Document:

ISDA Schedule to the 2002 Master Agreement dated as of December 12, 2008

 Exhibit 10.14 

ISDA® 
 International Swaps and Derivatives Association, Inc. 
 SCHEDULE 

to the 

2002 Master Agreement 
 dated as of December 12, 2008 
 between 

THE BANK OF NOVA SCOTIA 
 (“Party A”) 
 and 

ARCOS DORADOS B.V. 
 (“Party B”) 
 Part 1. Termination Provisions. 

 

	(a)	“Specified Entity” means in relation to Party A for the purpose of:- 

Section 5(a)(v), Not Applicable 
 Section 5(a)(vi), Not Applicable 
 Section 5(a)(vii), Not Applicable

 Section 5(b)(v), Not Applicable 
 and in relation to Party B for the purpose of:- 
 Section 5(a)(v), Not
Applicable 
 Section 5(a)(vi), Not Applicable 
 Section 5(a)(vii), Not Applicable 
 Section 5(b)(v), Not Applicable

  

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

 

	(c)	The “Cross Default” provisions of Section 5(a)(vi) will apply to Party A and Party B. 

“Specified Indebtedness” will have the meaning specified in Section 14, except that such term shall not include
obligations in respect of deposits received in the ordinary course of a party’s banking business. 
 “Threshold
Amount” means in relation to Party A, an amount equal to 5% of the total shareholders’ equity of Party A as specified from time to time in the most recently 

	 	 
published audited financial statements of Party A or its equivalent in any other currency and, in relation to Party B, USD 10,000,000 or its equivalent in any other currency.

  

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

 

	(e)	Automatic Early Termination. The “Automatic Early Termination” provision of Section 6(a) will not apply to Party A or Party B, provided, however,
that if at any time an Event of Default specified in Section 5(a)(vii) (1), (3), (4), (5), (6) or, to the extent analogous thereto, (8), with respect to a party has occurred and is then continuing, and any court, tribunal or regulatory
authority with competent jurisdiction acting pursuant to any bankruptcy or insolvency law or other similar law affecting such party makes an order which has or purports to have the effect of prohibiting the other party from designating an Early
Termination Date in respect of all outstanding Transactions at any time after such Event of Default has occurred and is then continuing, in accordance with Section 6(a), the “Automatic Early Termination” provision of 6(a) will apply
to such party. 

  

	(f)	“Termination Currency” means the currency selected by the party which is not the Defaulting Party or the Affected Party, as the case may be, or where
there is more than one Affected Party the currency agreed by Party A and Party B. If the currency selected is not freely available, or where there are two Affected Parties and Party A and Party B cannot agree on a Termination Currency, the
Termination Currency shall be United States Dollars. 

 Part 2. Tax Representations. 

 

	(a)	Payer Tax Representations. For the purpose of Section 3(e), Party A and Party B will make the following representation:- 

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

	(b)	 Payee Representation. For the purpose of Section 3(f) of this Agreement, each of Party

  
 2 

	 	 
A and Party B will make no representations 

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

  

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

  

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

	Party A and Party B	  	Any form or document that may be required or reasonably requested in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any
applicable Credit Support Document without any deduction or withholding for or on account of any tax or with such deduction or withholding at a reduced rate.	  	As soon as reasonably practicable after reasonable demand by the other party in accordance with Section 4(a)(iii)

 

	(b)	Other documents to be delivered are:- 

  

							
	 Party required to
deliver document
	  	 Form/Document/ Certificate
	  	 Date by which to be
delivered
	  	 Covered by
Section 3(d)
Representation

	Party A	  	Incumbency certificate	  	Upon the execution and delivery of this Agreement and, if requested in respect of a Transaction, upon the execution and delivery of the applicable Confirmation	  	Yes
	Party B	  	 Certified copies of:
  

(i) resolutions of Party B’s board of directors authorizing the execution, delivery and performance of this Agreement and authorizing Party B to
enter into Transactions hereunder; and
  
 (ii) evidence showing the authority
and genuine signature of the signatory of Party B who executes this Agreement and any Confirmation.
	  	Upon the execution and delivery of this Agreement and, if requested in respect of a Transaction, upon the execution and delivery of the applicable Confirmation	  	Yes

  
 3 

 Part 4. Miscellaneous. 

