima (corporation) formed under the laws of Costa Rica with its principal
office at Urbanización Tournón, Edificio Facio & Cañas, Frente al parqueo del Centro Comercial El Pueblo, San José, Costa Rica. 

 

	10.	Arcgold del Ecuador S.A., a sociedad anónima (corporation) formed under the laws of Ecuador with its principal office at Avenida República de El
Salvador 1082, Edificio Mansión Blanca, Quito, Ecuador. 

  
 Exh. 1-1

	11.	Restaurant System of Guadeloupe, a société par actions simplifiée (simplified joint-stock company) formed under the laws of France with its
principal office at Immeuble Caribex, route du Raizet 97139, Abymes Cedex, Guadeloupe. 

  

	12.	Restaurant System of Martinique, a société par actions simplifiée (simplified joint-stock company) formed under the laws of France with its
principal office at Centre d’affaires Valmeniére, Bâtiment B – Immeuble AXA, 97200 Fort-De-France, Martinique. 

  

	13.	MDC Inmobiliaria de Mexico, S. de R.L. de C.V., a sociedad de responsabilidad limitada de Capital Variable (variable capital limited liability company), formed
under the laws of Mexico, with its principal office at Conjunto Plaza Marine, Antonio Dovali Jaime No. 75 -3er Piso, Col. Lomas de Santa Fe, Delegación Alvaro Obregon, México, D.F., C.P. 01219 Mexico. 

 

	14.	Restaurant Realty of Mexico, Inc., a corporation formed under the laws of Delaware, not formally registered as a branch in Mexico, with its principal office at
Prentice-Hall Corporation System, Inc., 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. 

  

	15.	Arcos Dorados Corporativo Mexico, S. de R.L. de C.V. (formerly known as “McDonald’s Corporativo Mexico, S. de R.L. de C.V.”), a sociedad de
responsabilidad limitada de Capital Variable (variable capital limited liability company), formed under the laws of Mexico, with its principal office at Conjunto Plaza Marine, Antonio Dovali Jaime No. 75-3er Piso, Col. Lomas de Santa Fe,
Delegación Alvaro Obregon, Mexico, D.F., C.P. 01219 Mexico. 

  

	16.	Arcos Dorados Mexico, S.A. de C.V. (formerly known as “McDonald’s Mexico, S.A. de C.V.”), a sociedad anonima de capital variable (variable capital
corporation), formed under the laws of Mexico, with its principal office at Conjunto Plaza Marine, Antonio Dovali Jaime No. 75-3er Piso, Col. Lomas de Santa Fe, Delegación Alvaro Obregon, México, D.F., C.P. 01219 Mexico.

  

	17.	Alimentos Centralizados de Mexico S. de R.L. de C.V., a sociedad de responsabilidad limitada de Capital Variable (variable capital limited liability company),
formed under the laws of Mexico, with its principal office at Conjunto Plaza Marine, Antonio Dovali Jaime No. 75 -3er Piso, Col. Lomas de Santa Fe, Delegación Alvaro Obregon, México, D.F., C.P. 01219 Mexico.

  

	18.	Servicios Alimentos Centralizados de Mexico, S. de R.L. de C.V., a sociedad de responsabilidad limitada de Capital Variable (variable capital limited liability
company), formed under the laws of Mexico, with its principal office at Con junto Plaza Marine, Antonio Dovali Jaime No. 75-3er Piso, Col. Lomas de Santa Fe, Delegación Alvaro Obregon, México, D.F., C.P. 01219 Mexico.

  

	19.	 Arcos Dorados Panamá, S.A. (formerly known as “McDonald’s 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. 

  
 Exh. 1-2

	20.	 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. 

  

	21.	 El Dorado-Mac, 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. 

  

	22.	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. 

  

	23.	 Arcos Dorados System de 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. 

 

	24.	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. 

  

	25.	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. 

  

	26.	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. 

  

	27.	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. 

  

	28.	Alimentos Arcos Dorados de Venezuela, C.A., compañia 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. 

  

	29.	Compania Operativa de Alimentos COR, C.A., compañia 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. 

  

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

  

	31.	Logistics and Manufacturing LOMA Co. 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. 

  
 Exh. 1-3

	32.	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. 

  

	33.	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. 

  

	34.	Restaurant System of French Guiana, a company formed under the laws of France, with its principal office at Rond Point Mirza, Route de la Madeleine, 97300 Cayenne,
French Guiana. 

  

	35.	Arcos Dorados Curacao N.V. (formerly known as “McDonald’s St. Maarten and Curacao N.V.”), a company formed under the laws of the Netherlands Antilles,
with its principal office at Frontstreet #78, Philipsburg, St. Maarten. 

  
 Exh. 1-4

 EXHIBIT 2 

DEFINITIONS 
 The following terms, when used in this Agreement, shall have the following meanings: 
 “Action” means any Claim, action, suit, demand, Order, consent, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any other Person. 

“Adjusted Fair Market Value” has the meaning set forth in Section 21.7.1(d) 

“Adjusted Fair Market Value Date” has the meaning set forth in Section 21.7.1(e). 

“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or
more intermediaries, Controls, is Controlled by, or is under Common Control with, such specified Person. 

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

“Already Pending Proceeding” has the meaning set forth in Section 25.2.12. 

“Anti-Terrorism Laws” means Executive Order 13224 issued by the President of the United States of America (or any
successor Order), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001 (or any successor legislation) and all other present and future federal, state and
local laws, ordinances, regulations, policies, lists, Orders and any other requirements of any Governmental Authority addressing or in any way relating to terrorist acts and acts of war. 

“Applicable Law” means all existing and future laws, including Anti-Terrorism Laws, rules, regulations, statutes,
treaties, codes, ordinances, permits, certificates, Orders, decrees, licenses and concessions of, or any interpretation of any of the foregoing by, any Governmental Authority, including OFAC. 

“Approved Closing” means any proposed closing of a Franchised Restaurant that (a) has been approved by
McDonald’s, such approval not to be unreasonably withheld, it being understood that (i) whether a closing is reasonable shall be determined by McDonald’s in light of the use of the related Real Estate in the operation of a
McDonald’s Restaurant, without regard to any other potential use of such Real Estate; and (ii) a failure by McDonald’s to approve any closing shall not be deemed to be unreasonable if McDonald’s reasonably believes that such
closing is proposed in contemplation of or in connection with the Transfer or use of the related Real Estate (or any related Site Agreement) to or in connection with a Competitive Business; (b) is the result of a condemnation of the related
premises by a Governmental Authority; or (c) is the result of the opening within the same trading area of a Franchised Restaurant having comparable Gross Sales and menu scope. 

“Approved Supplier” has the meaning set forth in Section 9.1.2. 

  
 Exh. 2-1

 “Arbitrating Party” has the meaning set forth in Section 25.2.3.

 “Assets” means any right or interest in or to property of any kind whatsoever, whether real, personal or
mixed and whether tangible or intangible, including Capital Stock. 
 “Attributable Indebtedness” means, on any
date, (a) in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a Capital Lease.

 “Base Plan” shall have the meaning set forth in Section 13.2.4. 

“Base Plan Index” means the number of Franchised Restaurants (excluding Satellites) required to be opened in the
(i) Base Plan, multiplied by (ii) 110% for each three-year period commencing on the expiration of the second Restaurant Opening Plan and ending on the date of the expiration of the preceding Restaurant Opening Plan. 

“Beneficial Owner” shall have the meaning set forth in the preamble. 

“Beneficiaries” shall have the meaning set forth in Section 21.2.6. 

“Brand Building Adjustment” means with respect to any calendar month for which Continuing Franchise Fees are payable
during the period (a) from August 3, 2007 to August 2, 2017, an amount equal to 2% of the U.S. Dollar equivalent of the Gross Sales for such calendar month; and (b) from August 3, 2017 to August 2, 2022, an amount
equal to 1% of the U.S. Dollar equivalent of the Gross Sales for such calendar month. 
 “Brazil MFA”
shall have the meaning set forth in Section 3.7.1. 
 “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 Illinois. 
 “Business Facilities Lease” means a lease agreement related to the business and equipment of a McDonald’s Restaurant entered into between Master Franchisee and a Franchisee.

 “Business Plan” means a comprehensive operating plan with respect to each Territory comprising the Component
Plans and the Strategic Marketing Plan and such other information as McDonald’s may require from time to time. 

“Call Option” has the meaning set forth in Section 21.6.1. 

“Call Option Price” has the meaning set forth in Section 21.6.2. 

  
 Exh. 2-2

 “Capital Lease” means, as of any date of determination, any lease of
property, real or personal, the obligations of the lessee in respect of which are required to be capitalized on the balance sheet of the lessee in accordance with GAAP. 
 “Capital Stock” means, with respect to any Person as of any date of determination, any and all shares, interests, participations or other equivalents (however designated, whether voting
or non-voting) of capital stock, partnership interests (whether general or limited), membership interests or equivalent ownership interests in or issued by such Person. 
 “Cash” means (a) cash; (b) any evidence of Indebtedness with a maturity of 365 days or less issued or directly and fully guaranteed or insured by the United States of America or
any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in support thereof); ( c) deposits, certificates of deposit, Eurodollar time deposits and bankers’ acceptances with a
maturity of 180 days or less and overnight bank deposits of any financial institution that is organized under the laws of the United States of America or any state thereof, and which bank or trust company has capital, surplus and undivided profits
aggregating in excess of $50,000,000 (to the extent non-U.S. Dollar denominated, the U.S. Dollar equivalent of such amount), and, in the case of any financial institution organized under the laws of the United States, has outstanding debt
which is rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the U.S. Securities Act of 1933, as amended); (c) commercial paper
with a maturity of 365 days or less issued by a corporation that is not an Affiliate of Master Franchisee and is organized under the laws of any state of the United States of America or the District of Columbia and rated at least A-1 by
Standard & Poor’s or at least P-1 by Moody’s; and (e) investments in money market funds all of the assets of which consist of securities of the type described in one or more of the foregoing clauses (b) through (d).

 “Certificated Equity Interests” means the certificates evidencing all Equity Interests issued in
certificated form by Master Franchisee and each Escrowed MF Subsidiary. 
 “Chief Executive Officer” has the
meaning set forth in Section 7.3.2. 
 “Chief Operating Officer” has the meaning set forth in
Section 7.3.2. 
 “Claim” means any allegation or demand from any Person. 

“Closing Date” means the closing date pursuant to the Purchase Agreement. 

“Collateral” has the meaning set forth in the Intercreditor Agreement. 

“Collateral Agent” means Deutsche Bank Trust Company Americas and its successors in interest, in its capacity as
collateral agent under the Credit Agreement, the Escrow Agreement and the Intercreditor Agreement. 
 “Competitive
Business” means any Person engaged in a QSR Business or any Person operating under the marks or trade names listed in Exhibit 25 as amended by McDonald’s from time to time. 

  
 Exh. 2-3

 “Component Plan” means, with respect to the Business Plan for each
Territory, the related Restaurant Opening Plan, Reinvestment Plan and Franchising Plan. 
 “Confidential
Information” has the meaning set forth in Section 18.1.1. 
 “Contingencies” means, as of any
date of determination with respect to any Person and its consolidated Subsidiaries, the aggregate amount of contingent liabilities of such Person and its consolidated Subsidiaries, as determined in accordance with Statement of Financial Accounting
Standards No. 5 and Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations (FIN 47), which construes Statement of Financial Accounting Standards No. 143 (or any successor standard or interpretation with respect
to any of the foregoing). 
 “Continuing Franchise Fees” has the meaning set forth in Section 5.2.1.

 “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. 
 “Control” means, with respect to the
relationship between or among two or more Persons, the possession, directly or indirectly or as trustee or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting
securities, as trustee or executor, by contract or otherwise, including the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person, and the
terms “Controlled by” and “under Common Control with” have correlative meanings. 

“Conventional Franchising Transaction” means the opening of a Franchised Restaurant by a Franchisee or the voluntary,
involuntary, direct or indirect sale, assignment, transfer or other disposition of a Franchised Restaurant to a Franchisee that has each of the following characteristics: (i) the Master Franchisee owns, directly or indirectly, the fee simple
interest (or the local equivalent) in, or leases (or the local equivalent) directly or indirectly from the owner of such interest, all real property on which such Franchised Restaurant is located; (ii) Master Franchisee, directly or indirectly,
has made or will make material investments in the real property on which such Franchised Restaurant is located; and (iii) the Franchisee has made or will make material investments in such Franchised Restaurant. 

“Copyrights” means, collectively, the copyrights, copyrighted works and copyrighted materials owned, directly or
indirectly, or hereafter acquired or licensed by McDonald’s relating to the development, ownership, operation, promotion and management of the Franchised Restaurants, including advertising materials, marketing materials, promotional materials,
software, manuals and training materials. 
 “Costa Rican Trust Agreement” means the trust agreement, dated as
of August 3, 2007, by and among McDonald’s, Master Franchisee and the Costa Rican Trustee 

  
 Exh. 2-4

 
pursuant to which the Equity Interests of Rápido Servicio de Alimentos de Costa Rica, S.A. are held in trust. 
 “Costa Rican Trustee” means Banco Improsa, S.A., as trustee and its successors in. interest, as trustee under the Costa Rican Trust Agreement. 

“Credit Agreement” means the Credit Agreement, dated as of August 2, 2007, by and among Owner, Collateral Agent,
Santander Investment Securities Inc and the other financial institutions parties thereto. 
 “Creditor Security
Documents” means any Security Document and any L/C Security Document, each as defined in the Credit Agreement. 

“Creditor Collateral” has the meaning set forth in the Intercreditor Agreement. 

“Customer Service Program” means a program for measuring customer satisfaction implemented through the use of one or
more of the following (or similar) means: (a) a customer satisfaction hotline; (b) customer surveys; and (c) “mystery shop” visits. 
 “Debt Assumption Election” has the meaning set forth in Section 21.6.2. 
 “Default Exercise Notice” has the meaning set forth in Section 21.6.3. 
 “Defending Party” has the meaning set forth in Section 25.2.4(a). 
 “Dematerialized Equity Interests” means each Escrowed Constituent Document of any Escrowed MF Subsidiary that does not issue Equity Interests in certificated form. 

“Developed IP” has the meaning set forth in Section 15.8. 

“Dispute” has the meaning set forth in Section 25.2.1. 

“Disputed Amounts” has the meaning set forth in Section 21.7.2(b). 

“Disputed Amounts Notice” has the meaning set forth in Section 21.7.2(b). 

“Disputed Amounts Settlement Notice” has the meaning set forth in Section 21.6.8. 

“Disqualified Firm” has the meaning set forth in Section 21.7.2(b)(1). 

“Distributor” means any Person that distributes products and services to Franchised Restaurants or that arranges for
such distribution. 
 “Dutch Coop” has the meaning set forth in the preamble. 

“EBIT” means, for any period with respect to any Person and its consolidated Subsidiaries, an amount equal to Net Income
for such period, plus (a) the following to the extent deducted in calculating such Net Income: (i) Interest Expense for such period; (ii) federal, state, local and foreign income taxes payable for such period; and
(iii) losses from the sale of fixed assets not in the ordinary course of business and other 

  
 Exh. 2-5

 
extraordinary or nonrecurring items; minus (b) to the extent added in calculating such Net Income, Interest Income, gains from the sale of fixed assets not in the ordinary course of
business and other extraordinary or nonrecurring items. 
 “EBITDA” means, for any period with respect to any
Person and its consolidated Subsidiaries, an amount equal to EBIT for such period, plus, to the extent deducted in calculating Net Income for such period, depreciation and amortization, as calculated in accordance with GAAP. For the avoidance
of doubt, it is understood that for purposes of calculating the Leverage Ratio, any payment related to Capital Leases or Synthetic Leases shall be considered as an expense in determining the relevant EBITDA. 

