Document:

Credit Support Annex to the Schedule to the Master Agreement

 Exhibit 10.20 

 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 Master Agreement 

dated as of December 14, 2009 
 between 
  

					
	JPMORGAN CHASE BANK, N.A.
(“Party A”)	  	and	 	ARCOS DORADOS B.V.
(“Party B”)

 Paragraph 13. Elections and Variables 
 (a) Security Interest for
“Obligations”. The term “Obligations” as used in this Annex includes no additional obligations with respect to either party. 
 (b) Credit Support Obligations. 
 (i) Delivery Amount, Return Amount and
Credit Support Amount. 
  

	 	(A)	“Delivery Amount” has the meaning specified in Paragraph 3(a). 

  

	 	(B)	“Return Amount” has the meaning specified in Paragraph 3(b). 

  

	 	(C)	“Credit Support Amount” has the meaning specified in Paragraph 3(b). 

 (ii) Eligible Collateral. The following items will qualify as “Eligible Collateral” for Party B: 
  

									
	  	  	 ISDA COLLATERAL

ASSET DEFINITION
 (ICAD) CODE
	  	 REMAINING MATURITY FROM

THE VALUATION DATE
	  	VALUATION
PERCENTAGE	 
	 (1)
	  	US-CASH	  	Not applicable	  	 	100	% 

 US-CASH - United States of
America Dollar (USD) Cash. 
 The lawful currency of the United States of America. 

(iii) Other Eligible Support. There shall be no “Other Eligible Support” for Party B for purposes of this Annex, unless
agreed in writing between the parties. 
 (iv) Thresholds. 

	 	(A)	“Independent Amount” means, with respect to Party A, Not Applicable. “Independent Amount” means, with respect to Party B, as specified
in a Confirmation. 

  

	 	(B)	“Threshold” means, with respect to Party B, U.S. $25,000,000, provided, however, that if an Event of Default has occurred and is
continuing with respect to such party, such party’s Threshold shall be U.S.$0. 

  

	 	(C)	“Minimum Transfer Amount” means, with respect to a party, U.S. $250,000, provided, however, that if an Event of Default has occurred and is
continuing with respect to a party, the Minimum Transfer Amount with respect to such party shall be U.S. $0. 

  

	 	(D)	Rounding. The Delivery Amount and the Return Amount will be rounded up and down to the nearest integral multiple of U.S. $10,000, respectively.

 (c) Valuation and Timing. 
 (i) “Valuation Agent” means, means the party making the demand under Paragraph 3, unless there has occurred and is continuing any Event of Default, Potential Event of Default or Additional
Termination Event with respect to such party, in which case the other party shall be the Valuation Agent. 
 (ii) “Valuation
Date” means any Local Business Day. 
 (iii) “Valuation Time” means the close of business in the city of the
Valuation Agent on the Local Business Day immediately preceding the Valuation Date or date of calculation, as applicable; 

provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date. 

(iv) “Notification Time” means by 12:00 noon, New York time, on a Local Business Day. 

(d) Substitution. 
 (i)
“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 
 (ii) Consent. Inapplicable. 

(e) Dispute Resolution. 

(i) “Resolution Time” means 12:00 noon, New York time, on the Local Business Day following the date on which notice is given
that gives rise to a dispute under Paragraph 5. 

  
 3 

 (ii) Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted
Credit Support other than Cash will be calculated as follows: 
 (A) with respect to any Eligible Collateral except US-Cash, the
sum of (I) (x) the mean of the high bid and low asked prices quoted on such date by two principal market makers for such Eligible Collateral chosen by the Disputing Party, or (y) if no quotations are available from two principal
market makers for such date, the mean of such high bid and low asked prices as of the first day prior to such date on which such quotations were available, plus (II) the accrued interest on such Eligible Collateral (except to the extent Transferred
to a party pursuant to any applicable provision of this Agreement or included in the applicable price referred to in (I) of this clause (A)) as of such date; multiplied by the applicable Valuation Percentage 