 

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

 Addresses for notices or communications to Party A:- 
 Notices or communications to
Party A in respect of a particular Transaction shall be directed to the address, facsimile or contact reflected in the Confirmation for that Transaction, and any notices in respect of Sections 5, 6, 9(b) or 13(c) of this Agreement to Party A’s
Toronto Office as follows: 
  

			
	Address:	  	 The Bank of Nova Scotia
 40
King Street West, Scotia Plaza, 8th Floor

Toronto, Ontario, Canada M5H 1H1

	Attention:	  	Global Markets Documentation
	Facsimile No.:	  	(416) 866-7767
	Telephone No.:	  	(416) 866-6613

 Address for notices or
communications to Party B:- 
  

			
	Address:	  	 Arcos Dorados B.V.
 C/C
Arcos Dorados Argentina S.A.
 Roque Saenz Peña 432 - Olivos - Buenos Aires
 Argentina - B1636FFB

	Attention:	  	 Miguel Sanchez de Bustamante / Diego Pace /
 Julieta Nalband

	Facsimile No.:	  	(54-11) 4711-2236
	Telephone No.:	  	(54-11) 4711-2000

  

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

 Party A appoints as its Process Agent: Vice President, US Regional Head of Operations, The Bank of Nova Scotia, 1 Liberty Plaza, 165 Broadway, 26th Floor, New York, New York 10006 U.S.A. 

Party B appoints as its Process Agent: Not Applicable 
  

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

 

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

  
 4 

 Party A is a Multibranch Party and may act through its Toronto Office and its New York
Agency, or any other Office as specified in a relevant Confirmation as agreed to between the parties. 
 Party B is not a
Multibranch Party. 
  

	(e)	Calculation Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction provided that if an
Event of Default or a Termination Event has occurred and is continuing in respect to Party A, the Calculation Agent shall be a party designated by Party B. 

 

	(f)	Credit Support Document. Details of any Credit Support Document:- 

 In relation to Party B:- shall mean the Security Documents as defined in the Credit Agreement and the Subsidiary Guaranty as defined in the Credit Agreement. 

 

	(g)	Credit Support Provider. Credit Support Provider means:- 

 In relation to Party B:- shall mean the Subsidiary Guarantors as defined in the Credit Agreement 
  

	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York (without reference to the choice of law
doctrine). 

  

	(i)	Netting of Payments. “Multiple Transaction Payment Netting” will apply for the purpose of Section 2(c) of this Agreement to all Transactions,
starting from the date of this Agreement. 

  

	(j)	“Specified Entity” will have the meaning specified in Section 14. 

 

	(k)	Absence of Litigation. For the purpose of Section 3(c):- 

 “Specified Entity” means in relation to Party A, none 
 “Specified
Entity” means in relation to Party B, none 
  

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

 

	(m)	Additional Representation will apply. For the purpose of Section 3 of this Agreement, the following will constitute Additional Representations and each
party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

  

	 	(A)	 Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to
whether that 

  
 5 

	 	 
Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of
the other party as investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a
recommendation to enter into that Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction. 

 

	 	(B)	Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

 

	 	(C)	Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction.” 

 

	 	(D)	Line of Business. It has entered into this Agreement and each Transaction in conjunction with its line of business (including financial intermediation
services) or the financing of its business. 

  

	(n)	Recording of Conversations. Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel
of the parties in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the extent
permitted by applicable law, that the recordings may be submitted in evidence in any Proceedings. 

 Part 5. Other
Provisions. 
  

	(a)	ISDA Definitions. Reference is hereby made to the 2000 ISDA Definitions (the “2000 Definitions”) and the 1998 FX and Currency Option
Definitions (the “FX Definitions”) (collectively the “USDA Definitions”) each as published by the International Swaps and Derivatives Association, Inc., which are hereby incorporated by reference
herein. Any terms used and not otherwise defined herein, which are contained in the 2000 Definitions shall have the meaning set forth therein. In the event of any inconsistency between the 2000 Definitions and the FX Definitions, the FX Definitions
shall prevail with respect to an FX Transaction or a Currency Option Transaction. In the event of any inconsistency between the provisions of this Agreement and the 2000 Definitions, the provisions of this Agreement shall prevail. For the purpose of
this Agreement, the expression “Swap Transaction” as used in the 2000 Definitions shall be read to mean “Transactions”. 