“EBITDAR” means, for any period with respect to any Person and its consolidated Subsidiaries, an amount equal to EBITDA
for such period, plus, to the extent deducted in calculating Net Income for such period, Capital Leases and Synthetic Lease Obligations for such period. 
 “Economic Interests” shall mean, with respect to any Person, any Equity Interests of any class entitled to participate in the economic benefits of the operations of such Person or
otherwise entitled to dividends or distributions of such Person’s income. 
 “Effective Termination” means
the termination by McDonald’s of the Master Franchisee Rights with respect to all Territories then subject to this Agreement and the Brazil MFA, which shall be deemed to have occurred on the earlier of (a) the date set forth in a written
notice which, notice shall be reasonably satisfactory in form and scope to McDonald’s to give effect to the provisions hereof, delivered by Master Franchisee to McDonald’s acknowledging such termination with respect to all such
Territories; provided that (i) such written notice shall serve only as evidence of Master Franchisee’s agreement that the grant of Master Franchisee Rights is of no further force or effect and that all Master Franchisee Parties must
cease all exercise of Master Franchisee Rights as and in the manner contemplated by this Agreement; and (ii) such written notice or the absence thereof shall not be in derogation of the rights of Master Franchisee to assert the wrongfulness of
such termination or the rights of McDonald’s to take all appropriate action to enforce its termination of the Master Franchisee Rights; and (b) the last date on which a final non-appealable judgment is rendered with respect to (i) the
termination date of this Agreement with respect to all Territories; and (ii) the amount of damages awarded to McDonald’s in connection therewith. 
 “Encumbrance” means any and all liens, encumbrances, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, reversions,
reverters, restrictive covenants, conditions, understandings or arrangements or other restrictions of any kind whatsoever, including any restriction on the title, transfer, use, voting receipt of income or other exercise of any attributes of
ownership of any kind whatsoever. 
 “Equity Interest” means, with respect to any Person, (a) all of the
shares of Capital Stock of such Person; (b) all warrants, options or other rights for the purchase or acquisition from such Person of shares of Capital Stock of such Person; (c) all securities convertible into or exchangeable for shares of
Capital Stock of such Person or warrants, rights or options for the purchase or acquisition of such securities; and (d) all other 

  
 Exh. 2-6

 
ownership or profit interests in such Person (including partnership, member or trust interests), whether voting or non-voting. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended. 

“Escrow Agent” means Citibank, N.A. and its successors in interest, as escrow agent under the Escrow Agreement.

 “Escrow Agreement” means the Escrow Agreement entered into among McDonald’s, Master Franchisee, each
Owner Entity, Escrow Agent, Collateral Agent and the other parties named therein, dated as of August 3, 2007, as amended. 

“Escrowed Constituent Documents” has the meaning set forth in the Escrow Agreement. 

“Escrowed MF Subsidiary” means each MF Subsidiary other than any MF Subsidiary organized in Mexico, French Guiana,
Guadeloupe or Martinique. 
 “Exercise Date” has the meaning set forth in Section 21.6.3. 

“Exercise Notice” has the meaning set forth in Section 21.6.3. 

“Existing Franchisee” means a Person that operates one or more McDonald’s Restaurants under an Existing Franchise
Agreement 
 “Existing Franchise Agreement” means a franchise agreement between a Master Franchisee Party and a
Franchisee in effect on and as of August 3, 2007, exclusive of any renewal or amendment thereof. 
 “Existing
Master Franchisee Restaurant” means a Master Franchisee Restaurant In operation as of August 3, 2007. 

“Existing Royalty” has the meaning set forth in Section 5.2.2. 

“Existing Suppliers” has the meaning set forth in Section 9.1.1. 

“Fair Market Value” means, with respect to a Subject Business, the fair market value thereof (including for the
avoidance of doubt all Real Estate thereof) determined in accordance with Section 21.7.1, without taking into account Funded Debt, Cash or Contingencies attributable to such Subject Business. 

“Fair Market Value Date” has the meaning set forth in Section 21.7.1(c). 

“Financial Investor” means each of (a) Capital International Private Equity Fund V, L.P., a Cayman Island limited
partnership; (b) CGPE V, L.P., a Cayman Island limited partnership; (c) Gávea Investment AD, L.P., a limited partnership organized under the laws of the Cayman Islands; (d) DLJ South American Partners L.P., a limited
partnership established under the laws of Ontario, Canada; and (e) DLJ Restco Co-Investments L.P., a limited partnership established under the laws of Ontario, Canada. 

  
 Exh. 2-7

 “Financial Investors’ Agreement” means the financial investors’
agreement, dated as of August 3, 2007, by and among McDonald’s and the Financial Investors. 
 “Financing
Agreements” has the meaning set forth in Section 7.1.3. 
 “Fixed Charge Coverage Ratio” means,
with respect to any Person as of any date of detennination, the ratio of (a) the sum of (i) EBITDAR, less (ii) distributions and dividends of such Person and its consolidated Subsidiaries, in each case for the period of four
consecutive fiscal quarters ending on such date of determination, to (b) the sum of (i) Principal and Interest Expense, plus (ii) Capital Leases and Synthetic Lease Obligations of such Person and its consolidated Subsidiaries,
in each case for the period of four consecutive fiscal quarters ending on such date of determination. 
 “FMV
Institution List” has the meaning set forth in Section 21.7.1. 
 “FMV Review Notice” has the
meaning set forth in Section 21.7.1(d). 
 “Following Business Day Convention” means, with respect to any
day that is not a Business Day, the first following day that is a Business Day. 
 “Force Majeure” means wars
or acts of war, the outbreak of hostilities (regardless of whether war is declared), rebellions, revolutions and civil commotions. 
 “Franchise Agreement” has the meaning set forth in 11.2.2. 

“Franchised Restaurant” means a McDonald’s Restaurant, including any related Incorporated McCafe and each Initial
Freestanding McCafe and each Satellite, to be developed, owned, operated or managed by Master Franchisee and / or its Franchisees in accordance with and subject to the terms of this Agreement and any applicable Franchise Agreement. 

“Franchisee” has the meaning set forth in 11.1.1. 

“Franchisee Approval Process” has the meaning set forth in 11.1.1. 

“Franchising Plan” means, with respect to the Business Plan for any Territory, the plan specifying the initiative to be
undertaken with Franchisees in such Territory during a specified period. 
 “Franchising Principles, Policies and
Guidelines” means the principles, policies and guidelines of McDonald’s and its Affiliates with respect to the grant of franchises for McDonald’s Restaurants, McCafes and other McDonald’s-branded points of distribution, as
amended by McDonald’s from time to time. 
 “French Term” has the meaning set forth in Section 4.1.

 “Freestanding McCafe” means any McCafe other than an Incorporated McCafe. 

“Funded Debt” means, as of any date of determination with respect to any Person and its consolidated Subsidiaries, all
of the following (without duplication), determined in accordance with GAAP: 

  
 Exh. 2-8

 (a) obligations for borrowed money and all obligations evidenced by bonds, debentures,
notes, loan agreements or other similar instruments; 
 (b) any direct or contingent obligations arising under standby or
commercial letters of credit (excluding the Letter of Credit), banker’s acceptances, bank guaranties, surety bonds and similar instruments; 
 (c) any Receivables Facility Attributed Indebtedness; 
 (d) net obligations of
such Person under any Swap Contract; and 
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property
owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse. 

“GAAP” means (a) in the case of Master Franchisee, generally accepted accounting principles in the United States of
America; and (b) with respect to any other Person, generally accepted accounting principles in the jurisdiction in which such Person is domiciled, in each case as in effect from time to time. 

“Global Supplier” has the meaning set forth in Section 9.3. 

“Global Training Standards” means the global training standards to be adopted by McDonald’s pursuant to the Global
Training Alignment strategy, as amended from time to time. 
 “Governmental Authority” means, in any applicable
Territory or other jurisdiction, any federal, provincial, state, territorial or local government, any governmental, regulatory or administrative authority, agency or commission or any court or tribunal or arbitral body. 

“GROIP” means the McDonald’s Global Restaurant Operation Improvement Process as in effect as of August 3,
2007, as it may be replaced or amended by McDonald’s from time to time. 
 “Gross Sales” means, with
respect to any or all of the Franchised Restaurants as the context may require, all revenues of Master Franchisee or any Franchisee, as applicable, attributable to sales by such Franchised Restaurants, whether such sales be evidenced by check, cash,
credit, charge account, debit card, exchange, gift cards and certificates or otherwise, and shall include the amounts received from the sale of goods, wares, and merchandise, food, beverages and tangible property of every kind and nature,
promotional or otherwise, and for services performed from or at such Franchised Restaurants, together with the amount of all orders taken or received at the Franchised Restaurants, whether such orders be filled from the Franchised Restaurants or
elsewhere. Gross Sales with respect to any Franchised Restaurant shall not include sales of merchandise for which cash has been refunded, provided that such sales shall have previously been included in such Gross Sales. There shall be deducted from
Gross Sales with respect to any Franchised Restaurant the price of merchandise returned by customers for exchange, provided that such returned merchandise shall have been previously included in Gross Sales, and provided further that
the sales price of merchandise 

  
 Exh. 2-9

 
delivered to the customer in exchange shall be included in such Gross Sales. Gross Sales with respect to any Franchised Restaurant shall not include the amount of any sales, service, value-added
or other similar taxes imposed by any local, foreign, federal, state, municipal, or other Governmental Authority that are actually collected from customers and paid by Master Franchisee or the applicable Franchisee to such Governmental Authority.
Each charge or sale upon credit shall be treated as a sale for the full price in the month during which such charge or sale shall be made, irrespective of the time when Master Franchisee or the applicable Franchisee shall receive payment (whether
full or partial) therefor. 
 “Guarantv Obligation” means, as to any Person, any (a) obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any
other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person
securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person. The amount of any Guaranty Obligation shall be deemed to be an amount equal to the stated or
determinable amount of the related primary obligation, or portion thereof, in respect of which such Guaranty Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
 “Hamburger
University License Agreement” means the license agreement, dated as of August 3, 2007, with respect to certain matters relating to the operation of Hamburger University (São Paolo). 

“ICC” has the meaning set forth in Section 25.2.1. 

“ICC Rules” has the meaning set forth in Section 25.2.1. 

“Incorporated McCafe” means a McCafe that is fully incorporated within the premises of a McDonald’s Restaurant.

 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following,
whether or not included as indebtedness or liabilities in accordance with GAAP: 

  
 Exh. 2-10

 (a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
 (b) all direct or contingent obligations
of such Person arising under letters of credit (including standby and commercial but, in the case of Master Franchisee, excluding the Letter of Credit except to the extent of any drawn amount), banker’s acceptances, bank guaranties, surety
bonds and similar instruments; 
 (c) net obligations of such Person under any Swap Contract; 

(d) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(e) Attributable Indebtedness in respect of Capital Leases and Synthetic Lease Obligations; 

(f) Off-Balance Sheet Liabilities; 
 (g) obligations in respect of Redeemable Stock of such Person; 
 (h) any
Receivables Facility Attributed Indebtedness; 
 (i) any “withdrawal liability” of such Person as such term is defined
under Part I of Subtitle E of Title IV of ERISA; and 
 (j) all Guaranty Obligations of such Person in respect of any of the
foregoing. 
 “Indemnitee” has the meaning set forth in Section 20.2. 

“Indemnitor” has the meaning set forth in Section 20.2. 

“Initial MFR Fee” has the meaning set forth in Section 5.1.1. 

“Initial SFR Fee” has the meaning set forth in Section 5.1.2. 

“Initial Franchise Fees” has the meaning set forth in Section 5.1.2. 

“International Franchisee Royalty” means, as of the date of any determination, the continuing franchisee fee royalty
rate applicable to the majority of McDonald’s Restaurants operated by franchisees outside of the Territories and the United States of America. 
 “Initial Freestanding McCafes” means each Freestanding McCafe owned by Master Franchisee on the Closing Date. 
 “Intellectual Property” means, collectively, the Copyrights, Patents, Trademarks, Trade Secrets and any Developed IP. 

  
 Exh. 2-11

 “Intercreditor Agreement” means the Intercreditor Agreement, dated as of
August 3, 2007, by and among the McDonald’s, Owner, the Collateral Agent and the other Persons party thereto. 

“Interest Expense” means, with respect to any Person and its consolidated Subsidiaries for any period, total interest
expense, whether paid or accrued (including the interest component of Capital Leases and Synthetic Lease Obligations), including all commissions, discounts and other fees and charges owed with respect to letters of credit and net costs under
interest rate contracts and foreign exchange contracts, amortization of discount, but excluding interest expense not payable in cash (including interest accruing on deferred compensation obligations) other than amortization of discount, all as
determined in accordance with GAAP. 
 “Interest Income” means, with respect to any Person and its consolidated
Subsidiaries for any period, interest income, whether paid or accrued, all as determined in accordance with GAAP. 

“Interest Payment Date” has the meaning set forth in Section 7.9.4(e). 

“Interest Payment Period” has the meaning set forth in Section 7.9.4(e). 

“IPO” means an initial public offering of the Equity Interests of Parent then owned by Beneficial Owner and Financial
Investors, directly or indirectly, resulting in gross proceeds of not less than $150,000,000 and effected in conjunction with the listing of such Equity Interests on a nationally-recognized securities exchange in any of Brazil, Mexico, the United
Kingdom or the United States of America. 
 “Key Employee” has the meaning set forth in Section 12.1.

 “LC Bank” means Credit Suisse Cayman Islands Branch, and its successors in interest, or any other issuer of
a Letter of Credit. 
 “LC Collateral Pool” has the meaning set forth in Section 7.20.1. 

“LC Expiration Date” shall mean the stated expiration date of any Letter of Credit. 

“LC Payable” has the meaning set forth in Section 7.9.2. 

“LC Trigger Event” has the meaning set forth in Section 7.9.2. 

“Lender Payable” shall have the meaning set forth in the Intercreditor Agreement. 

“Letter of Credit” has the meaning set forth in Section 7.9.1. 

“Leverage Ratio” means, as of any date of determination with respect to Master Franchisee, the ratio of
(a) Rent-Adjusted Debt to (b) EBITDAR for four fiscal quarters most recently ended. 
 “Lien” means
any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever

  
 Exh. 2-12

 
(including any conditional sale or other title retention agreement, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Local Stock Power” has the meaning set forth in the Escrow Agreement. 

“Local Taxes” has the meaning set forth in Section 24.2.6. 

“Local Voting Power” has the meaning set forth in the Escrow Agreement. 

“Losses and Expenses” means, without limitation, all damages, losses, fines, charges, costs, expenses, lost profits,
attorneys’ or experts’ fees, court costs, settlement amounts, judgments and other reasonable costs and expenses of investigating, defending or countering any third-party claim; compensation for damages to McDonald’s reputation or
goodwill; costs of or resulting from delays, financing, costs of advertising materials and media time and / or space, and costs of changing, substituting or replacing the same; and any and all expenses of recalls, refunds, compensation, public
notices and such other amounts incurred. 
 “Major Territory” means, as of any date of determination, any
Territory in which at least 100 Franchised Restaurants are then in operation. 
 “Managing Director” has the
meaning set forth in Section 7.4. 
 “Mandatory Marketing Commitment” has the meaning set forth in
Section 14.1.2. 
 “Master Agreement” has the meaning set forth in the definition of Swap Contract.

 “Master Franchisee” has the meaning set forth in the preamble. 

“Master Franchise Business” means the business operated, directly or indirectly, by Master Franchisee hereunder and
pursuant to the Master Franchisee Rights, including all Assets used therein. 
 “Master Franchisee Parties”
means Master Franchisee and each of the MF Subsidiaries. 
 “Master Franchisee Restaurant” means a Franchised
Restaurant owned and operated by any Master Franchisee Party. 
 “Master Franchisee Rights” has the meaning set
forth in Section 3.1. 
 “Material Breach” has the meaning set forth in Section 22.2. 

“Materials” means advertising, marketing and promotional materials, including without limitation television, radio,
newspaper and print advertising, packaging, premiums, brochures, outdoor advertising, direct mail, coupons and point of sale materials. 
 “McCafe” means a McCafe-branded point of distribution offering a limited menu of pastries, coffee, tea and other beverages and operated under the System and the Trademarks. 

  
 Exh. 2-13

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

“McDonald’s Indemnified Parties” has the meaning set forth in Section 20.1. 

“McDonald’s Restaurant” means any McDonald’s-branded restaurant operated under the System. 