(iii) The provisions of Paragraph 5 will apply. 
 (f) Holding and Using Posted Collateral. 
 (i) Eligibility to Hold Posted
Collateral; Custodians. 
 Party A will be entitled to hold Posted Collateral itself or through a Custodian pursuant to
Paragraph 6(b), provided that the following conditions applicable to it are satisfied: 
 (1) Party A is not a Defaulting
Party. 
 (2) The Custodian is a Bank (as defined in the Federal Deposit Insurance Act) whose rating with respect to its long
term unsecured, unsubordinated indebtedness is at least BBB+ by S&P or Baa1 by Moody’s. 
 As used herein,
“Moody’s” shall mean Moody’s Investors Service, Inc., or its successor and “S&P” shall mean Standard & Poor’s Ratings Group, or its successor. 

(ii) Use of Posted Collateral. The provisions of Paragraph 6(c) will apply. 

(h) Distributions and Interest Amount. 
 (i) Interest Rate. The Interest Rate for any day means the greater of (x) 0% or (y) the Federal Funds Overnight Rate. For the purposes hereof, “Federal Funds Overnight Rate”
means, for any day, an interest rate per annum equal to the rate published as the Federal Funds Effective Rate that appears on Telerate Page 118 or on Bloomberg Page FEDL01 for such day. 

(ii) Transfer of Interest Amount. The transfer of the Interest Amount will be made monthly on the second Local Business Day of each
calendar month. 
 (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

(i) Additional Representations. None. 

  
 4 

 (j) Other Eligible Support and Other Posted Support. 

(i) “Value” shall have no meaning with respect to either party with respect to Other Eligible Support and Other Posted Support.

 (ii) “Transfer” shall have no meaning with respect to either party with respect to Other Eligible Support and Other
Posted Support. 
 (k) Demands and Notices. 
  

	 	(i)	All demands, specifications and notices made by a party to this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here:

 With respect to Party A: 
 JPMorgan Chase Bank, N.A. 
 Collateral Middle Office Americas 3/OPS2 

500 Stanton Christiana Road 
 Newark, Delaware 19713 
 Telephone No.: (302) 634-3191 

Facsimile No.: (302) 634-3270 
 Email: collateral_services@jpmorgan.com 
 With respect to Party B: 

Arcos Dorados B.V. 
 C/C Arcos Dorados Argentina S.A. 
 Roque Saenz Peña 432 - Olivos - Buenos
Aires 
 Argentina - B 1636FFB 
 Attention: Miguel Sanchez de Bustamante / Diego Pace / Julieta Nalband 
 Facsimile
No.: (54-11) 4711-2236 
 Telephone No.: (54-11) 4711-2000 
 (l) Other Provisions. 
 (i) Modification to Paragraph 1. The
following subparagraph (b) is substituted for subparagraph (b) of this Annex: 
 Secured Party and
Pledgor. All references in this Annex to the “Secured Party” will be to Party A and all corresponding references to the “Pledgor” will be to Party B. 

(ii) Modification to Paragraph 2. The following Paragraph 2 is substituted for Paragraph 2 of this Annex: 

Paragraph 2. Security Interest. The Pledgor hereby pledges to the Secured Party, as security for its Obligations, and grants
to the Secured Party a first priority continuing security interest in, lien on and right of Set-Off against all Posted Collateral Transferred 

  
 5 

 
to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the security interest and lien granted herein on that Posted Collateral
will be released immediately and, to the extent possible, without any further action by either party. 
 (iii) Modification to
Paragraph 9. The following first clause of Paragraph 9 is substituted for the first clause of Paragraph 9 of this Annex: 

Paragraph 9. Representations. The Pledgor represents to the Secured Party (which representations will be deemed to be
repeated as of each date on which is Transfers Eligible Collateral) that: 
 (iv) Modification to Paragraph 12. The
following definitions of “Pledgor” and “Secured Party” are substituted for the definitions of those terms contained in Paragraph 12 of this Annex: 
 “Pledgor” means Party B, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred
Eligible Credit Support under Paragraph 3(a). 
 “Secured Party” means Party A, when that party
(i) makes a demand for or is entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support. 
 (v) The following amendments are made to this Annex: 
 (A) Transactions.
References throughout this Annex to “Swap Transactions” are deleted. 
 (B) Paragraph 5. Dispute Resolution.
Paragraph 5(i)(B) is amended to read in its entirety as follows: 
 “(B) calculating the Exposure for the
Transactions in dispute by seeking four actual quotations at mid-market from third parties for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that if four quotations are
not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent’s original calculations will he used for the
Transaction; and” 
 (C) Paragraph 12. Definitions. The following amendments are made to Paragraph 12: 