  

	(b)	Waiver of Jury Trial. To the extent permitted by applicable law, each party waives any right it may have to a trial by jury in respect of any Proceedings
relating to this Agreement or any Transaction. 

  
 6 

	(c)	Equivalency Clause. For the purpose of disclosure pursuant to the Interest Act (Canada), the yearly rate of interest to which any rate of interest payable under
this Agreement that is calculated on any basis other than a full calendar year is equivalent may be determined by multiplying such rate by a fraction the numerator of which is the actual number of days in the calendar year in which such yearly rate
of interest is to be ascertained and the denominator of which is the number of days comprising such other basis. 

  

	(d)	Illegality. For the purpose of Section 5(b)(i), the obligation of a party to comply with any directive issued or given by any government agency or authority
with competent jurisdiction which has the result referred to in Section 5(b)(i) will be deemed to be an “Illegality”. 

  

	(e)	 2002 Master Agreement Protocol. The parties agree that the definitions and provisions contained in Annexes 1 to 18 of the 2002 Master Agreement
Protocol published by the International Swaps and Derivatives Association, Inc. on July 15th, 2003 are incorporated into and apply to this Agreement. References in those definitions and provisions to any “ISDA Master Agreement” will be deemed to be references to this Agreement.

  

	(f)	Confirmation Procedures. Upon receipt thereof, Party B shall examine the terms of each Confirmation sent by Party A, and unless Party B objects to the terms
within three General Business Days after receipt of that Confirmation, those terms shall be deemed accepted and correct absent manifest error, in which case that Confirmation will be sufficient to form a binding supplement to this Agreement
notwithstanding Section 8(e)(ii) of this Agreement. 

  

	(g)	Scope of Agreement. Notwithstanding anything contained in this Agreement to the contrary, any transaction which may otherwise constitute a “Specified
Transaction” for the purposes of this Agreement which has been or will be entered into between the parties shall constitute a “Transaction” which is subject to, governed by and construed in accordance with the terms of this Agreement,
unless the Confirmation with respect to a Transaction entered into after the execution of this Agreement expressly provides otherwise. The documents and other confirming evidence (including electronic messages on an electronic messaging service)
exchanged between the parties confirming such Transaction shall be a Confirmation (even where not so specified) for the purposes of this Agreement. 

 For the purpose of this clause, “transaction” means a transaction between the parties, whether entered into before, on or after the commencement of this Agreement, of the nature of
a “Specified Transaction” as defined in Section 14 of this Agreement, excluding repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction or any similar
transaction, unless the parties specify otherwise. 

  
 7 

	(h)	“Credit Agreement” means the Amended and Restated Credit Agreement, dated as of October 22nd, 2008, by and among Party B as Borrower and Party A
as Joint Book Runner, Various Lenders and Deutsche Bank Trust Company Americas as Administrative Agent and Collateral Agent as may be amended, restated, supplemented, modified, waived or replaced (including any successor agreement) from time to time
(the “Credit Agreement”).” 

 Part 6. FX Transactions and Currency Option Transactions 

 

	1.	Definitions. For purposes of this Part 6,  

 “Currency Obligation” means the undertaking of a party hereto pursuant to an FX Transaction or a validly exercised or deemed exercised Currency Option Transaction to deliver an amount of
currency, including any obligations to deliver an amount of currency arising from the netting of two or more Currency Obligations as contemplated by Section 2 of this Part 6. 

 

	2.	Novation Netting of Deliverable FX Transactions and Exercised Currency Option Transactions. Unless otherwise agreed to by the parties hereto, if the parties
enter into a Deliverable FX Transaction through a pair of Offices or if a Currency Option Transaction entered into by the parties through a pair of Offices is validly exercised or deemed exercised, in each case, giving rise to Currency Obligations
for the same Settlement Date and in the same currency as then existing Currency Obligations between the same pair of Offices, then immediately upon entering into such Deliverable FX Transaction or the exercise or deemed exercise of such Currency
Option Transaction, each such Currency Obligation shall automatically and without further action be individually cancelled and simultaneously replaced through novation by a new Currency Obligation for such Settlement Date determined as follows: the
amounts in such currency that would otherwise have been deliverable by each party hereto on such Settlement Date shall be aggregated and the party with the larger aggregate amount shall have a new Currency Obligation to deliver to the other party
the amount by which its aggregate amount exceeds the other party’s aggregate amount, provided that if the aggregate amounts are equal, no new Currency Obligation shall arise. 