“McDonald’s Security Agreements” means each of (a) the Trust Agreements; (b) the Second Lien Brazilian
Quota Pledge Agreement, dated as of August 3, 2007, among McDonald’s Latin America, LLC, Master Franchisee, McDonald’s Carribean Development Corporation and Arcos Dorados B.V.; (c) McDonald’s Contrato de Prenda Abierta Sobre
Acciones en Colombia, dated as of August 3, 2007, among Master Franchisee, McDonald’s Caribbean Development Corporation and McDonald’s; (d) McDonald’s Contrato de Prenda Abierta Sobre Cuotas en Colombia, dated as of
August 3, 2007, among Master Franchisee, McDonald’s Caribbean Development Corporation and McDonald’s; (e) McDonald’s Deed of Pledge of Shares, dated as of August 3, 2007 among Master Franchisee, McDonald’s and
McDonald’s St. Maarten and Curacao N.V.; (f) Second Lien Ecuadorian Stock Pledge Agreement, dated as of August 3, 2007, by and between Master Franchisee and McDonald’s.; (g) McDonald’s Panamanian Stock Pledge Agreement,
dated as of August 3, 2007, among Master Franchisee, Eduardo de Alba and McDonald’s; (h) Constitución y Preconstitución de Garantía Mobiliaria Sobre Acciones, dated as of August 3, 2007, among Master
Franchisee, McDonald’s and Operaciones Arcos Dorados de Peru S.A.; (i) Ratification to McDonald’s U.S. Stock Pledge Agreement, dated as of August 3, 2007, among Master Franchisee, McDonald’s and the other parties thereto;
(j) McDonald’s Uruguay Social Quotas Pledge Agreement, dated as of August 3, 2007, among Master Franchisee, McDonald’s Caribbean Development Corporation, McDonald’s and Arcos del Sur S. RL.; (k) McDonald’s Uruguay
Stock Pledge Agreement, dated as of August 3, 2007, among Master Franchisee, McDonald’s Caribbean Development Corporation, McDonald’s and Arcos del Sur S.RL.; (l) McDonald’s Deed of Pledge of Shares, dated as of
August 3, 2007 among Master Franchisee, McDonald’s and McDonald’s Aruba N.V.; (m) the Venezuelan Share Pledge Agreement, dated as of August 3, 2007 between Master Franchisee, Management Operations Company and Deutsche Bank
Trust Company Americas; (n) Los Contratos de Prenda de Acciones y Cesión Fiduciaria con Fines de Garantia, dated as of August 3, 2007, among Master Franchisee, Arcos Dorados S.A., McDonald’s, Deutsche Bank Trust Company
Americas and the other parties thereto; and (o) McDonald’s U.S. Stock Pledge Agreement, dated as of August 3, 2007, among McDonald’s, Arcos Dorados B.V., Master Franchisee and the other parties thereto. 

“Mexican MF Subsidiaries” means each of MDC Inmobiliaria de Mexico, S. de RL. de C.V., McDonald’s Corporativo de
Mexico, S. de R.L. de C.V., McDonald’s Mexico, S.A. de C.V., Alimentos Centralizados de Mexico S. de R.L. de D.V. and Servicios Alimentos Centralizados de Mexico S. de R.L. de D.V. 

“Mexican Trust Agreement I” means the trust agreement, dated as of August 3, 2007, by and among McDonald’s,
Master Franchisee and Mexican Trustee pursuant to which certain of the Equity Interests of the Mexican MF Subsidiaries are held in trust. 
 “Mexican Trust Agreement II” means the trust agreement, dated as of August 3, 2007, by and among McDonald’s, McDonald’s Caribbean Development Corporation and

  
 Exh. 2-14

 
Mexican Trustee pursuant to which certain of the Equity Interests of the Mexican MF Subsidiaries are held in trust. 
 “Mexican Trustee” means Banamex División Fiduciaria, as trustee and its successors in interest, as trustee under each of the Mexican Trust Agreements. 

“MFA Document” has the meaning specified in the Intercreditor Agreement. 

“MFR Term” has the meaning set forth in Section 5.1.1. 

“MF Subsidiaries” means each of the Subsidiaries of Master Franchisee listed in Exhibit 1 and each other
Subsidiary of Master Franchisee that (i) owns and operates a Franchised Restaurant; (ii) licenses or sub-licenses others to own or operate a Franchised Restaurant; or (iii) owns or leases real estate related to the Master Franchise
Business and, in each case, becomes a Party hereto pursuant to Section 21.2.2; provided; however, that solely for purposes of Section 3.1.5, 3.2, 3.7 and 5.2.4, the Restaurant System of Guadeloupe and the Restaurant System of
Martinique shall not be deemed to be MF Subsidiaries. 
 “MF Subsidiary Rights” has the meaning set forth in
Section 3.2. 
 “Net Income” means, for any period with respect to any Person and its consolidated
Subsidiaries, the net income of such Person and its consolidated Subsidiaries (whether positive or negative), all as determined in accordance with GAAP. 
 “New Claims” has the meaning set forth in Section 25.2.12. 

“New Franchise Agreement” has the meaning set forth in Section 11.2.2. 

“New Franchisee Royalty” has the meaning set forth in Section 5.2.3. 

“New Franchisees” has the meaning set forth in Section 11.1.1. 

“New Supplier” has the meaning set forth in Section 9.1.2. 

“Non-Default Exercise Notice” has the meaning set forth in Section 21.6.3. 

“Non-Escrowed MF Subsidiaries” means each of the Mexican MF Subsidiaries, Rápido Servicio de Alimentos de Costa
Rica, S.A. and each other MF Subsidiary organizad under Mexican or Costa Rican law. 
 “Non-Public Shareholder”
shall mean Beneficial Owner, each Financial Investor and each other Person that acquires in any manner beneficial ownership of any Transferred Equity Interests in Parent other than pursuant to an IPO or pursuant to sale subsequent to an IPO into the
public markets, other than a block trade. 
 “Notices” means (a) any pleading or other court paper or
arbitration demand that (i) names McDonald’s or any of its Affiliates as a party; (ii) is issued in connection with a criminal investigation or subpoena of Master Franchisee, any of its Subsidiaries or Related Parties that arises out
of or relates to the Master Franchise Business; and (b) any notice issued by any Governmental Authority relating to a health or safety matter if such 

  
 Exh. 2-15

 
notice relates to one or more incidents that, individually or in the aggregate, involves damages, fines or other penalties in excess of $50,000. 

“OFAC” means the U.S. Treasury Department’s Office of Foreign Asset Control. 

“Off-Balance Sheet Liabilities” means, with respect to any Person and its consolidated Subsidiaries as of any date of
determination, without duplication and to the extent not included as a liability on the consolidated balance sheet of such Person in accordance with GAAP: (a) with respect to any asset securitization transaction (including any accounts
receivable purchase facility) (i) the unrecovered investment of purchasers or transferees of Assets so transferred; and (ii) any other payment, recourse, repurchase, hold harmless, indemnity or similar obligation of such Person or any of
its Subsidiaries in respect of Assets transferred or payments made in respect thereof, other than limited recourse provisions that are customary for transactions of such type and that neither (x) have the effect of limiting the loss or credit
risk of such purchasers or transferees with respect to payment or performance by the obligors of the Assets so transferred; nor (y) impair the characterization of the transaction as a true sale under Applicable Law (including applicable
bankruptcy laws); (b) the monetary obligations under any financing lease or so-called “synthetic,” tax retention or off-balance sheet lease transaction which, upon the application of any Applicable Law to such Person or any of such
Subsidiaries, would be characterized as indebtedness; (c) the monetary obligations under any sale and leaseback transaction which does not create a liability on the consolidated balance sheet of such Person and such Subsidiaries; or
(d) any other monetary obligation arising with respect to any other transaction which (i) upon the application of any Applicable Law to such Person or any of such Subsidiaries, would be characterized as indebtedness; or (ii) is the
functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheet of such Person and such Subsidiaries (for purposes of this clause (d), any transaction structured to provide tax
deductibility as interest expense of any dividend, coupon or other periodic payment will be deemed to be the functional equivalent of a borrowing). 
 “Offered Interest” has the meaning set forth in Section 21.4.1. 
 “Operations Manuals” means the various operations and procedures manuals and business manuals (as such manuals may be amended and supplemented by McDonald’s from time to time) owned
by McDonald’s and provided to Master Franchisee and its Franchisees, regardless of the form or medium in which they may be provided and including all translations made or obtained by Master Franchisee, which contain suggested and mandatory
standards, specifications and procedures and information relative to the System, certain obligations of Master Franchisee and its Franchisees, and the operation of each Franchised Restaurant. 

“Option Closing Date” has the meaning set forth in Section 21.6.5. 

“Order” means the entry in any judicial or administrative proceeding brought under Applicable Law by any Person of any
permanent or preliminary injunction or other judgment, order or decree. 
 “Original MFA” has the meaning set
forth in the preamble. 

  
 Exh. 2-16

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

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

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

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

“Patents” means, collectively, any and all patents now or hereafter owned, used, acquired or registered by
McDonald’s or licensed to McDonald’s by one of its Affiliates. 
 “Payment Election” has the meaning
set forth in Section 21.6.2. 
 “Person” means any individual, partnership, firm, limited liability
company, corporation, association, joint venture, trust, unincorporated organization or other entity, in each case whether or not having separate legal personality. 
 “Petitioning Party” has the meaning set forth in Section 25.2.4(a). 
 “Prepaid Amount” has the meaning set forth in Section 7.9.4. 

“Prepaid Amount Period” has the meaning set forth in Section 7.9.4. 

“Primary Calculations” has the meaning set forth in Section 21.7.2(b)(1). 

“Primary Valuation” has the meaning set forth in Section 21.7.1(b)(1). 

“Principal” means, with respect to any Person with respect to any period, total payments of principal on its Funded Debt
made by such Person and its consolidated Subsidiaries. 
 “Proposed Transferee” has the meaning set forth in
Section 21.2.2. 
 “Puerto Rican Royalty” has the meaning set forth in Section 5.2.4. 

“Purchase Agreement” means the Purchase Agreement, dated as of March 28, 2007, as amended by Amendment No. 1
to the Purchase Agreement, dated as of August 3, 2007, pursuant to which McDonald’s and certain of its Affiliates desire to sell, and Owner desires to purchase, 100% of the Equity Interests of Master Franchisee, Arcos Dourados Comercio de
Alimentos, Ltda., McDonald’s Sistemas de Panama, S.A., McDonald’s Sistemas McOpCo Panama, S.A. and El Dorado-Mac, S.A. 
 “QSC Standards” means the standards for quality, service and cleanliness established by McDonald’s from time to time and memorialized in the Standards, as amended by McDonald’s
from time to time. 
 “QSR Business” means any Person operating restaurants or other points of distribution in
the “quick-service” segment of the restaurant industry. 
 “Qualified Bank” means any commercial
banking institution that (a) has long term unsecured debt credit ratings issued by Moody’s Investors Service, Inc. of at least A and by Standard & Poor’s Rating Services of at least A; (b) has a capital and surplus of

  
 Exh. 2-17

 
not less than $500,000,000; and (c) is organized and chartered to do business in a country which is a full member of the Organization for Economic Cooperation and Development. 

“Real Estate” means any leasehold, free-hold or other property interest in real estate or any part thereof, including
improvements thereon. 
 “Receivables Facility Attributed Indebtedness” means the amount of obligations
outstanding under a receivables purchase facility on any date of determination that would be characterized as principal if such facility were structured as a secured lending transaction other than a purchase. 

“Redeemable Stock” means any Capital Stock of Master Franchisee or any of its Subsidiaries which is (a) mandatorily
redeemable, (b) redeemable at the option of the holder thereof or (c) convertible into Indebtedness of Master Franchisee or any of its Subsidiaries. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness,
in exchange or replacement for, such indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Regular Royalty” has the meaning set forth in Section 5.2.1. 
 “Regular Term” has the meaning set forth in Section 4.1. 

“Reinvestment Plan” means, with respect to the Business Plan for any Territory, the plan specifying the number of
restaurants to be remodeled or upgraded in such Territory during a specified period and the extent of such remodel or upgrade. 

“Related Agreement” means each agreement related to this Agreement, including the Hamburger University License
Agreement, the Purchase Agreement, the Financial Investors’ Agreement, the Escrow Agreement, the Trust Agreements, the Brazil MFA, the McDonald’s Security Agreements, the Intercreditor Agreement and each Franchise Agreement and any lease
agreements relating to property leased by McDonald’s or any of its Affiliates to Master Franchisee or any of its Subsidiaries. 
 “Relationship Committee” has the meaning set forth in Section 10.3. 
 “Related Party” means: 
 (a) with respect to any natural Person,

 (i) any of such Person’s parents, siblings, children and spouse, the parents, siblings and children of such Person’s
spouse, and the spouses of such Person’s children (“Relatives”); 
 (ii) any other Person with respect to
which such Person or any of his Relatives serves as a director, officer, partner, member or in a similar function; 

  
 Exh. 2-18

 (iii) any entity in which such Person or any of his Relatives, individually or collectively,
owns or controls, directly or indirectly, 5% or more of the Equity Interests; and 
 (iv) any trust or estate in which such
Person or any of his Relatives has a substantial interest or serves as a trustee or in a similar capacity; 
 (b) with respect
to any other Person, 
 (i) any Person that directly or indirectly owns or controls 5% or more of the Equity Interests of such
Person and the Related Parties of such Person; 
 (ii) any other Person in which such Person owns 5% or more of the Equity
Interests; 
 (iii) any director, officer, partner, member or similar representative of such Person or any of its Related
Parties; and 
 (iv) any Affiliate of such Person. 
 “Relatives” has the meaning set forth in the definition of “Related Party.” 
 “Relocation” means the process whereby a Franchised Restaurant is closed pursuant to an Approved Closing and is reconstructed in the same trading area to serve the same customer base, it
being understood that the Relocated Franchised Restaurant mayor may not be adjacent to the original site but, if adjacent, shall not use any portion of the original premises. “Relocate” and “Relocated” have
correlative meanings. 
 “Renewal Criteria” has the meaning set forth in Section 4.2. 

“Renewal Notice” has the meaning set forth in Section 4.3.1. 

“Renewal Option” has the meaning set forth in Section 4.2. 

“Rent-Adjusted Debt” means, for any period with respect to any Person and its consolidated Subsidiaries, the sum of
(a) the aggregate amount of Funded Debt of such Person and its consolidated Subsidiaries; plus (b) the Attributable Indebtedness in respect of Capital Leases and Synthetic Lease Obligations. 

“Restaurant Manager” means the individual having primary day-to-day responsibility for the operations of any Franchised
Restaurant. 
 “Restaurant Opening Plan” means the plan specifying the number and type of new Franchised
Restaurants to be opened in the Territories during a specified period; provided, however, that if no plan is then in effect, then the plan shall be deemed to specify the Targeted Openings with respect to the Territories. 

“Restricted Interests” has the meaning set forth in Section 21.2.2. 

“Restricted Product” means each bakery, protein, potato-based, liquid, condiment, packaging and beverage product, or
distribution service, used to prepare or provide any 

  
 Exh. 2-19

 
“core” or “branded product” offered by Franchised Restaurants, as such “core” or “branded products” may be designated by McDonald’s from time to time.

 “Restricted Real Estate” means the Real Estate identified in Exhibit 14. 

“Restricted Supplier Period” means a period (a) ending August 2, 2008 for all Existing Suppliers other than
OSI Industries Inc.; or (b) ending August 2, 2012 for OSI Industries Inc. Notwithstanding the foregoing, after August 3, 2010, Master Franchisee may request that McDonald’s approve a replacement supplier for OSI Industries Inc.,
such approval by McDonald’s not to be unreasonably withheld. 
 “RFR Seller” has the meaning set forth in
Section 21.4.1. 
 “ROI” means, for any Interest Payment Period, the weighted average return on
investment, expressed as a percentage, earned by McDonald’s Corporation on the investment of its cash and cash equivalents during such Interest Payment Period as determined by McDonald’s Corporation (each such determination to be
conclusive in the absence of manifest error). 
 “Royalty” means, with respect to any Franchise Agreement, the
aggregate of all franchise, service and license fees payable by the relevant Franchisee thereunder, expressed as a percentage of Gross Sales. 
 “Sale Period” has the meaning set forth in Section 21.6.1. 