(l) The definition of “Exposure” is amended to read in its entirety as follows: 

“‘Exposure’ means for any Valuation Date or other date for which Exposure is calculated and
subject to Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed
as a 

  
 6 

 
negative number) pursuant to Section 6(e)(ii)(1) of this Agreement if all Transactions were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not
the Affected Party and (ii) the Base Currency is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would
be paid for transactions providing the economic equivalent of (x) the material terms of the Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)); and (y) the option rights of the parties in respect of the Transactions.”

 (2) A new definition, “Set-off”, is added to Paragraph 12, as follows: 

“‘Set-off’ means set-off, offset, combination of accounts, right of retention or withholding or similar right
or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer. 

(3) The reference to “clause (b)” in the definition of “Local Business Day” shall be replaced by
“clause (c)”. 
 [Signature page to follow] 

  
 7 

 Please confirm your agreement to the terms of the foregoing Paragraph 13 by signing below.

  

													
	JPMORGAN CHASE BANK, N.A.	 	 ARCOS DORA DOS B.V.

					
	By:	 	 /s/ Patricia Marckesano
	 		 	By:	 	 /s/ Diego Pace

		 	Name:	 	Patricia Marckesano	 		 		 	Name:	 	 Diego Pace

		 	Title:	 	Vice President and Assistant General Counsel	 		 		 	Title:	 	 Corporate Finance Manager

  
 8Confirmation of Interest Rate Swap

 Exhibit 10.21 

 Exhibit 10.21 
 J.P.Morgan 
  
  

 

			
	ATTN:	  	 Diego Pace
 ARCOS DORA DOS
BV

		
	FAX NO:	  	0054 1147 112094
		
	FROM:	  	 Carmine Pilla
 JPMorgan Chase
Bank, N.A.

		
	RE:	  	Interest Rate Swap Confirmation
		
	 YOUR REF:
 OUR
REF:
	  	0500095503957
		
	DATE SENT:	  	21 December 2009
		
	NO OF PAGES:	  	10 (including Cover)

  

 
 URGENT: PLEASE SIGN AND FAX
THIS 
 CONFIRMATION TO (001) 888 803 3606 

 J.P.Morgan 

 

 Interest Rate Swap Transaction 

The purpose of this letter agreement is to confirm the terms and conditions of the Transaction entered into between: 

JPMORGAN CHASE BANK. NA. 
 (“JPMorgan”) 
 and 

ARCOS DORADOS BV 

(the “Counterparty”) 

on the Trade Dale and identified by the JPMorgan Deal Number specified below (the “Transaction”). This letter agreement constitutes a
“Confirmation” as referred to in the Master Agreement specified below, and supersedes any previous confirmation or other writing with respect to the transaction described below. 
 The definitions and provisions contained in the 2006 ISDA Definitions (the “2006 Definitions”), as published by the International Swaps and Derivatives Association, Inc., and the 1998 FX and
Currency Option Definitions (the “FX Definitions”) as published by the International Swaps and Derivatives Association Inc., the Emerging Markets Traders Association and The Foreign Exchange Committee (together the “Definitions”)
are incorporated into this Confirmation. In the event of any inconsistency between the 2006 Definitions and the FX Definitions, the 2006 Definitions shall govern except that the FX Definitions shall govern for the purposes of the Settlement
Provisions set out below. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. References herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction” for the purposes of the 2006 Definitions. 
 If JPMORGAN CHASE BANK, N.A. (“JPMorgan”) and ARCOS DORADOS BV (the
“Counterparty”) are not yet parties to an ISDA Master Agreement, the parties agree that this Transaction will be documented under a master agreement to be entered into on the basis of the printed form of the 2002 Master Agreement (the
“Master Agreement”) published by the International Swap and Derivatives Association, Inc. (“ISDA”), together with such changes as shall be agreed between the parties. Upon execution and delivery by the parties of the Master
Agreement, this Confirmation shall supplement, form a part of, and be subject to such Master Agreement. Until the parties execute and deliver the Master Agreement, this Confirmation, together with all other documents referring to the Master
Agreement confirming the transactions entered into between the parties, shall supplement, form a part of, and be subject to the printed form of Master Agreement published by ISDA, as if the parties had executed that agreement in such form (but
without any Schedule except for the election of the law of England as the governing law and US Dollars as the Termination Currency) on the Trade Date of this Transaction. 