 

	3.	Settlement Netting of Currency Obligations. Notwithstanding Part 4(i), “Multiple Transactions Payment Netting” will apply for the purpose of
Section 2(c) of this Agreement to FX Transactions and exercised or deemed exercised Currency Option Transactions and, instead, if on any Settlement Date, more than one delivery of a particular currency is to be made between a pair of Offices in
respect of Currency Obligations arising pursuant to FX Transactions and validly exercised or deemed exercised Currency Option Transactions (but excluding, in respect of Currency Option Transactions, Premium payments and amounts arising in connection
with Section 5 of this Part 6), then, on such date, each party shall aggregate the amounts of such currency deliverable by it and only the difference between these aggregate amounts shall be delivered by the party owing the larger aggregate
amount to the other party and, if the aggregate amounts are equal, no delivery of the currency shall be made. 

  
 8 

	4.	Discharge and Termination of Currency Option Transactions. Unless otherwise agreed to by the parties hereto, any Call Option or Put Option in respect of which a
party hereto is the Seller will automatically be terminated and discharged, in whole or in part, as applicable, against a Call Option or Put Option, respectively, in respect of which the other party hereto is the Seller, such termination and
discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Currency Option Transactions; provided that such termination and discharge may only occur in respect of Currency Option
Transactions: 

  

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

 

	 	(b)	each having the same Expiration Date and Expiration Time; 

  

	 	(c)	each being of the same style, i.e., either both being American style options or both being European style options; 

 

	 	(d)	each having the same Strike Price; 

  

	 	(e)	neither of which shall have been exercised by delivery of a Notice of Exercise; 

 

	 	(f)	which are entered into by the same Offices of both the Buyer and Seller respectively; and 

 

	 	(g)	which are otherwise identical in terms that are material for purposes of netting and discharge. 

Upon the occurrence of such termination and discharge, neither party shall have any further obligation to the other party in respect of
the relevant Currency Option Transactions or, as the ease may be, parts thereof so terminated and discharged. In the case of a partial termination and discharge (i.e., where the relevant Currency Option Transactions are for different amounts of the
Currency Pair), the remaining portion of the Currency Option Transaction which is partially discharged and terminated shall continue to be a Currency Option Transaction for all purposes of this Agreement including this Section 4 of this Part 6.

  

	5.	Netting of Premiums. Unless otherwise agreed, if on any Premium Payment Date, Premiums would otherwise be payable hereunder in the same currency between the same
Offices of the parties, then, on such date, each party’s obligation to make payment of any such Premium will be automatically satisfied and discharged and, each party shall aggregate the Premium(s) that would otherwise have been payable by it
and only the difference between the aggregate Premium(s) shall be payable by the party owing the larger aggregate Premium(s) to the other party, and, if the aggregate Premium(s) are equal, no payment shall be made. 

  
 9 

	6.	Terms Relating to the Payment of Premiums. 

  

	 	(a)	Payment of Premium. Unless otherwise agreed in writing by the parties hereto, the Buyer shall be obligated to pay the Premium related to a Currency Option no
later than its Premium Payment Date. 

  

	 	(b)	Late Payment or non-Payment of Premium. In addition to any other rights or remedies provided by this Agreement, if a Premium is not received on the Premium
Payment Date, the Seller of the relevant Currency Option Transaction may elect to (a) accept a late payment of such Premium; (b) give written notice of such non-payment and, if such payment shall not be received on or before the second
Local Business Day following the date on which such notice became effective in accordance with Section 12, treat the related Currency Option Transaction as void; or (c) give written notice of such non-payment and, if such payment shall not
be received on or before the second Local Business Day following the date on which such notice became effective in accordance with Section 12, treat such non-payment as an Event of Default under Section 5(a)(i). If the Seller elects to act
under clause (a) of the preceding sentence, the Buyer of the relevant Currency Option Transaction shall pay interest on such Premium in the same currency as such Premium from the day such Premium was due until the day paid at the Default Rate.
If the Seller elects to act under clause (b) above, the Buyer shall pay all out-of-pocket costs and actual damages incurred in connection with such unpaid or late Premium or void Currency Option Transaction, including without limitation,
interest on such Premium in the same currency as such Premium at the then prevailing market rate and any other costs or expenses incurred by the Seller in covering its obligations (including, without limitation, a delta hedge) with respect to such
Currency Option Transaction. 