“Satellite” means a McDonald’s-branded point of distribution operated under the System and the Trademarks that
(a) has one or more of the following characteristics: (i) such point of distribution’s operations are contingent upon the provision of services by another Franchised Restaurant in the same trading area; (ii) such point of
distribution offers a limited menu of products; (iii) such point of distribution is operated from a location that is approximately 30% of the size (in terms of square feet) of the average size of a Franchised Restaurant that is not a Satellite
or a McCafe in the relevant Territory; (iv) such point of distribution generates Gross Sales that are approximately 50% of the Gross Sales of a Franchised Restaurant that is not a Satellite or a McCafe in the relevant Territory; or
(v) such point of distribution is located within a Wal-Mart-branded retail location; and (b) has been expressly designated as a “Satellite” by McDonald’s. 

“Secondary Calculation” has the meaning set forth in Section 21.7.2(b)(3). 

“Secondary Valuation” has the meaning set forth in Section 21.7.1(b)(2). 

“Secured Restricted Real Estate” means the Restricted Real Estate other than any Restricted Real Estate located in
Brazil, Mexico or Puerto Rico. 
 “Service Coordinator” has the meaning set forth in Section 23.3.3(a).

 “Services” has the meaning set forth in Section 23.3.3. 

“Settlement Notice” has the meaning set forth in Section 21.6.4. 

“Settlement Notice Date” has the meaning set forth in Section 21.6.4. 

  
 Exh. 2-20

 “Shareholders Agreement” has the meaning set forth in Section 7.1.2.

 “Site Agreement” means any agreement of any nature whatsoever relating to the premise on which any
Franchised Restaurant is located, including any real estate mortgage, lease, construction contract or similar agreement. 

“Solicitation Period” has the meaning set forth in Section 4.3.2. 

“Standard Reporting Package” has the meaning set forth in Section 16.3. 

“Standards” means all standards, policies, guidelines and codes of conduct of whatever type used in the operation of the
System, and ensuring quality control, including with respect to the Operations Manuals, QSC Standards, specifications with respect to customer service, product content and delivery, supplier standards, equipment, building layout and design
standards, hours of operation, marketing and advertising policies, strategies and standards, protocols for conducting games, sweepstakes or contests, Golden Arches Code, Golden Arches Code Policies and Standards, packaging and creative standards and
frameworks, trademark clearance procedures, McDonald’s Corporation Standards of Business Conduct, McDonald’s Code of Conduct for Suppliers, McDonald’s Corporation Worldwide Restaurant Development: Restaurant Reinvestment Guide, GROIP,
McDonald’s safety standards and procedures, safety testing standards and the Global Training Standards, in each case as such standards, policies, strategies, protocols or codes may be amended from time to time by McDonald’s in its sole
discretion. 
 “Strategic Marketing Plan” means, with respect to the Business Plan for any Territory, the
related comprehensive advertising, promotion and marketing program for such Territory during a specified period that addresses, without limitation, advertising, promotion and marketing strategies and activities, related Materials, in-store
advertising and promotions, games/sweepstakes/contests, media strategies and the costs and fees expected to be incurred in connection with such Materials and activities, the purpose of which is to enhance and promote the McDonald’s brand and
System and to maximize consumer recognition of the Intellectual Property and patronage of the Franchised Restaurants in such Territory. 
 “Subject Business” means the Equity Interests to be acquired by McDonald’s as a result of the exercise of a Call Option, which, in the event McDonald’s determines to acquire
(a) all of the fully diluted Equity Interests of Master Franchisee owned or held, directly or indirectly, by Owner and any Equity Interests Transferred pursuant to Section 21.2.3, shall be all such Equity Interests of the Master
Franchisee; or (b) one or more, but not all, of the Territories, shall be all of the Equity Interests of each MF Subsidiary operating (or licensing the operation of) Franchised Restaurants in such Territory or Territories. 

“Subject Business Balance Sheet” has the meaning set forth in Section 21.7.2(a). 

“Subject Business Balance Sheet Date” has the meaning set forth in Section 21.7.2(a). 

  
 Exh. 2-21

 “Subsidiary” means, as to any Person, any other Person (a) of which
such Person directly or indirectly owns, securities or other equity interests representing 50% or more of the aggregate voting power; or (b) of which such Person possesses the right to elect 50% or more of the directors or Persons holding
similar positions. 
 “Supplier Criteria” has the meaning set forth in Section 9.1.1. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement; and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. 

“Synthetic Lease Obligation” means, without duplication, the monetary obligation of a Person under (a) operating
leases; (b) a so-called synthetic, off-balance sheet or tax retention lease; or (c) any agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the
insolvency or bankruptcy of such Person, would be characterized as the Indebtedness of such Person (without regard to accounting treatment). 
 “System” has the meaning set forth in Section 2.1. 

“Tango” means the common electronic data center used to host a single financial and warehouse system for the
Territories, which includes three primary components: (a) Oracle financial services systems; (b) the Tango warehouse; and (c) Cerg Finance treasury systems. 
 “Targeted Openings” means, as of any date of determination with respect to the Territories: 
 (a) if a Restaurant Opening Plan is then in effect, for the period covered by such Plan, the number of Franchised Restaurants (excluding Satellites) required to be opened by Master Franchisee in the
Territories in such year pursuant to such Plan; and 
 (b) if no Restaurant Opening Plan is then in effect, for the three-year
period commencing on the expiration of the predecessor Plan, the number of Franchised Restaurants (excluding Satellites) equal to the quotient resulting from (i) the number of Franchised Restaurants (excluding Satellites) to be opened in such
Territories for such three-year period pursuant to Section 13.2.4, divided by (ii) three, with any fractional Franchised Restaurant rounded to the nearest whole number. 

  
 Exh. 2-22

 “Terms” has the meaning set forth in Section 4.1. 

“Terms of Reference” has the meaning set forth in Section 25.2.12. 

“Territory” means each of Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao, Ecuador, French Guiana,
Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, Uruguay, Venezuela and the U.S. Virgin Islands of St. Thomas and St. Croix. “Territories” has a correlative meaning. 

“Terrorist Lists” means all lists of known or suspected terrorists or terrorist organizations published by any U.S.
Government Authority, including OFAC, that administers and enforces economic and trade sanctions, including against targeted non-U.S. countries, terrorism sponsoring organizations and international narcotics traffickers. 

“Trademarks” means, collectively, those trademarks, service marks, logos, designs, trade dress and domain names set
forth in Exhibit 12, attached hereto and incorporated by reference herein, as such Exhibit may be amended from time to time by agreement of the Parties, and such other trademarks, service marks, logos, designs, trade dress and domain names as
may be agreed upon by the Parties from time to time relating to the development, ownership, operation, promotion and management of the Franchised Restaurants. 
 “Trade Secrets” means, collectively, the trade secrets and proprietary know-how owned or acquired by McDonald’s or licensed to McDonald’s by one of its Affiliates relating to
the development, ownership, operation, promotion and management of McDonald’s Restaurants (including the Franchised Restaurants), including all processes, systems, marketing calendars, operations manuals and procedures (including the Operations
Manual), other manuals containing applicable policies and procedures, supplier lists, data, studies, analyses, technology, inventions, recipes, standards and specifications. 
 “Training Program” has the meaning set forth in Section 12.2. 
 “Transfer” means the voluntary, involuntary, direct or indirect sale, assignment, transfer, issuance, donation or other disposition or Encumbrance (whether in one or more transactions).
“Transferred” and “Transferee” have correlative meanings. 
 “Transfer
Instruction” has the meaning set forth in Section 21.2.8. 
 “Tribunal” has the meaning set forth
in Section 25.2.1. 
 “Trust Agreements” means each of Mexican Trust Agreement I, Mexican Trust Agreement
II and the Costa Rican Trust Agreement. 
 “Trustees” means each of the Mexican Trustee and the Costa Rican
Trustee. 
 “Unresolved Dispute” has the meaning set forth in Section 21.6.4. 

“U.S. Dollar” or “$”means the lawful currency of the United States of America. 

  
 Exh. 2-23

 “Voting Interests” shall mean, with respect to any Person, any Equity
Interests of any class then entitled to vote in the election of directors (or similar officials) or any other shareholder’s meeting of such Person. 

  
 Exh. 2-24

 EXHIBIT 3 

OWNER ENTITY INFORMATION 
  

									
	Parent:	  	Arcos Dorados Ltd., formerly known as RestCo Iberoamericana Ltd., a British Virgin Islands a company organized and existing under the International Business Companies
Ordinance, 1984 of the British Virgin Islands with its principal office at c/o Forrestal Capital Limited Company, 1221 Brickell Avenue, 11th Floor, Miami, Florida 33131.
		
		  	The shareholders of Parent are as follows:
				
		  	Los Laureles, Ltd.	  	 	40.0%	  	  	
		  	Capital International Private Equity Fund V, L.P.	  	 	19.49%	  	  	
		  	CGPE V, L.P.	  	 	0.93%	  	  	
		  	Gávea Investment AD, L.P.	  	 	26.12%	  	  	
		  	DLJ South American Partners L.P.	  	 	8.03%	  	  	
		  	DLJSAP Restco Co-Investments LLC	  	 	5.11%	  	  	
		  	Marlies Capital LLC	  	 	0.137%	  	  	
		  	AVF LLC	  	 	0.137%	  	  	
		
	Dutch Coop:	  	Arcos Dorados Cooperatieve V.A., formerly known as RestCo Iberoamericana Cooperatieve V.A., a cooperative organized under the laws of the Netherlands with its
principal office at Naritaweg 165, Telestone 8, 1043 BW Amsterdam, The Netherlands.
		
		  	The issued and outstanding equity interests of Dutch Coop are owned beneficially and of record 99.9% by Parent and 0.01% by Woods W. Staton.
		
	Owner:	  	Arcos Dorados B.V., formerly known as RestCo. Iberoamericana B.V., a company organized under the laws of the Netherlands with its principal office at Naritaweg 165,
Telestone 8, 1043 BW Amsterdam, The Netherlands.
		
		  	All of issued and outstanding equity interests of Owner are owned beneficially and of record by Dutch Coop.

  
 Exh. 3-1

 EXHIBIT 4 

RENEWAL CRITERIA 
 Owner,
Master Franchisee and the MF Subsidiaries shall be in substantial compliance with all terms and conditions of this Agreement and, as applicable: 
  

	 	•	 	 Shall have substantially complied with the Franchisee Approval Process. 

 

	 	•	 	 Shall have consistently and fairly enforced the terms and conditions of each Franchise Agreement and taken all appropriate action to cause any
Franchisee that has consistently failed to comply with its obligations under its Franchise Agreement to cease to be a Franchisee. 

  

	 	•	 	 Shall have paid any Initial Franchise Fee or any Continuing Franchise Fee as and when any such fee is due and payable during the five-year period
preceding the date on which McDonald’s determines whether to grant Master Franchisee a Renewal Option. 

  

	 	•	 	 Each Key Employee shall have successfully completed the training required by Section 12.1. 

 

	 	•	 	 Shall have maintained the Letter of Credit in accordance with Section 7.9 of this Agreement and no demands upon such Letters of Credit by
McDonald’s shall have been made. 

  

	 	•	 	 Shall have complied with all financial covenants set forth in Section 7.13 of this Agreement. 

 

	 	•	 	 Shall have substantially complied with each Strategic Marketing Plan. 

 

	 	•	 	 Shall have complied with Section 16 of this Agreement. 

 

	 	•	 	 Except in accordance with Section 21.2.2, shall not have Transferred any Restricted MF Interests. 

In addition, Master Franchisee shall have met the following criteria: 
  

	 	•	 	 Ninety percent of all Franchised Restaurants in each Territory shall have met or exceeded the then-prevailing global standards of McDonald’s
Corporation for evaluating the operational performance of McDonald’s Restaurants as it pertains to QSC Standards during the 18-month period preceding the date on which McDonald’s determines whether to grant Master Franchisee a Renewal
Option. 

  

	 	•	 	 Ninety percent of all Franchised Restaurants in each Territory shall have met or exceeded the then-prevailing global standards of McDonald’s
Corporation for independently measuring customer satisfaction, as determined by a vendor that has been approved by McDonald’s Corporation. 

  
 Exh. 4-1

	 	•	 	 Ninety percent of the Master Franchisee Restaurants in each Territory shall be managed by an employee who has successfully completed the
“Restaurant Operations Leadership Program” or any successor training program. 

  

	 	•	 	 Ninety percent of the Master Franchisee Restaurants in each Territory shall have each shift managed by a shift manager that is fully trained and
certified in accordance with the Standards. 

  

	 	•	 	 Ninety percent of the Targeted Openings during the three-calendar year term of any Restaurant Opening Plan shall have been achieved.

  

	 	•	 	 Ninety percent of the targeted reinvestment as set forth in the Reinvestment Plan shall have occurred during the term of each such Reinvestment Plan.

  

	 	•	 	 The Managing Directors of each of Mexico, Brazil, Puerto Rico, Argentina, Colombia and Venezuela shall have lived in the respective Territories for the
five-year period preceding the date on which McDonald’s determines whether to grant Master Franchisee a Renewal Option and each such Managing Director shall have devoted full time and best efforts to the Master Franchisee Business during such
period. 

  

	 	•	 	 Master Franchisee shall have maintained positive business relations with its Franchisees in each Territory. Compliance with this provision shall be
determined by considering the following: 

  

	 	•	 	 the results of owner/operator surveys; 

  

	 	•	 	 Gross Sales and guest counts at Franchised Restaurants operated by Franchisees compared to Master Franchisee Restaurants; and

  

	 	•	 	 The absence of organizations of Franchisees that challenge the Master Franchisee in a non-cooperative manner. 

  
 Exh. 4-2

 EXHIBIT 6 

SENIOR MANAGEMENT 
 Chief Executive Officer = Woods White Staton 
 Chief Operation Officer = Sergio
Alonso 

  
 Exh. 6-1

 EXHIBIT 7 

INSURANCE 
 1. All
obligatory insurance with respect to employees and Employers Liability with the limits of $1,000,000 or the compulsory requirement, whichever amount is greater 
 2. Commercial general liability insurance coverage written on an occurrence form with a per location policy limit of $5,000,000. 
 3. Business auto liability with a combined bodily injury and property damage $1,000,000 single limit per accident or compulsory requirement whatever is greater. 

4. Umbrella and / or excess liability insurance with minimum coverage limits of $150,000,000. This coverage shall be excess over (a), (b) and
(c) above as well as excess of all liability coverage listed in Section 7.10. 
 5. All risk property insurance written on a
replacement cost basis. 
 6. Twelve-month business interruption minimum coverage limit. 

7. Cyber liability coverage $10,000,000 limit. 

8. Crime insurance coverage $25,000,000 

  
 Exh. 7-1

 EXHIBIT 8 

SUPPLIER CRITERIA 
 GLOBAL SUPPLIER EXPECTATIONS: 
 SUPPLIER OUALITY MANAGEMENT SYSTEM

 BY MCDONALD’S WORLDWIDE QUALITY SYSTEMS 

MCDONALD’S SUPPLIER QUALITY MANAGEMENT SYSTEM 

 

 

  
 Exh. 8-1

 McDonald’s Supplier Quality Management System 

 

	1.	Scope 

 McDonald’s takes great pride
in serving its customers around the world every day with safe and quality (see 7.18) products. The ability of McDonald’s suppliers to consistently deliver safe and quality products that meet our requirements, as well as all applicable laws and
regulations (see 7.1), is of critical importance to the continued success of the McDonald’s System. This document is intended to identify McDonald’s expectations with respect to our suppliers’ quality (including food safety)
management systems (see 7.19). These expectations focus primarily on the results that must be achieved and are not designed to be prescriptive. McDonald’s reserves the right to periodically update these expectations. McDonald’s suppliers
shall proactively work with McDonald’s to enhance customer satisfaction through continuous improvement (see 7.3). 
 This document is not
intended to replace or supercede any terms and conditions of the Business Relationship/Confidentiality Agreement (“BRCA”) previously entered into between McDonald’s and its respective suppliers. Accordingly, to the extent any of the
expectations identified in this document contradict or conflict with the terms and conditions of the BRCA, the terms and conditions of the BRCA shall supercede and control. Further, McDonald’s suppliers worldwide must comply at all times with
McDonald’s Code of Conduct. Suppliers are responsible for all costs and expenses they may incur in complying with these expectations. Compliance with these expectations does not guarantee approved supplier status or any business relationship
with McDonald’s. 
  

	2.	Quality management system 

 2.1 General
requirements 
 Suppliers shall establish; implement; document; and maintain a quality management system (including food safety) and
continually improve the effectiveness. Suppliers shall: 
  

	a)	identify the processes (see 7.16) needed for the quality management system, 

 

	b)	determine the flow and interaction of these processes, 

  

	c)	establish the proper measurements needed to demonstrate the effectiveness of these processes, 

 

	d)	ensure adequate resources are available to support the operation, 

  

	e)	take all necessary actions to deliver products that meet McDonald’s requirements (see 7.13) as well as comply with all applicable laws and regulations, and

  

	f)	have processes in place to ensure continuous product quality improvement. 

 2.2 Documentation requirements 
 2.2.1 General 

The quality management system (including food safety) documentation maintained by the supplier shall include: 

 

	a)	written statements of food safety and quality policies (see 7.7) as well as food safety and quality objectives (see 7.6), 

  
 Exh. 8-2

	b)	a quality manual with written procedures (see 7.15) and methods which include those required by McDonald’s and applicable laws and regulations,

  

	c)	documents needed by the supplier to ensure the effective planning, operation and control of its processes, 

 

	d)	a name of the designated person (or a team) who is responsible to approve any changes to the appropriate documents, and 

 

	e)	any additional records required by McDonald’s. 

 2.2.2 Document control 
 All necessary documents needed to demonstrate the quality
management system shall be current. These records shall be available at any time for review at McDonald’s request. Procedures shall be established to define the controls needed: 

 

	a)	to review and update as necessary and re-approve documents, 

  

	b)	to ensure that relevant versions of applicable documents are available at points of use, 

 

	c)	to ensure that documents are current, and remain legible, 

  

	d)	to prevent the unintended use of obsolete documents, and 

  

	e)	to apply suitable identification to documents if they are retained for any purpose. 

 2.2.3 Control of records 
 Records shall be established and maintained to provide evidence
of conformity to requirements and of the effective operation of the quality management system. Records shall remain legible, readily identifiable and retrievable. A documented procedure shall be established to define the controls needed for the
identification, storage, protection, retrieval, retention time and disposition of records. 
 2.3 Regulatory considerations 

Suppliers shall be in compliance with all applicable laws and regulations relative to food products where they are manufactured and delivered. Suppliers
are also required to comply with all applicable religious certification requirements for specific products or regions of the world. 
 Suppliers
shall follow a documented process and procedure to provide accurate product information for nutrition labeling, including food allergens and religious declarations. 
 2.3.1 Management of the regulatory process 
  

	a)	Supplier management shall ensure that employees are trained to manage the regulatory inspection process. 

 

	b)	McDonald’s must be notified immediately if the released product is not in regulatory compliance. 

 

	c)	At a minimum, companion samples shall be taken when any samples of a product are taken by government officials or other official agencies. Further discussion with
McDonald’s must take place prior to any further testing on the companion samples. 

  

	d)	A copy of any documents given to government authorities concerning a McDonald’s product shall be promptly communicated to and made available to McDonald’s as
appropriate. 

  
 Exh. 8-3

 3 Management responsibility 
 3.1 Management commitment 
 Supplier management shall provide evidence of its commitment to
the development and implementation of the quality management system (including food safety) and continually improving its effectiveness by: 
  

	a)	communicating to all employees about the importance of meeting their own company’s as well as McDonald’s requirements, 

 

	b)	establishing food safety and quality policies, 

  

	c)	establishing measurable food safety and quality objectives at relevant functions and levels within the company, 

 

	d)	conducting management reviews, 

  

	e)	ensuring the availability of resources, and 

  

	f)	ensuring compliance with quality and food safety policies and procedures. 

 3.2 Food safety and quality policies 
 Both food safety and quality policies shall be
documented and communicated to all levels within the company. Supplier management shall ensure that both food safety and quality policies: 
  

	a)	are in alignment with the vision of the company, 

  

	b)	include a commitment to comply with appropriate requirements and continually improve the effectiveness of the quality management system (including food safety),

  

	c)	provide a framework for establishing and reviewing food safety and quality objectives, 

 

	d)	are communicated and understood at all levels of the company, and 

  

	e)	are reviewed and updated periodically (at least annually) for continuing suitability. 

 3.3 Quality management system planning 
 Supplier management shall ensure that: 

 

	a)	the planning of the quality management system (including food safety) is carried out in order to meet the requirements given in 3.1, as well as the food safety and
quality objectives, and 

  

	b)	the integrity of the quality management systems is maintained when changes occur within the company. 

3.4 Responsibility, authority and communication 
 Supplier management shall ensure that responsibilities and levels of authority are defined and communicated within the company. Supplier management shall also ensure that appropriate communication
processes are established within the company and that communication takes place regarding the effectiveness of the quality management system. 

3.5 Provision of resources 
 Supplier
management shall provide adequate resources to: 
  

	a)	implement and maintain the quality management system and continually improve its effectiveness, 

  
 Exh. 8-4

	b)	identify the necessary skills and competencies for all of its employees with functions having an impact on delivering quality products to McDonald’s restaurants,

  

	c)	provide resources needed for employee training, and 

  

	d)	meet all of McDonald’s relevant requirements. 

 3.6 Management review 
 Supplier management shall review the company’s quality
management system at planned intervals (at least annually) to ensure its continuing suitability, adequacy and effectiveness. This review shall include an assessment of opportunities for improvement and the need for changes to the quality management
system. 
 3.6.1 Review input 

The input to the management review shall include information on: 
  

	a)	audit results, 

  

	b)	McDonald’s feedback (includes complaint or comments from the restaurants and customers), 

 

	c)	process performance and product conformity, 

  

	d)	status of preventive and corrective actions, 

  

	e)	follow-up actions from previous management reviews, 

  

	f)	changes that could affect the quality management system, and 

  

	g)	recommendations for improvement. 

 3.6.2
Review output 
 The output from the management review shall include the meeting notes and any decisions and actions related to: 

 

	a)	improvement of the effectiveness of the quality management system and its processes, 

 

	b)	improvement of product quality related to McDonald’s requirements, and 

 

	c)	resource needs. 

 4. Crisis management

 4.1 General 
 Suppliers
must have a documented crisis (see 7.4) management plan. The plan must reflect the current state of policies and procedures. All contact information must be current and a process shall be in place to test the effectiveness of the plan.
McDonald’s shall be contacted in the event any crises impact McDonald’s or any of its restaurants directly or indirectly. Prior to any public communication, McDonald’s must be involved in the preparation and approval of any messages
that are communicated to the public, media or regulators relating to any crises that potentially impact the McDonald’s System. 
 4.2 Key
elements of a crisis management plan 
 The following elements must be included in the crisis management plan: 

  
 Exh. 8-5

	a)	current and documented contingency plans, including alternative product sourcing, 

 

	b)	current emergency contact lists, 

  

	c)	implementation requirements for individuals/departments involved in crisis management, 

 

	d)	checklist of required activities, 

  

	e)	appointed spokesperson, 

  

	f)	a designated person to lead the effort, 

  

	g)	root cause analysis after the crisis with corrective actions, and 

  

	h)	mock exercises to assess the adequacy and efficiency of the plan. 

 5. Quality product realization 
 5.1 General 

Suppliers shall plan and develop the processes needed for delivering safe and quality products to McDonald’s restaurants. Suppliers shall be able to
demonstrate the following: 
  

	a)	meeting the requirements on fundamentals (see 5.2), 

  

	b)	establishing, implementing and maintaining an adequate quality management system (including food safety), and 

 

	c)	meeting McDonald’s Food Product Specifications (see 7.12), 

 5.2 Fundamentals 
 All plant employees, visitors, and contractors shall comply with Good
Manufacturing Practice (GMP, see 7.9) requirements as set forth by all applicable laws and regulations, the supplier and McDonald’s. Buildings, grounds, equipment and processes shall also meet GMP requirements. 

5.2.1 Employee training 
 Documented
procedures shall be established to identify training needs for all employees at the facility, including appropriate training materials and methods for new and existing employees. Training records must be maintained for review at any time by
McDonald’s. 
 5.2.2 Facility and grounds 
 Facilities shall be of adequate design and construction to assure production of safe and quality products. Facilities must be maintained, clean and in good repair. Building exteriors must be protected
from pest entry. Grounds shall be maintained in a condition that protects against the contamination of food or facility. Grounds shall be adequately pitched to avoid standing water. 
 5.2.3 Facility security 
 Suppliers shall establish facility security
measures to prevent harm to products and processes. These measures shall be based on an appropriate risk assessment. Key elements of the facility security shall include: 

 

	a)	procedures to ensure controls are in place for all entrances to the facility, 

  
 Exh. 8-6

	b)	procedures for employee background reviews, 

  

	c)	procedures to prevent unauthorized access to sensitive process control areas such as air flow, water systems, gas, electric, chemical storage, etc.,

  

	d)	procedures to verify the credentials and identification of visitors, contractors and regulators, 

 

	e)	procedures for shipping and receiving, 

  

	f)	procedures for mail handling, 

  

	g)	security of external vessels (flour silos, water tanks, oil tanks, etc.), and 

 

	h)	action plans to initiate if security is compromised. 

 5.2.4 Work environment 
 Suppliers shall determine and manage the work environment needed to
produce safe and quality products while keeping employees safe. Processes and procedures must be established to provide safe and healthy working conditions for all employees. 
 5.2.5 Equipment and utensils 
 Equipment used in the manufacturing of food must be of good
sanitary design and shall permit adequate maintenance and cleaning to protect the food product from contamination. Equipment must be in good repair to assure that production of product meets food safety and quality requirements. A preventive
maintenance (PM) program (7.17) must be in place to prevent personnel injuries, to guard against equipment failures, to maintain production efficiencies, to prevent potential foreign material contamination and to produce quality product. The PM
program must be documented and audited internally on a predetermined regular basis for compliance. 
 Procedures shall be in place to ensure
that equipment (such as thermometers, meters, scales, etc.) used to monitor, measure or weigh is in agreement with specifications and records are maintained for performance and calibration. 
 All utensils and containers (totes, tubs, barrels, etc.) must be of adequate sanitary design and in good repair at all times. 
 5.2.6 Pest management 
 Each food manufacturing facility shall implement an integrated pest
management program to prevent and eliminate pests (including rodents, insects, birds, etc.). Such program shall include procedures for detecting the presence of pests and corrective action steps such as fogging, product isolation, cleaning, etc. to
eliminate the presence of pests. 
 5.2.7 Contractors 
 Suppliers shall ensure that all contractors are given proper GMP and facility training as applicable to ensure compliance with all regulatory and company requirements. Such training shall occur prior to
entry into the facility as appropriate. Contractors must be monitored for compliance to all plant rules, including, but not limited to, hygiene practices. A contract describing the specific services must be available and kept on file. 

5.2.8 Water, air and gas quality 

  
 Exh. 8-7

 The quality of water, ice, steam and gases that come in contact with food product must be suitable for
intended use at the facility. All food contact water is determined to be from a potable source. Air filtration shall be considered based on the nature of process and product. 
 5.2.9 Good hygiene practices 
 Suppliers must have processes and procedures in place to
ensure the implementation of employee hygiene practices. Such practices shall result in the sanitary handling and delivery of safe and quality products to McDonald’s restaurants. The Codex Alimentarius Commission’s recommendation on
food hygiene shall be followed. 
 Health screening procedures shall be in place for new and existing employees where permitted. Processes and
procedures for managing employee illnesses and communicable diseases shall be established, documented, and communicated within the company appropriately. 
 All persons, including, but not limited to, employees, visitors, contractors and delivery persons entering the manufacturing areas must comply with the requirements of Good Hygiene Practice. 

5.2.10 Cleaning and sanitation 
 A
documented cleaning and sanitation program must be in place. The program must meet the applicable laws and regulations. Such program shall be implemented effectively to ensure the cleanliness of the food handling equipment, utensils and the
facility. Food Hygiene Principles recommended by the Codex Alimentarius Commission shall be followed. 
 Each facility shall establish
written Sanitation Standard Operating Procedures (SSOPs) for dismantling, cleaning, sanitizing, sequencing, and re-assembling equipment, including C.O.P. (Clean-Out-of-Place) and C.I.P. (Clean-In-Place). A sampling program shall be established to
monitor the effectiveness of the cleaning and sanitation processes, particularly on product contact surfaces. The program must be designed to aggressively search for areas needing improvement. 

Each facility shall establish an environmental monitoring program designed to reduce or eliminate food safety hazards (see 7.8). 

Each facility shall perform pre-operation inspections and establish corrective actions to address any deficiencies. 

Each facility shall implement and maintain a documented master cleaning schedule to ensure that the facility (including equipment, walls, ceilings,
overhead piping, air ducts, storage racks, containers, light fixtures, flour bins, etc.) is cleaned on a regular basis. The detailed schedule shall be internally audited periodically for its maintenance and effectiveness. 

5.2.11 Foreign material control 

  
 Exh. 8-8

 All necessary steps shall be taken to prohibit the introduction of foreign material into the product.
Procedures for the prevention of any potential contamination must be established. Appropriate control system must be in place to remove product if it is identified as defective. 
 5.2.12 Chemical control 
 All chemicals used at the facility must be in compliance with all
applicable laws and regulations. Each facility shall establish a written chemical approval program, inclusive of chemicals for pest control, cleaning, and maintenance. Such program must be periodically audited for effectiveness. Information about
the chemicals (for example, Material Safety Data Sheet) must be available at all times. 
 5.2.13 Good laboratory practices 

Supplier laboratories shall use approved official test methods or established methods that have been validated. Necessary control measures must be in
place to ensure accurate and precise test results. All test methods must be documented and followed. Laboratory equipment and instruments shall receive scheduled maintenance and calibration. 
 Controls must be in place to prevent any potential contamination of product by laboratory personnel and chemicals. 
 As appropriate, laboratories shall participate in an external proficiency sample program. 

5.2.14 Material handling, storage and transport 
 Suppliers shall establish processes and procedures for the protection of food and food ingredients from contamination by pests, food safety hazards or other objectionable substances during the handling,
storage, and transport (including receiving and shipping). Reasonable care shall be taken to prevent deterioration and spoilage through appropriate measures that may include maintaining required temperatures, humidity, and/or other controls.

 Suppliers shall adhere to “First-Manufactured/First-to-Expire, First-Out” inventory management rules and be able to demonstrate
compliance to this requirement. 
 5.2.15 Traceability 
 Processes and procedures must be in place to ensure that all ingredients and the finished product can be traced throughout their entire history. All coding information must be legible. All McDonald’s
requirements on coding, labeling, and graphics must be met. 
 Procedures for product recovery must be established. It shall identify the steps,
personnel, and necessary communication plans for rapid and effective product recovery execution. Product recovery must account for the following: 
  

			
	 •   Rework

•   Work-in-process materials
	 	 •   Shared systems

•   Samples

•   Material returned to the supplier

  
 Exh. 8-9

			
	•   Batch systems
•   Continuous processes
•   Product on hold
•   Product
destroyed
•   Product in transit	 	•   Product sold through alternate channels
•   Donated product
•   Materials that are topped off
•   Partially used materials

Traced product/materials shall be accounted for by: 
  

			
	•   Lot number
•   Amount produced
•   Amount shipped
•   Amount of waste	 	•   Location of material
•   Date produced
•   Date shipped to restaurants or distribution centers / warehouses

 Supplier must be able to locate 100% of any given finished product within three hours. Facilities shall conduct mock recovery exercises at least twice a year, which shall include raw material and
packaging (packaging that is in direct contact with the product) tracking. 
 5.2.16 Holding product for non-conformance 

Suppliers shall have documented procedures and controls to prevent the shipment of nonconforming products. Written procedures must be established to
ensure that any non-conforming product is segregated from the acceptable product and not shipped. Hold events shall be properly documented and effectively communicated to ensure that the unacceptable product(s) does not enter the McDonald’s
distribution network. Procedures shall be in place to monitor, track, and dispose of such product(s). Suppliers must implement corrective actions to eliminate the cause of non-conformities in order to prevent recurrence. 