  

	7.	Amendment to FX Definitions. Section 3.5(g) of the FX Definitions is amended by the deletion of the word “facsimile” in the fourth line thereof.

  
 10 

 IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized
representative(s) as of the date hereof. 
  

											
	THE BANK OF NOVA SCOTIA	 		 	ARCOS DORADOS B.V.
					
	By:	 	 /s/ Debbie Ramkerrysingh
	 		 	By:	 	 (illegible signature)

		 	Name:	 	Debbie Ramkerrysingh	 		 		 	Name:
		 	Title:	 	Director	 		 		 	Title:
		 	The Bank of Nova Scotia	 		 		 	
		 	Auth. No. R105	 		 		 	
				
		 		 	 By:
	 	  

		 		 		 	 Name:

		 		 		 	 Title:

  
 11Confirmation of Cross-Currency Swap

 Exhibit 10.15 

 THE BANK OF NOVA SCOTIA 
 Global Wholesale Services 
 Derivative Products 

44 King Street West 
 Central Mail Room

 Toronto, Ontario, M5H 1H1 

December 17, 2008 
 Amended
December 31, 2008 
  

			
	 To:
	  	ARCOS DORADOS BV
		
	 Attention:
	  	Miguel Sanchez, Corporate Finance Director
		
	 Facsimile no.:
	  	541147112094

 Dear Sirs: 

 

			
	Re: Cross Currency Swap Transaction	  	Reference ID: C13657

 This
Confirmation supersedes and replaces all prior communication between the parties hereto with respect to the Transaction described below. 
 The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below. 

This Confirmation is subject to and incorporates the definitions contained in Section 14 of the form of the 1992 ISDA Master
Agreement (Multicurrency – Cross Border), as published by the International Swaps and Derivatives Association, Inc., but without any Schedule or other modification thereto, as published by ISDA (the “ISDA Agreement”) and in the 1998
FX and Currency Option Definitions, as published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Associations and the Foreign Exchange Committee (the “FX Definitions”, and together with the Swap
Definitions, the “Definitions”), are incorporated into this Confirmation. In the event of any inconsistency between the ISDA Agreement and the FX Definitions, the FX Definitions will govern. In the event of any inconsistency between either
set of Definitions and this Confirmation, this Confirmation will govern. 

  
 2 

	1.	This Confirmation agreement constitutes a “Confirmation” as referred to in and supplements forms part of and is subject to, the ISDA Master Agreement dated as
of December 12, 2008, as amended and supplemented from time to time (the “Agreement”), between THE BANK OF NOVA SCOTIA (“Party A”) and ARCOS DORADOS BV (“Party B”). All provisions contained in the Agreement govern
this Confirmation except as expressly modified below. 

  

	2.	The terms of the particular Swap Transaction to which this Confirmation relates are as follows: 

 

			
	Trade Date:	  	December 17, 2008
		
	Effective Date:	  	November 10, 2008
		
	Termination Date:	  	November 10, 2013, subject to adjustment in accordance with the Modified Following Business Day Convention.

 

			
	Fixed Amounts:	  	 
		
	Initial Fixed Amount:	  	BRL 119,500,000.00
		
	Fixed Rate Payer:	  	Party B
		
	Fixed Rate Payer Currency Amount:	  	Refer to attached Notional Amount Schedule “B”
		
	Fixed Rate Payer Payment Dates:	  	The 10th of each February, May, August, November commencing on May 11, 2009 to and including the Termination Date, subject to adjustment in accordance with the Modified Following
Business Day Convention
		
	 Fixed Rate Period
 End
Dates:
	  	The 10th of each February, May, August, November commencing on May 11, 2009 to and including the Termination Date with the Modified Following Business Day
Convention
		
	Fixed Rate:	  	12.1%
		
	Fixed Rate Day Count Fraction:	  	Actual/360

  
 3 

			
	 Business Days for

Fixed Rate Payments:
	  	New York, Sao Paolo and London
		
	Business Day Convention:	  	Modified Following Business Day Convention
	
	Initial Floating Amount:
		
	Floating Amounts:	  	USD 50,000,000.00
		
	Floating Rate Payer:	  	Party A
		
	Floating Rate Payer Currency Amount:	  	Refer to attached Notional Amount Schedule “A”
		
	Floating Rate Payer Payment Dates:	  	The 10th of each February, May, August, November commencing on May 11, 2009 to and including the Termination Date, subject to adjustment in accordance with the Modified Following
Business Day Convention
		
	Floating Rate Period End Dates:	  	The 10th of each February, May, August, November commencing on May 11, 2009 to and including the Termination Date with the Modified Following Business Day
Convention
		
	Floating Rate for the Initial Calculation Period:	  	2.69875% for the period November 10, 2008 to May 11, 2009
		
	Floating Rate Option:	  	USD-LIBOR-BBA
		
	Designated Maturity:	  	3-month
		
	Spread:	  	Not Applicable
		
	Floating Rate Day Count Fraction:	  	Actual/360
		
	Reset Dates:	  	First day or each Floating Rate Payer Calculation Period
		
	Method of Averaging:	  	Inapplicable

  
 4 

			
	Compounding:	  	Inapplicable
		
	Compounding Dates:	  	Inapplicable
		
	 Business Days for
 Floating
Rate
 Payments:
	  	New York, Sao Paolo and London
		
	Business Day Convention:	  	Modified Following Business Day Convention

  

			
	Principal Exchange	 	
		
	Initial Exchange:	 	None
		
	Interim Exchanges:	 	 Interim Exchanges Dates: Each period end date as shown in the Notional Amount Schedule “A” and “B”

 
 Party A Interim Exchange Amount: The USD Amortization Amount as shown in Notional
Amount Schedule “A”
  
 Party B Interim Exchange Amount: The BRL
Amortization Amount as shown in Notional Amount Schedule “B”

		
	Final Exchange	 	
		
	Final Exchange Date:	 	November 12, 2013, subject to adjustment in accordance with the Modified Following Business Day Convention
		
	Party A	 	
		
	Final Exchange Amount:	 	USD 12,500,000.00
		
	Party B	 	
		
	Final Exchange Amount:	 	BRL 29,875,000.00
		
	Settlement Terms	 	
		
	Settlement:	 	Non-Deliverable, with the effect that any Reference Currency amounts payable

  
 5 

			
		
		  	 hereunder on a Payment Date shall be converted into Settlement Currency amounts by reference to the Settlement Rate Option on the
Valuation Date. The obligations of the parties to pay the Fixed Amount or the Floating Amount, as the case may be, shall be replaced by an obligation of one party to pay the Settlement Amount in the Settlement Currency in accordance with the
provisions of this Confirmation.
  
 The Settlement Amount shall be determined
by the Calculation Agent on the Valuation Date as follows:
  

(Fixed Rate Amount/Settlement Rate)-Floating Rate Amount

 
 If the Settlement Amount is a positive number, the Fixed Rate Payer
shall pay the Settlement Amount to the Floating Rate Payer on the Payment Date.
  
 If the Settlement Amount is a negative number, the Floating Rate Payer shall pay the absolute value of the Settlement Amount to the Fixed Rate Payer on the Payment Date.

		
	Settlement Currency:	  	USD
	Reference Currency:	  	BRL
	 Business Days Applicable to
 Valuation Date for BRL
	  	 Brazil Business Day and Business Day
 In the event the Scheduled Valuation Date becomes subject to the Modified Following Business Day Convention, and if the Valuation Date has not occurred on or before the 30th consecutive day after the Scheduled Valuation Date (any such period
being a “Deferral Period”), then the next day after the Deferral Period that would have been a Brazil Business Day and Business Day but for the Unscheduled Holiday, shall be deemed to be the Valuation Date.

  
 6 

			
	Settlement Rate	  	
	Settlement Rate Option:	  	BRL09(PTAX)
		
	 Disruption Event and

Fallback:
	  	 1) Price Source Disruption

2) Price Materiality

		
	 Event Currency:
	  	Brazil Real
		
	 Calculation Agent
	  	Applicable
	 Determination of
	  	
	 Disruption Event:
	  	
		
	Price Materiality:	  	
		
	 Terms Applicable to Price
 Materiality:
	  	
		
	 Primary Rate:
	  	BRL09(PTAX)
		
	 Secondary Rate:
	  	BRL12 or BRL13 (as the case may be)
		
	 Price Materiality
 Percentage:
	  	3%, provided however, that if there are insufficient responses on the Valuation Date to the EMTA BRL Industry Survey or the EMTA BRL Indicative Survey, as the case may be, the
Price Materiality Percentage will also be deemed to have been met.
		