Supplier’s personnel shall be designated with the appropriate authority to manage non-conforming products for hold, release, retest, rework or
disposition. Disposal of finished packaged products must conform to McDonald’s disposal procedures. 
 McDonald’s shall be immediately
notified of any product shipped to the McDonald’s System that was inadvertently released from the hold. 
 5.3 Food safety system

 A food safety system shall be in place for protecting the food supply from biological, chemical and physical hazards to prevent
contamination that may occur during all stages of food production to the point of consumption. Suppliers shall be able to demonstrate the effectiveness of the food safety system. 
 5.3.1 HACCP system 
 Prior to the application of HACCP (see 7.10), suppliers shall implement
the fundamental food hygiene requirements (see 5.2.9). A written HACCP plan must be established for each product according to the seven principles under the Codex Alimentarius Commission’s recommendation. The HACCP plan shall be
validated and implemented at 

  
 Exh. 8-10

 
all facilities. The HACCP plan shall also be verified at least annually and proper revisions must be made and documented as product or processes change. 

5.3.2 Testing 
 5.3.2.1 General

 Suppliers shall ensure that food and food ingredients comply with the microbiological, chemical, and physical criteria set by
McDonald’s and meet applicable laws and regulations. Suppliers shall have a full understanding of the microbiological, chemical, and physical characteristics of the product throughout shelf life. 

Microbiological profiling (see 7.14) of the processing plant shall be conducted where appropriate. An environmental sampling program shall be in place
for the appropriate indicator organisms and/or pathogens, where appropriate. 
 The results of microbiological profiling and an environmental
sampling program shall be used to further improve the safety and quality of the product. 
 5.3.2.2 Product testing and sampling

 Suppliers shall perform microbiological, chemical, and physical testing as appropriate to meet McDonald’s requirements and applicable
laws and regulations. Specific sampling plans shall be established. All methods and laboratories used shall meet McDonald’s requirements (see 5.2.13). 
 5.3.3 Food allergens and sensitivities 
 All ingredients known for causing food allergies
and/or sensitivities in a product must be clearly identified and communicated to McDonald’s. 
 An allergen assessment shall be conducted
as part of the HACCP plan development. Sources of allergens (raw materials/ingredients, processing steps, processing aids, rework, manufacturing carryover) shall be identified. Suppliers must be aware of the potential for allergen
cross-contamination from manufacturing and handling activities at the raw material supplier’s sites. 
 Procedures must be in place to
prevent any potential cross-contamination at the manufacturing facilities (see 5.2). The following are some key considerations for managing food allergens: 
  

	•	 	 Staff shall be appropriately trained 

  

	•	 	 Equipment shall be suitable 

  

	•	 	 Cleaning procedures shall be adequate 

  

	•	 	 Potential allergen cross-contamination situations shall be managed 

 

	•	 	 Segregation of food ingredients that contain allergens during storage and processing 

 

	•	 	 Hand washing procedures shall be implemented 

  

	•	 	 Clothing requirements shall be appropriate 

  

	•	 	 Re-work shall be managed appropriately 

  

	•	 	 Waste shall be appropriately controlled 

  
 Exh. 8-11

	•	 	 Tools used for maintenance shall be properly managed or cleaned 

 Allergen control programs shall be monitored and reviewed to ensure their effectiveness. Customer complaints shall be investigated and changes made where necessary. 

5.4 McDonald’s product requirements 

5.4.1 Vendor requirements 
 Suppliers are
responsible for ensuring that all of their vendors (who supply raw materials and primary packaging) comply with the suppliers’ requirements and all applicable laws and regulations. Suppliers shall have a process in place to periodically review
and assess quality management systems implemented by their vendors. 
 5.4.1.1 Verification of conformity to raw material specification

 All raw materials shall have written specifications. Appropriate processes and procedures shall be established and implemented to verify
the consistency of the raw materials according to the specifications. 
 5.4.2 McDonald’s product specification 

McDonald’s product specifications shall be agreed upon and signed by supplier and McDonald’s in a separate Food Product Specification document.
Appropriate processes and procedures shall be established and implemented to demonstrate that product specifications are met. 
 5.4.3 Sensory
attributes and evaluations 
 Suppliers shall understand the “critical to product quality attributes” for each product they
produce and how it contributes to the McDonald’s Gold Sensory Standard. Process shall be in place to understand the product performance at McDonald’s restaurant. Suppliers shall follow McDonald’s guides on sensory evaluation and
establish product evaluation schedules. Processes and procedures shall be established and implemented to demonstrate that McDonald’s requirements on product sensory attributes are met. 
 5.4.4 Process validation and capability 
 Each facility shall establish the parameters
within which the production line is expected to operate. Process control and monitoring activities shall be established to document the plant’s ability to produce products within the established parameters. 

Processing parameters or in-process measurements shall be established, validated, and verified at a determined frequency to meet all appropriate
requirements. Adequate statistical process control shall be implemented where applicable to improve product consistency, reduce process variation and improve overall capability of the process. 

6. Verification and continuous improvement 
 6.1 Customer satisfaction 

  
 Exh. 8-12

 Suppliers shall have processes and procedures for measuring customer (including McDonald’s staff,
distribution centers, and restaurants, etc.) satisfaction. Results shall be used to improve product quality and service. 
 6.1.1 Management
of restaurant customer complaints 
 Suppliers shall have processes and procedures in place to manage customer complaints by working with
McDonald’s. Processes shall be established to analyze customer complaints and to identify improvement opportunities. 
 6.2 Verification
of the quality system 
 Suppliers shall establish and implement a process for the verification (see 7.21) of the quality management system
periodically (at least annually) and ensure continuous improvement. 
 6.2.1 Verification planning 

A planning process shall be established to define the purpose, methods, frequencies, and responsibilities for the verification activities. 

6.2.2 Types of verification 
 6.2.2.1
Routine inspection 
 Suppliers shall conduct routine inspection by the appropriate personnel to ensure standard operation procedures and
processes are followed. Records shall be maintained of non-conformance, corrective actions, and process improvement steps. 
 6.2.2.2 Internal
audit 
 Suppliers shall conduct internal audits (see 7.11) at planned intervals (at least once a year) to determine whether the quality
management system is in compliance with: 
  

	a)	the requirements established by the company, and 

  

	b)	the requirements stated in this document. 

6.2.2.3 External audit 
 Suppliers shall
have external audit (see 7.5) conducted periodically. The external audit shall be in alignment with McDonald’s expectations. 
 6.2.3
Evaluation of verification results 
 A process shall be established to objectively evaluate the results of planned verifications. The
verification results shall be documented and communicated to the personnel having the appropriate responsibility to take actions. Records on corrective actions taken must be maintained for future reference (see 2.2.3). 

6.2.4 Continuous improvement 

  
 Exh. 8-13

 Supplier shall establish processes to continually improve the effectiveness of its quality management
system. Proper measurements shall be established to demonstrate the results. 
 Glossary 

7.1 Applicable laws and regulations 
 All laws and regulations, which may be amended from time to time, in which supplier’s products are produced, delivered and/or consumed. 
 7.2 Audit 
 Systematic, independent and documented process for
obtaining audit evidence and evaluating such evidence objectively to determine the extent to which audit criteria are fulfilled. 
 7.3
Continuous improvement 
 Recurring activity to increase the ability to fulfill requirements. The process of
establishing objectives and finding opportunities for improvement is a continual process through the use of audit findings and audit conclusions, analysis of data, management reviews, or other means and generally leads to corrective action or
preventative action. 
 7.4 Crisis 
 Incident or event that may have negative impact on McDonald’s business. 
 7.5
External audits 
 Audits include second- or third party audits. Second-party audits are conducted by parties having an
interest in the organization, such as customers and corporate personnel, or by other persons on their behalf. Third party audits are conducted by external, independent auditing organizations. 
 7.6 Food safety and quality objectives 
 Objectives that are food
safety and quality related. The objectives are based on the organization’s food safety and quality policies. They are specified for relevant functions and levels in the organization, and their achievement needs to be measurable. 

7.7 Food safety and quality policies 
 Overall intentions and direction of an organization related to food safety and quality as formally expressed by top management. Food safety and quality policies provide a framework for the setting of food
safety and quality objectives. The quality policy shall include an updated organizational chart. 
 7.8 Food safety
hazards 
 Biological, chemical or physical agents in food, or condition of food, with the potential to cause an adverse health
effect. Food safety hazards include allergens. 

  
 Exh. 8-14

 7.9 Good manufacturing practices (GMP) 

Related to the manufacturing, processing, and storing of food materials that assure the food materials are safe for human consumption and have been
prepared, packed and stored under sanitary conditions. 
 7.10 HACCP 

Hazard Analysis Critical Control Point, a broadly recognized preventive and systematic approach for the identification, evaluation and control of food
safety hazards. 
 7.11 Internal audits 
 Audits conducted by or on behalf of, the organization itself for management review and other internal purposes. 
 7.12 McDonald’s Food Product Specification 
 Document that states
the McDonald’s requirements with prescribed limits or characteristics to which a product or service must conform. 
 7.13
McDonald’s requirements 
 Documents or procedures generated by McDonald’s. McDonald’s Food Product
Specification is an example, it has the details for a given product. 
 7.14 Microbiological profiling 

Use an appropriate microbiological sampling and testing plan to understand the presence of interested microorganisms at the manufacture facility.

 7.15 Procedure 
 Specified way to carry out an activity or process. Procedures can be documented or not. When a procedure is documented, the term “written procedure” is frequently used. The document that
contains a procedure can be called a “procedure document”. 
 7.16 Process 

Set of interrelated or interacting activities that transform inputs into outputs. Processes in an organization are generally planned and carried out under
controlled conditions to add value. 
 7.17 Program 
 A locally designed set of procedures or processes which meet specific requirements. 
 7.18
Quality 

  
 Exh. 8-15

 Quality consists of those product features that meet the needs of customers. It is a degree to which a set
of inherent characteristics fulfils requirements. Food safety is an integral part of the quality. 
 7.19 Quality management
system 
 A management system that directs and controls an organization with regard to quality and food safety, including the
establishment of quality and food safety policies and objectives, planning, control, and continuous improvement. A management system approach encourages an organization to analyze customer requirements, define the processes that contribute to the
achievement of a product that is acceptable to the customer, and keep these processes under control. 
 7.20 Standard

 Something established for use as a rule or basis of comparison in measuring or judging quality, content, extent, and value. 

7.21 Verification 

Confirmation, through the provision of objective evidence, that specified requirements have been fulfilled. 

  
 Exh. 8-16

 EXHIBIT 9 

FRANCHISEE APPROVAL PROCESS 
 Master Franchisee must have the following infrastructure in place and shall incorporate the following elements in the Franchisee Approval Process with respect to the approval of New Franchisees and
determinations about growth with a Franchisee (“growth”) or to extend the term of a Franchise Agreement (“rewrite”). McDonald’s reserves the right to amend this list on reasonable notice to Master Franchisee if, in
McDonald’s reasonable judgment, other elements must be addressed in the Franchisee Approval Process. 
 Master Franchisee must communicate
with Franchisees on a periodic basis about their performance. A Franchisee should be notified by Master Franchisee as soon as it becomes apparent that such Franchisee is not meeting any of the Standards. 

McDonald’s encourages Master Franchisee to have an “open door” policy and to discuss any concerns the Franchisees may have. The Franchisee
would have the ability to talk to / address concerns with the highest levels of Master Franchisee’s management. 
 New Franchisee
Requirements 
  

	 	•	 	 Up Front Investment – Candidate must have the ability to invest 50% of the cost to open or purchase the Franchised Restaurant.

  

	 	•	 	 Integrity and Character – Candidate must demonstrate basic honesty and Master Franchisee must undertake appropriate procedures to evidence
Candidate’s good character (e.g., background check, inquiries within local business community), subject to Applicable Law. 

  

	 	•	 	 Entrepreneurial Spirit – Candidate must demonstrate, by experience and background, that he is innovative and has a strong desire to
succeed. 

  

	 	•	 	 Prior Business Experience – Candidate must have (i) owned his own business; or (ii) led multiple departments in a business
located within the applicable local market and, if he was employed by any entity, he must have a record of promotion through successive ranks of the hierarchy of that firm or organization. 

 

	 	•	 	 Prior Success – Candidate must demonstrate successful ownership or management of a multi-unit business. 

 

	 	•	 	 Commitment – Candidate must be willing to devote his full time and best efforts to the Franchised Restaurant as an “on-premises”
franchisee. 

  

	 	•	 	 Good Financial Statement Comprehension – Candidate must demonstrate, by experience, education or background, an understanding of financial
concepts (including financial controls) and his ability to apply those concepts to maximize business performance. 

  

	 	•	 	 Good Financials – Candidate must have earned his capital and have managed its growth. 

  
 Exh. 9-1

 Franchisees Eligible For Growth / Rewrite 

 

	 	•	 	 Compliance – Franchisee must be in compliance with each of his Franchise Agreements. 

 

	 	•	 	 Operations – Franchisee must be operating each Franchised Restaurant in a manner that consistently meets or exceeds the Standards as
demonstrated by results of a grading system, the Customer Service Program and inspections and audits by Master Franchisee, as required by the System. Franchisee is operating each Franchised Restaurant in accordance with the Standards and the
Franchise Agreement. 

  

	 	•	 	 Financial – Franchisee must be (i) operating a financially viable Franchised Restaurant business and meeting all financial
obligations; (ii) building that business by maximizing the sales potential of the Franchised Restaurant; and (iii) investing on a timely basis and in accordance with the Franchise Agreement to improve the Franchised Restaurant’s
competitive position in the marketplace. Among the elements that must be considered in this respect are: 

  

	 	•	 	 Is Franchisee’s Franchised Restaurant business financially viable (e.g., it generates adequate cash flow and positive working capital and
incorporates a reasonable debt level). 

  

	 	•	 	 Franchisee pays Master Franchisee and other creditors of the business on time. 

 

	 	•	 	 Franchisee regularly submits financial statements and other reports to the Master Franchisee when due. 

 

	 	•	 	 Franchisee reinvests in each of his Franchised Restaurants so that they are competitive in the marketplace and he is in compliance with applicable
requirements under the Franchise Agreement. 

  

	 	•	 	 People – Franchisee must demonstrate that he is recruiting, developing, training and retaining qualified personnel to operate and build his
Franchised Restaurant business, including by having at least one Hamburger University graduate employed in each Franchised Restaurant. Measurement tools and guidelines for these purposes include: 

 

	 	•	 	 Franchisee must have an adequate number of certified shift managers for each Franchised Restaurant. 

 

	 	•	 	 Franchisee must have an effective crew training program. 

 

	 	•	 	 Franchisee must have an effective Customer Service Program. 

 

	 	•	 	 Customer Satisfaction – Franchisee must have demonstrated his ability to consistently improve customer satisfaction in each restaurant.
Measurement tools and guidelines for these purposes include: 

  
 Exh. 9-2

	 	•	 	 Comparable sales and guest counts as compared to the market and competitors index. 

 

	 	•	 	 Staffing sufficient across all shifts to maximize sales. 

 

	 	•	 	 Number and nature of customer complaints, including feedback received through the Customer Service Program, which shall be compared to other Franchised
Restaurants in the Territory where such Franchised Restaurant is located. 

  

	 	•	 	 Franchisee’s initiation and maintenance of a customer recovery program and the success of the program. 

 

	 	•	 	 Passing scores on the compliance system. 

  

	 	•	 	 Operator Involvement – Franchisee must be operating great restaurants through his personal ongoing and constructive involvement. Franchisee
must have positive involvement with fellow Franchisees and otherwise interacts with other Franchisees. Measurement tools and guidelines include: 

  

	 	•	 	 Franchisee devotes full time and best efforts to his Franchised Restaurant business, including exhibiting personal management and leadership in the
restaurant business generally. 