	Cumulative Events:	  	Notwithstanding anything herein to the contrary, in no event shall the total number of consecutive calendar days exceed 30 consecutive calendar days in the aggregate.
Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such
30 day period, a Price Source Disruption shall have occurred or be continuing on the day following such period, then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next

  
 7 

			
		  	Disruption Fallback.
		
	Disruption Fallback:	  	Fallback Reference Price
		
	 Alternative
 Settlement Rate
 Option:
	  	 1.      BRL12

2.      Valuation Postponement for Price Source Disruption.

3.      BRL13

4.      Calculation Agent Determination of Settlement Rate

		
	 Valuation Postponement for
 Price Source Disruption:
	  	 Maximum Number of Days for Postponement – 30 Days

 
 Valuation Postponement” means, for purposes of obtaining a Settlement Rate,
that Spot Rate will be determined on the day that is a Brazil Business Day and Business Day first succeeding the day on which the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date,
that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next
business day that is a Brazil Business Day and Business after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.

		
	Quoting Dealer Disclaimer:	  	The parties acknowledge that one or both parties to this Transaction acting directly or through a branch or an affiliate may be requested to provide a quotation or quotations
from time to time for the purpose of determining the EMTA BRL Industry Survey Rate or the EMTA BRL Indicative Survey Rate and such quotation may effect, materially or otherwise, the settlement of the Transaction.

  
 8 

			
	Calculation Agent:	  	The Bank Of Nova Scotia
		
	Non-Reliance:	  	Each party represents to the other party that it is acting for its own account, and has made its own independent decisions to enter into this Transaction and as to whether this
Transaction is appropriate or proper for it based on its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into this Transaction, it being understood that information and explanations related to the terms and conditions of this Transaction shall not be considered investment advice or a recommendation to enter into this
Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of this Transaction.

 OTHER TERMS: 
 “Unscheduled Holiday”: “Unscheduled Holiday” means, that a day
is not a Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 a.m. local time in the Principal Financial Center(s) of the
Reference Currency two Business Days prior to the Scheduled Valuation Date. 
 “Settlement Date”: “Settlement Date” means,
in respect of a Transaction, the date (a) specified as the Settlement Date or the Payment Date, as the case may be, or otherwise determined as provided in the related Confirmation, or (b) determined in accordance with
Section 5.2(c)(x)(A) or Section 5.2(c)(Xi), subject to adjustment in accordance with the Following Business Day Convention unless other Business Day Convention is specified to be applicable to that Settlement Date. 

“Valuation Date”: “Valuation Date” means, each date (i) specified as the Valuation Date or otherwise determined as provided in
the related Confirmation, or (ii) determined in accordance with Section 5.1(d)(vi) or Section 5.2(c)(x)(a), 

  
 9 

 
which is a day in respect of which a Spot Rate is to be determined for a purpose of determining the Settlement Rate, subject to adjustment in accordance with the Preceding Business Day Convention
unless another Business Day Convention is specified to be applicable to that Valuation Date. Unless otherwise specified in the related Confirmation, the Valuation Date will be, (i) in respect of an FX Transaction, two Business Days prior to the
Settlement Date and (ii) in respect of a Currency Option Transaction, the Exercise Date. 
  

	3.	Offices: 

  

	 	(a)	For purpose of this Transaction, the Office of Party A is Toronto, Ontario. 

 

	 	(b)	For purpose of this Transaction, the Office of Party B is Olivos, Argentina. 

 

	4.	Account Details: 

  

			
	Payments to Party A:	  	
		
	Accounts for Payment in USD	  	 BANK OF NOVA SCOTIA
 NEW
YORK
 UNITED STATES
 A/C:
602736
 Swift Code: NOSCUS33
 Favour:
BANK OF NOVA
 SCOTIA

TORONTO
 CA

		
	Payments to Party A:	  	
		
	Accounts for Payment in BRL	  	Inapplicable
		
	Payments to Party B	  	
		
	Accounts for Payment in USD	  	 Bank Name:
 JPMorgan Private
Bank
 Bank Address: 345 Park
 Avenue,
5th Floor
 New York, NY 10154-1002
 ABA
No.: 021-000-021
 For Credit to Account #
 739577034
 Beneficiary: Arco Dorados B.V.