  

	 	•	 	 The degree to which Franchisee participates in advertising co-ops, if those opportunities exist. 

 

	 	•	 	 Franchisee actively participates in and supports social responsibility efforts such as the local Ronald McDonald House Charities organization or other
institutions that support the disadvantaged and organizations devoted to the care and development of children and the care of the elderly. 

  

	 	•	 	 In order for a Franchisee to be eligible for Growth and Rewrite, they should, at a minimum, meet all of the Standards set forth above. The Master
Franchisee must communicate with the Franchisees on a periodic basis so that the Franchisee knows whether he is eligible for Growth and Rewrite. A Franchisee should be notified as soon as it becomes apparent that the organization is not meeting any
of the Standards. 

 Disputes with Franchisees 
 McDonald’s encourages the Master Franchisee to have an “open door” policy and to discuss any concerns the Franchisees may have. The Franchisee must have the ability to talk to/address
concerns with the highest levels of Master Franchisee’s management. 
 Infrastructure to Support the Franchising Function

 Master Franchisee must establish the infrastructure to support a franchising system. This must include at a minimum: 

  
 Exh. 9-3

	 	•	 	 Home Office Franchising Department – Master Franchisee must have experienced staff to support its franchising obligations. This department
is responsible for the following areas: 

  

	 	•	 	 Strategy – Policies and Procedures – Master Franchisee shall develop Master Franchisee’s Franchising Principles, Policies and
Guidelines and ensure that they are consistently applied; modify the Franchising Principles, Policies and Guidelines as trends may change; and work with the Franchisees (or representatives thereof) to address strategic franchising issues and share
best practices. 

  

	 	•	 	 Advice and Counsel – Master Franchisee shall provide advice, counsel and education of appropriate personnel of Master Franchisee and
Franchisees about Franchising Principles, Policies and Guidelines and other procedures and franchising issues. 

  

	 	•	 	 Transaction Advice – Master Franchisee shall provide advice and counsel on specific ownership change transactions to the appropriate
personnel of Master Franchisee, as well as to Franchisees. 

  

	 	•	 	 Processing – Master Franchisee shall coordinate with all appropriate personnel on all ownership change transactions and prepare related
documents; prepare and register any offering circulars or other disclosure documents required by Applicable Law; educate the market franchising personnel on franchising procedures (both internal and those required by Applicable Law); enforce
franchising procedures to ensure compliance with Applicable Law; maintain records of restaurant ownership and franchise terms and report and analyze franchising activity. 

 

	 	•	 	 Field Franchising – Master Franchisee shall drive the franchising function in the market and assist and advise field personnel in all
aspects of franchising, including the formulation and accomplishment of Master Franchisee’s long-term franchising plan. 

  

	 	•	 	 Franchising Council – Maintaining a good working relationship between Master Franchisee and Franchisees is of paramount importance. In
order to foster this relationship, a Franchising Council should be formed. The mission of the Council is to address strategic, systemic franchising issues and to provide a vehicle for interaction between and among field and home office franchising
personnel. The Council should conduct business at regularly scheduled meetings. This provides a forum to exchange best bets; review and update Franchising Principles, Policies and Guidelines; and to discuss current trends.

 Franchising Framework and Foundation 
 Master Franchisee must establish a franchising framework to support its franchising function. This must include, at a minimum: 

  
 Exh. 9-4

	 	•	 	 Franchising Standards – Franchising Standards define the key elements that are the basis for consistency in the operation of the business
and for continuous improvement. Franchising Standards cover: 

  

	 	•	 	 The minimum frequency for conducting business reviews at which eligibility for growth and rewrite will be communicated. 

 

	 	•	 	 The minimum frequency for grading restaurants. 

  

	 	•	 	 The minimum standards of eligibility for growth and rewrite. 

 

	 	•	 	 Franchising Principles, Policies and Guidelines – This is the foundation on which Master Franchisee’s relationship with Franchisees
will be built. It establishes Master Franchisee’s expectations of Franchisees and is the basis for making franchising decisions. Adherence to the Principles, Policies and Guidelines ensure that Master Franchisee operates as one franchising
company. Consistent application of the Principles, Polices and Guidelines, with thoughtful exceptions, will help Master Franchisee deal fairly with Franchisees. The Franchising Principles, Policies and Guidelines should cover:

  

	 	•	 	 The Franchise Agreement 

  

	 	•	 	 Ownership by Franchisees 

  

	 	•	 	 Rewrite 

  

	 	•	 	 Rents and Fees 

  

	 	•	 	 Franchisee candidates 

  

	 	•	 	 Training Program – All new Franchisees must complete the Training Program. At a minimum, the Training Program must cover materials set
forth in the “Restaurant Management Curriculum” (as defined by McDonald’s from time to time) and hands-on training and self-directed learning which takes place at a McDonald’s Restaurant and is monitored by an employee of Master
Franchisee. 

  
 Exh. 9-5

 EXHIBIT 10 

FORM OF SUBFRANCHISE AGREEMENT 

  
 Exh. 10-1

 EXHIBIT 11 

BUSINESS PLANS 
 A. Reinvestment Plan by Territory 
 Reinvestment Plan 

 

													
	 	  	Full Yr 1	 	  	Full Yr 2	 	  	Full Yr 3	 
	 Brazil
	  	$	17,622,000	  	  	$	17,889,000	  	  	$	18,245,000	  
	 Mexico
	  	$	5,562,500	  	  	$	6,230,000	  	  	$	7,031,000	  
	 Argentina
	  	$	7,342,500	  	  	$	7,387,000	  	  	$	7,476,000	  
	 Venezuela
	  	$	3,871,500	  	  	$	4,005,000	  	  	$	4,183,000	  
	 Puerto Rico
	  	$	2,981,500	  	  	$	3,026,000	  	  	$	3,115,000	  
	 Colombia
	  	$	1,112,500	  	  	$	1,246,000	  	  	$	1,424,000	  
	 Main Territories
	  	$	38,492,500	  	  	$	39,783,000	  	  	$	41,474,000	  
				
	 Chile
	  	$	1,869,000	  	  	$	1,958,000	  	  	$	2,091,500	  
	 Uruguay
	  	$	979,000	  	  	$	979,000	  	  	$	979,000	  
	 Peru
	  	$	801,000	  	  	$	845,500	  	  	$	890,000	  
	 Ecuador
	  	$	534,000	  	  	$	578,500	  	  	$	623,000	  
	 Rest of Slad
	  	$	4,183,000	  	  	$	4,361,000	  	  	$	4,583,500	  
				
	 Martinique
	  	$	311,500	  	  	$	356,000	  	  	$	356,000	  
	 Virgin Islands
	  	$	133,500	  	  	$	133,500	  	  	$	133,500	  
	 Guadeloupe
	  	$	311,500	  	  	$	356,000	  	  	$	356,000	  
	 Costa Rica
	  	$	1,201,500	  	  	$	1,290,500	  	  	$	1,424,500	  
	 Panama
	  	$	1,023,500	  	  	$	1,112,500	  	  	$	1,246,000	  
	 French Guinea
	  	$	0	  	  	$	0	  	  	$	0	  
	 Curacao
	  	$	0	  	  	$	0	  	  	$	0	  
	 Aruba / St Thomas
	  	$	0	  	  	$	0	  	  	$	0	  
	 Caribbean / Central America
	  	$	2,981,500	  	  	$	3,248,500	  	  	$	3,516,000	  
				
	 Total Reinvestment Amount
	  	$	45,657,000	  	  	$	47,392,500	  	  	$	49,573,500	  

  
 Exh. 11-1

 B. Restaurant Opening Plan 
 Restaurant Opening Plan 
  

													
	 	  	18 Month
half 07-full 08	 	  	2009	 	  	2010	 
				
	 Total Openings
	  	 	43	  	  	 	54	  	  	 	63	  

  
 Exh. 11-2

 EXHIBIT 12 

INTELLECTUAL PROPERTY 

  
 Exh. 12-1

 EXHIBIT 13 

STANDARD REPORTING PACKAGE 
  

									
	 Item
	  	 Contents
	  	 Level to
Provide
	  	 How to Send
	  	 Due Date

	Daily Gross Sales and Guest Counts	  	Daily Gross Sales and guest counts.	  	Territory	  	Provide weekly. E-mail to Latin America financial group at McDonald’s Corporation.	  	2nd day following end of week
					
	Monthly Store Form	  	Information on previous month new Franchised Restaurant openings, closings and ownership changes.	  	Franchised Restaurant	  	Standard form. Attached to Corp Controller Group Webpage.	  	The 2nd Business Day prior to the end of each month.
					
	Monthly Gross Sales and Guest Count File	  	Total Gross Sales (in local currency) and guest counts for the previous month.	  	Franchised Restaurant	  	Load standard format CSV file to Corp Controller Group Webpage.	  	2nd Business Day
					
	Monthly Trial Balance	  	Detailed line item amounts for balance sheet, income statement, general & administrative expenses and profit and loss statements along with standard statistical information as
requested.	  	Territory	  	Standard format and form of transmission (either e-mail or other electronic transmission).	  	10th Business Day of each month for the income statement and 15th Business Day of each month for the balance sheet.
					
	Cash Flow	  	Cash flow statement.	  	Territory	  	Standard format and form of transmission (either e-mail or other electronic transmission).	  	10th Business Day of each month.
					
	Monthly Product Mix	  	Product mix report including units sold and sales by menu item.	  	Territory	  	E-mail to Latin America financial group at McDonald’s	  	10th Business Day

  
 Exh. 13-1

									
		  		  		  	Corporation.	  	
					
	Monthly Continuing Franchisee Fee Payment Pre-advice Form	  	Gross Sales (in local currency), Continuing Franchise Fee rate, withholding tax, and the spot exchange rate.	  	Territory	  	Standard form. E-mailed to Treasury Department and Latin America financial group at McDonald’s Corporation.	  	10th Business Day
					
	Monthly DL projection File	  	Current year projections by month for total Gross Sales, Continuing Franchise Fees, Initial Franchisee Fee income, comparable sales, comparable guest counts and restaurant openings
and closings.	  	Territory	  	Load standard format CSV file to Corp Controller Group Webpage	  	Date varies each month approx. 12th or 13th
Business Day
					
	Standard Annual Plan	  	Plan information by month including, but not limited to, total Gross Sales, Continuing Franchise Fees, Initial Franchise Fee income, comparable Gross Sales, comparable guest counts
and Franchised Restaurant openings and closings.	  	Territory	  	File created in CSV format and loaded successfully through Corp Controller Group Webpage along with any presentation materials to Latin America financial group at McDonald’s
Corporation.	  	Date varies each year approx. “October
16th”
					
	Year end Package #1	  	Details on the number of Franchised Restaurants by restaurant type, ownership type and real estate interest.	  	Territory	  	Standard package will be provided by Corp Controller Group. Attach completed package to Corp Controller Group Webpage	  	Date varies each year approx. “January
16th”
					
	Franchised Restaurant Results	  	Income Statement detail for each Franchised Restaurant and Balance Sheet	  	Franchised Restaurant	  	Standard format will be provided. E-mailed to Latin America financial group at	  	Following end of each quarter on the 60th day

  
 Exh. 13-2

									
		  	detail for all Franchised Restaurants	  		  	McDonald’s Corporation.	  	
					
	Store Results	  	Previous month year-to-date Profit and Loss, Balance Sheet and Income Statement detail for all Franchised Restaurants	  	Franchised Restaurant	  	Standard format will be provided. E-mailed to Latin America financial group at McDonald’s Corporation.	  	10th Business Day

  
 Exh. 13-3

 EXHIBIT 14 

RESTRICTED REAL ESTATE 
  

																	
	 Country
Code
	  	 Property
Number
	  	 Name
	  	 City
	  	 Province
	  	 Address
	  	 Parcel Size
(sq. mn.)
	  	 Building
Size (sq.
m.)
	  	 Property

Type

	MEX	  	15	  	Insurgentes Parque	  	México D.F.	  		  	Insurgentes Sur No.1122 Col. Del Valle CP 03100 México D.F	  	6,122	  	542	  	 Free
 Standing

	MEX	  	32	  	Polanco	  	México D.F.	  		  	Blvd. Manuel Ávila Camacho No. 137 Col. Los Morales Polanco 11510 México, D.F.	  	5,944	  	1,331	  	Free Standing
	ARG	  	51	  	Nuñez	  	Buenos Aires	  	Capital	  	Libertador 7112	  	2,955	  	676	  	Stand alone
	MEX	  	16	  	Insurgentes Tlalpan	  	México D.F.	  		  	Av. Insurgentes Sur No. 4222.Col. La Joya C.P 14000 México D. F.	  	4,377	  	889	  	Free Standing
	CHILE	  	5	  	KENNEDY	  	Santiago	  		  	Kennedy 5055	  	5,002	  	862	  	Stand alone
	VZ	  	31	  	La Castellana	  	Caracas	  		  	Av Eugenio Mendoza con 2da Transversal, frente a la Plaza La Castellana.	  	2,449	  	1,096	  	Stand alone
	MEX	  	23	  	Municipio Libre	  	México D,F.	  		  	Municipio Libre No. 320 Col.Sta. Cruz Atoyac C.P 03310 Méx. D.F	  	5,016	  	750	  	Free Standing
	ARG	  	32	  	Florida	  	Buenos Aires	  	Capital	  	Florida 568	  	886	  	2,207	  	Street retail
	MEX	  	26	  	Pedregal	  	México D.F.	  		  	Periférico Sur No. 4090 Col. Jardines del Pedregal Del. Álvaro Obregón CP 01900 México, D.F.	  	4,250	  	870	  	Free Standing
	BRZ	  	9	  	ASA NORTE EIXINHO	  	–	  		  	SHC/N ENTREQUADRA,	  	6,800	  	242	  	Stand Alone

  
 Exh. 14-1

																	
		  		  		  		  		  	208/209	  		  		  	
	MEX	  	3	  	Aeropuerto	  	México D.F.	  		  	Nte. 25 No 302 Esq. Blvd. Puerto Aéreo Col. Moctezuma la. Sección CP 15500 Méx. D.F	  	5,015	  	750	  	Free Standing
	COL	  	6	  	CIUDAD SALITRE	  	BOGOTA	  		  	Carrera 68B No. 40A-30	  	4,127	  	551	  	Stand alone
	MEX	  	43	  	Garza Sada (Mty)	  	Monterrey	  		  	Av. Eugenia Garza Sada No. 3276 Sur Col. Altavista 64840 Monterrey, N.L	  	5,225	  	624	  	Free Standing
	BRZ	  	57	  	HENRIQUE SCHAUMANN	  	Cerqueira Cesar	  		  	AV. HENRIQUE SCHAUMANN, 80/124	  	1,500	  	700	  	Stand Alone
	BRZ	  	91	  	Rio Branco 4	  	Centro	  		  	AV. RIO BRANCO, 4	  	1,970	  	358	  	Street Retail
	COL	  	1	  	ANDINO	  	BOGOTA	  		  	Carrera. 11 No. 82-02 L 355	  	N/a	  	424	  	Shopping mall
	MEX	  	4	  	Arboledas	  	México D.F.	  		  	Autopista México -Qtro. No. 3150 Col. Fracc. Ind. Tlaxcoapan Valle Dorado CP 54030 Tlalnepantla, Edo. De Méx.	  	5,395	  	720	  	Free Standing
	ARG	  	20	  	Cabildo y F. Lacroze	  	Buenos Aires	  	Capital	  	Av. Cabildo 756	  	1,546	  	447	  	Stand alone
	ARG	  	31	  	Florida	  	Buenos Aires	  	Capital	  	Florida 281	  	445	  	1,107	  	Street retail
	MEX	  	27	  	Periferico Iman	  	México D.F.	  		  	Anillo Periférico Sur No. 5120 Col. Unidad Habitacional Villa Panamericana Del. Coyoacán CP 04719 México D.F.	  	3,264	  	460	  	Free Standing
	MEX	  	68	  	Mariana Otero	  	Guadalajara	  		  	Av, Mariano Otero No. 269l Col. Residential, Victoria C.P 45050 Zapopan, Jal.	  	4,353	  	1,241	  	Free Standing
	MEX	  	93	  	Cancún Nichupte	  	Cancun	  		  	Av. Nichupte lote 5 Mza 3 SM 17 Col. Las Luciérnagas Zona Centro C.P 775000 Cancun, Q.	  	3,511	  	510	  	Free Standing

  
 Exh. 14-2

																			
		  				  		  		  		  	Roo	  		  		  	
	MEX	  	 	140	  	  	Cancún Nichupte +	  	Cancún Nichupte	  		  	Av. Nichupte lote 5 Mza 3 SM 17 Col. Las Luciérnagas Zona Centro C.P 775000 Cancun, Q. Roo	  	7,329	  		  	Vacant Land
	BRZ	  	 	111	  	  	SHOPPING CENTER MORUMBI	  	Vila Gertrudes	  		  	AV. ROQUE PETRONI JR., 1089	  	1,217	  	594	  	Shopping Center
	BRZ	  	 	55	  	  	GUARULHOS	  	Macedo	  		  	AV. PAULO FACCINI, 1070	  	6,840	  	657	  	Street Retail

  
 Exh. 14-3

 EXHIBIT 15 

TRANSFER CRITERIA 
 No Transfer may be made to any Person as to which there has occurred (i) the entry of charges, a plea of guilty or nolo contendere, indictment or a judgment of conviction of such Person by any
U.S. domestic, foreign or military court of competent jurisdiction with respect to the commission or alleged commission by such Person or by any Affiliate thereof of any felony (or comparable degree of criminal culpability) or with respect to any
other crime, regardless of status or denomination, involving investments or an investment-related business, or any fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion or moral
turpitude, or any conspiracy to commit any of the foregoing; (ii) the institution of any proceedings or the entry of any order or injunction by any regulatory authority having jurisdiction over such Person or its property, whether U.S. or
non-U.S., asserting the violation of any law, rule or regulation or the making of any false or misleading statement or omission; or (iii) the denial, suspension or revocation by any regulatory authority, whether U.S. or non-U.S., of such
Person’s license to conduct any business requiring such license by such Person. 

  
 Exh. 15-1

 EXHIBIT 16 

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

New York, New York 10013 
 Attention: Fernando
Moreyra 
 Telephone: (212) 816-5740 
 Fax: (212) 657-2762 
 Re: Transfer Instruction 

Ladies and Gentlemen: 

Reference is made to (i) the Amended and Restated Master Franchise Agreement, dated as of [    ],2008 (the
“MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Escrow Agreement, dated as of August 3, 2007, as amended (the “Escrow Agreement”), among McDonald’s,
Master Franchisee, Escrow Agent and the other parties named therein. 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:

  
 Exh. 16-1

			
	 Acknowledged and Agreed by:
  

McDONALD’S LATIN AMERICA, LLC

		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. 16-2

 EXHIBIT 17 

FORM OF NEGATIVE EQUITY ELECTION 
 [Date] 
 McDonald’s Latin America, LLC 

One McDonald’s Plaza 
 Oak Brook, Illinois
60523 U.S.A. 
 Attention: General Counsel of the Americas 
 Deutsche Bank Trust Company Americas 
 60 Wall Street 

New York, NY 10005 
 Attention: Trust &
Securities Services 
  

	 	Re:	Negative Equity Election 

 Ladies and
Gentlemen: 
 Reference is made to the Amended and Restated Master Franchise Agreement, dated as of [    ],
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 

We have been informed that the Call Option Price in respect to [Subject Business] is U.S.$ [    ]. As this is a
negative number, pursuant to Section 21.6.2 of the MFA we hereby inform you that we shall make the following election: 
  ̈ a Debt Assumption Election; or 
  ̈
a Payment Election. 
  

			
	LATAM, LLC
		
	By	 	  

		 	Name:
		 	Title:

  
 Exh. 17-1

 EXHIBIT 18 

FORM OF DEFAULT EXERCISE NOTICE 
 [Date] 
 LatAm, LLC 
 Arcos Dorados B.V. 
 c/o Forrestal Capital Limited Company 

1221 Brickell Avenue #1170 
 Miami, Florida 33131

 Attention: Carlos Hernandez 

Telephone: (305) 961-2840 
 Fax:
(305) 961-2844 
 cc: 
 Citibank
Agency & Trust 
 Citibank, N.A. 
 388 Greenwich Street, 14th Floor 
 New York, New York 10013 

Attention: Fernando Moreyra 
 Telephone:
(212) 816-5740 
 Fax: (212) 657-2762 
  

	 	Re:	Default Exercise Notice 

 Ladies and
Gentlemen: 
 Reference is made to the Amended and Restated Master Franchise Agreement, dated as of [    ],
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:

  
 Exh. 18-1

 EXHIBIT 19 

FORM OF NON-DEFAULT EXERCISE NOTICE 
 [Date] 
 LatAm, LLC 
 Arcos Dorados B.V. 
 c/o Forrestal Capital Limited Company 

1221 Brickell Avenue #1170 
 Miami, Florida 33131

 Attention: Carlos Hernandez 
 cc:

 [Citibank Agency & Trust 

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

 New York, New York 10013] 

Attention: Fernando Moreyra] 
 [Banco Nacional
de México, S.A. 
 integrante del Grupo Financiero Banamex 
 División Fiduciaria 
 Bosque de Duraznos 75 P.H. 

Bosques de las Lomas 
 C.P. 05500, México,
D.F. 
 Attention: Omar González Peñaloza and/or Emilio Fragoso García] 

 

	 	Re:	Non-Default Exercise Notice 

 Ladies and
Gentlemen: 
 Reference is made to the Amended and Restated Master Franchise Agreement, dated as of [    ],
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 a Call Option in accordance with Section 21.6.1 [(a)][(c)] of the MFA to purchase from
[Shareholder] all of the Equity Interests of [names of relevant Persons]. 
  

			
	McDONALD’S LATIN AMERICA, LLC
		
	By	 	  

		 	Name:
		 	Title:

  
 Exh. 19-1

 EXHIBIT 20 

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

Telephone: (212) 816-5740 
 Fax:
(212) 657-2762 
 cc: 
 LatAm,
LLC 
 Arcos Dorados B.V. 
 c/o
Forrestal Capital Limited Company 
 1221 Brickell Avenue #1170 
 Miami, Florida 33131 
 Attention: Carlos Hernandez 

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

	Re:	Settlement Notice 

 Ladies and Gentlemen:

 Reference is made to (i) the Amended and Restated Master Franchise Agreement, dated as of [    ],
2008 (the “MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Escrow Agreement, dated as of August 3, 2007, as amended (the “Escrow Agreement”), among
McDonald’s, Master Franchisee, Escrow Agent and the other parties named therein. 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]. 

  

	 	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]]. 

  
 Exh. 20-1

	 	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:

  
 Exh. 20-2

 EXHIBIT 21 

FORM OF DISPUTED AMOUNTS SETTLEMENT NOTICE 
 [Date] 
 Citibank, N.A. 
 388 Greenwich Street 
 14th Floor 
 New
York, New York 10013 
 Attention: Fernando Moreyra 
 Telephone: (212) 816-5740 
 Fax: (212) 657-2762 

 

	Re:	Disputed Amounts Settlement Notice 

Ladies and Gentlemen: 

Reference is made to (i) the Amended and Restated Master Franchise Agreement, dated as of [    ], 2008 (the
“MFA”), among McDonald’s, Master Franchisee and the other parties named therein; and (ii) the Escrow Agreement, dated as of August 3, 2007, as amended (the “Escrow Agreement”), among McDonald’s,
Master Franchisee, the Escrow Agent and the other parties named therein. Terms used and not otherwise defmed 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:

  
 Exh. 21-1

 EXHIBIT 22 

FORM OF FMV REVIEW NOTICE 
 [Date] 
 LatAm, LLC 
 Arcos Dorados B.V. 
 c/o Forrestal Capital Limited Company 

1221 Brickell Avenue #1170 
 Miami, Florida 33131

 Attention: Carlos Hernandez 
  

	 	Re:	FMV Review Notice 

 Ladies and Gentlemen:

 Reference is made to the Amended and Restated Master Franchise Agreement dated as of [date], 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. 

You are hereby notified that, pursuant to Section 21.7.1(d) of the MFA, we are exercising our right to require the FMV of the
Subject Business identified in the Settlement Notice dated [date] to be reviewed as provided in the MFA. 
  

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. 22-1

 EXHIBIT 23 

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

New York, New York 10013 
 Attention: Fernando
Moreyra 
 [Banco Nacional de México, S.A. 
 integrante del Grupo Financiero Banamex 
 División Fiduciaria 

Bosque de Duraznos 75 P.H. 
 Bosques de las Lomas

 C.P. 05500, México, D.F. 

Attention: Omar Gonzalez Peñaloza and/or Emilio Fragoso García] 

 

	 	Re:	Disputed Amounts Notice 

 Ladies and
Gentlemen: 
 Reference is made to the Amended and Restated Master Franchise Agreement dated as of [date], 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. 

Reference is made to the Subject Business Balance Sheet Date dated [date]. You are hereby notified that McDonald’s in good faith:

  ̈ disagrees with the determinations of Funded Debt, Cash and
Contingencies; or 
  ̈ reasonably believes that the amount of
Funded Debt, Cash or Contingencies has materially changed or will materially change between the Subject Business Balance Sheet Date and the Option Closing Date. 
 As a result thereof, McDonald’s hereby notifies you that $[amount] are Disputed Amounts. 
  

			
	McDONALD’S LATIN AMERICA, LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. 23-1

 EXHIBIT 24 

IPO CRITERIA 
 Master
Franchisee shall: 
  

	 	•	 	 Not be in Material Breach of the Agreement at any time in the last twenty-four months; 

 

	 	•	 	 Have achieved at least 95% of the Targeted Openings during the prior two calendar years of each Restaurant Opening Plan; and

  

	 	•	 	 Have entered into employment agreements with each of the CEO, CFO and COO on customary terms and conditions and with a minimum term of two years.

  
 Exh. 24-1

 EXHIBIT 25 

SELECTED COMPETITIVE BUSINESSES 
 Without limitation, Competitive Businesses include the following restaurants chains and any direct or indirect holding company relating to any of them. McDonald’s reserves the right to amend this
list on reasonable notice to Master Franchisee if, in McDonald’s reasonable judgment, other companies qualify as operating a “QSR Business.” 
 7-Eleven 
 Arby’s 

Baskin Robbins 

Bob’s 

Burger King 

Carl’s Jr. 

Chick-fil-A 

Church’s 

Domino’s 

Dunkin’ Donuts 
 El Pollo Loco 
 Häagen-Dazs 

Habib’s 

Hardee’s 

In-N-Out Burger 

Jack-in-the-Box 

KFC 
 Little
Caesars 
 Papa John’s 
 Pollo Tropical 
 Pollo Campero 

Pizza Hut 

Popeye’s Chicken 
 Starbucks 
 Subway Sandwiches 

Taco Bell 
 TCBY
Yogurt 
 Wendy’s 

  
 Exh. 25-1

 EXHIBIT 26 

SUMMARY OF FEES PAYABLE 
 A. Initial Franchise Fees 
  

							
	 	  	 Transaction
	  	 Amount of Fee Payable to McDonald’s
	  	 Timing of Payment of Fee

				
	 A.
	  	Master Franchisee or any of its Subsidiaries opens a new Master Franchisee Restaurant that is not a Satellite.	  	$2,250 multiplied by the lesser of (a) 20; or (b) the number of years remaining in the Term applicable in such Territory (with any partial remaining year rounded up to one
full year)	  	Payable on or prior to the date of the opening of the new Master Franchisee Restaurant.
				
	 B.
	  	Master Franchisee or any of its Subsidiaries opens a new Master Franchisee Restaurant that is a Satellite.	  	$1,125 multiplied by the lesser of (a) 20; or (b) the number of years remaining in the Term applicable in such Territory (with any partial remaining year rounded up to one
full year)	  	See A above.

  
 Exh. 26-1

							
	C.	  	Master Franchisee or any of its Subsidiaries enters into a Franchise Agreement with a Franchisee in respect of a new Franchised Restaurant that is not a Satellite.	  	50% of the product of $2,250 multiplied by the greater of (a) the number of years remaining in the Term applicable in the Territory in which the Franchise Agreement has been
executed; or (b) the number of years included in the term of such Franchise Agreement, in each case, with any partial remaining year rounded up to one full year	  	With respect to any new Master Franchisee Restaurant, each Initial Franchise Fee shall be payable on or prior to the date of the opening of such new Master Franchisee Restaurant.
With respect to Franchised Restaurant that is not a Master Franchisee Restaurant, the Initial Franchise Fee shall be payable upon the earlier of (a) the execution of the applicable Franchise Agreement (or agreement to extend such Franchise
Agreement); or (b) the opening of such Franchised Restaurant.
				
	 D.
	  	Master Franchisee or any of its Subsidiaries enters into a Franchise Agreement with a Franchisee in respect of a new Franchised Restaurant that is a Satellite.	  	50% of the product of $1,125 multiplied by the greater of (a) the number of years remaining in the Term applicable in the Territory in which the Franchise Agreement has
been executed; or (b) the number of years included in the term of such Franchise Agreement, in each case, with any partial remaining year rounded up to one full year	  	See C above.

  
 Exh. 26-2

							
	 E.
	  	Any Franchised Restaurant Relocates and the term of the applicable Franchise Agreement is not extended in connection with such Relocation.	  	No fee is payable.	  	N/A
				
	F.	  	Any agreement to extend the term of any Franchise Agreement set forth in C and D above.	  	Initial Franchisee Fees shall be calculated over the term of the extension in the same manner as the Initial Franchisee Fee calculated for the original term in C and D,
respectively.	  	Payable on or prior to the date of execution of the agreement to extend the applicable Franchise Agreement.

  
 Exh. 26-3

 B. Continuing Franchise Fees 

 

							
	  	  	 Transaction
	  	 Royalty Rate
	  	 Timing of Payment of Fee

				
	A.	  	Master Franchisee or any of its Subsidiaries opens a new Master Franchisee Restaurant.	  	Regular Royalty, which is equal to 7% minus any applicable Brand Building Adjustment.	  	Continuing Franchise Fees with respect to any calendar month are payable by Master Franchisee to McDonald’s no later than the seventh Business Day of the next succeeding
calendar month.
				
	B.	  	A Franchisee continues to operate a Franchised Restaurant pursuant to an Existing Franchise Agreement that provides for a Royalty at a rate less than the Regular
Royalty.	  	Existing Royalty	  	See A above.
				
	C.	  	Master Franchisee or any of its Subsidiaries enters into a Franchise Agreement with a Franchisee in respect of a new Franchised Restaurant in a Territory other than Puerto
Rico.	  	New Franchisee Royalty, which is equal to 5%, as adjusted by the International Franchisee Royalty.	  	See A above.
				
	D.	  	Master Franchisee or any of its Subsidiaries enters into a Franchise Agreement with a Franchisee in respect of a new Franchised Restaurant in Puerto Rico.	  	Puerto Rican Royalty, which is equal to 4.5%, as adjusted by the International Franchisee Royalty.	  	See A above.

  
 Exh. 26-4

 C. Transfer Fees 

 

							
	 A.
	  	Any voluntary, involuntary, direct or indirect sale, assignment, transfer or other disposition of a Franchised Restaurant by Master Franchisee, any of its Subsidiaries or any
Franchisee.	  	50% of any transfer fee charged, which shall in no event be less than $10,000 per Franchised Restaurant.	  	On or prior to the effective date of such transfer.
				
	B.	  	Any voluntary, involuntary, direct or indirect sale, assignment, transfer or other disposition of a Franchised Restaurant by Master Franchisee or any of its Subsidiaries to any
other Subsidiary of Master Franchisee.	  	No fee is payable.	  	N/A
				
	C.	  	Any voluntary, involuntary, direct or indirect sale, assignment, transfer or other disposition of a Franchised Restaurant by a Franchisee to any its Affiliates.	  	No fee is payable.	  	N/A

  
 Exh. 26-5

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