  
 10 

			
	Payments to Party B	  	
		
	Accounts for Payment in BRL	  	Inapplicable

  

	5.	The parties hereto agree that this Confirmation, whether received in original or facsimile form, may be executed in counterparts, which execution may be effected by
means of facsimile transmission. Where execution is effected by means of facsimile transmission, the parties agree that the sender’s signature as printed by the recipient’s facsimile machine shall be deemed to be the sender’s original
signature. 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy
of this Confirmation and returned it to us by facsimile, Attention: GWS Derivative Product Confirmations, Telephone: (416) 866-5415/3622, Facsimile: (416)933-2291. 
 Yours sincerely, 
 THE BANK OF NOVA SCOTIA 

 

			
	/s/ Armando Dela Rosa	  	
	Armando Dela Rosa	  	
	Confirmation Officer	  	/s/ Lorraine D’Costa
	Authorized Signature D0402	  	 Lorraine D’Costa

Senior Assistant Manager
 Authorized Signature
D0369

 Confirmed as of the date first written: 

  
 11 

			
	ARCOS DORADOS BV	  	
		
	 (illegible signature)
	  	  

	By:	  	By:
	Name:	  	Name:
	Title:	  	Title:

 Notional Amount Schedule “A” 

 

					
	Dates	  	Outstanding Notional Amounts	 
		
	 November 10, 2008
	  	USD	50,000,000.00	  
	 May 11, 2009
	  	USD	50,000,000.00	  
	 August 10, 2009
	  	USD	50,000,000.00	  
	 November 10, 2009
	  	USD	50,000,000.00	  
	 February 10, 2010
	  	USD	50,000,000.00	  
	 May 10, 2010
	  	USD	50,000,000.00	  
	 August 10, 2010
	  	USD	50,000,000.00	  
	 November 10, 2010
	  	USD	45,000,000.00	  
	 February 10, 2011
	  	USD	45,000,000.00	  
	 May 10, 2011
	  	USD	40,000,000.00	  
	 August 10, 2011
	  	USD	40,000,000.00	  
	 November 10, 2011
	  	USD	35,000,000.00	  
	 February 10, 2012
	  	USD	35,000,000.00	  
	 May 10, 2012
	  	USD	30,000,000.00	  
	 August 10, 2012
	  	USD	30,000,000.00	  
	 November 13, 2012
	  	USD	25,000,000.00	  
	 February 13, 2013
	  	USD	25,000,000.00	  
	 May 10, 2013
	  	USD	12,500,000.00	  
	 August 12, 2013
	  	USD	12,500,000.00	  
	 November 12, 2013
	  	USD	0.00	  

 Notional Amount Schedule
“B” 
  

					
	Dates	  	Outstanding Notional Amounts	 
		
	 November 10, 2008
	  	BRL	119,500,000.00	  
	 May 11, 2009
	  	BRL	119,500,000.00	  
	 August 10, 2009
	  	BRL	119,500,000.00	  
	 November 10, 2009
	  	BRL	119,500,000.00	  
	 February 10, 2010
	  	BRL	119,500,000.00	  
	 May 10, 2010
	  	BRL	119,500,000.00	  
	 August 10, 2010
	  	BRL	119,500,000.00	  
	 November 10, 2010
	  	BRL	107,550,000.00	  
	 February 10, 2011
	  	BRL	107,550,000.00	  
	 May 10, 2011
	  	BRL	95,600,000.00	  
	 August 10, 2011
	  	BRL	95,600,000.00	  
	 November 10, 2011
	  	BRL	83,650,000.00	  
	 February 10, 2012
	  	BRL	83,650,000.00	  

  
 12 

					
	 May 10, 2012
	  	BRL	71,700,000.00	  
	 August 10, 2012
	  	BRL	71,700,000.00	  
	 November 13, 2012
	  	BRL	59,750,000.00	  
	 February 13, 2013
	  	BRL	59,750,000.00	  
	 May 10, 2013
	  	BRL	29,875,000.00	  
	 August 12, 2013
	  	BRL	29,875,000.00	  
	 November 12, 2013
	  	BRL	0.00	  

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]