  

					
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 J.P.Morgan 

 

 The terms of the particular Interest Rate Swap Transaction to which this Confirmation relates are as
follows: 
 A. TRANSACTION DETAILS 
  

			
		
	JPMorgan Deal Number(s):	  	0500095503957
		
	Trade Date:	  	15 December 2009
		
	Effective Date:	  	10 November 2009
		
	Termination Date:	  	10 November 2013, subject to adjustment in accordance with the Modified Following Business Day Convention
		
	Calculation Agent:	  	JPMorgan, unless otherwise stated in the Agreement.
	  
 Fixed Amounts:

 
	  	
	Fixed Rate Payer:	  	JPMorgan
		
	BRL Notional Amount	  	As set forth in the Notional Amount Schedule hereto
		
	Fixed Rate:	  	2.01000 percent
		
	Fixed Rate Day Count Fraction:	  	Actual/360
		
	Fixed Rate Payer Period End Dates:	  	The 10 February, 10 May, 10 August and 10 November in each year, from and including 10 February 2010 to and including the Termination Date, subject to adjustment in accordance
with the Modified Following Business Day Convention
		
	Fixed Rate Payer Payment Dates:	  	The 10 February, 10 May, 10 August and 10 November in each year, from and including 10 February 2010 to and including the Termination Date, subject to adjustment in accordance
with the Modified Following Business Day Convention and there will be no adjustment to the Calculation Period and subject to adjustment as provided in the section entitled “Adjustment to Payment Date(s),” below.
	  
 Floating Amounts:

 
	  	
	Floating Rate Payer:	  	Counterparty
		
	USD Notional Amount:	  	As set forth in the Notional Amount Schedule hereto
		
	Floating Rate Payer Period End Dates:	  	The 10 February, 10 May, 10 August and 10 November in each year, from and including 10 February 2010 to and including the Termination Date, subject to adjustment in accordance
with the Modified Following Business Day Convention

  

					
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	Notional Amount:	 	As set forth in the Notional Amount Schedule hereto
		
	Floating Rate Payer Payment Dates:	 	The 10 February, 10 May, 10 August and 10 November in each year, from and including 10 February 2010 to and including the Termination Date, subject to adjustment in accordance with
the Modified Following Business Day Convention and there will be no adjustment to the Calculation Period and subject to adjustment as provided in the section entitled “Adjustment to Payment Date(s),” below.
		
	Floating Rate for initial Calculation Period:	 	0.27406 percent
		
	Floating Rate Option:	 	USD-LIBOR-BBA
		
	Designated Maturity:	 	3 Month
		
	Spread:	 	None
		
	Floating Rate Day Count Fraction:	 	Actual/360
		
	Compounding:	 	Inapplicable

  

									
	 Notional Amount Schedule

 
	 
	 Effective

From:
	  	 Notional Amount:

(USD)
	 	  	 Notional Amount:

(BRL)
	 
	 10-Nov-09
	  	 	100,000,000.00	  	  	 	176,000,000.00	  
	 10-Feb-10
	  	 	100,000,000.00	  	  	 	176,000,000.00	  
	 10-May-10
	  	 	100,000,000.00	  	  	 	176,000,000.00	  
	 10-Aug-10
	  	 	100,000,000.00	  	  	 	176,000,000.00	  
	 10-Nov-10
	  	 	90,000,000.00	  	  	 	158,400,000.00	  
	 10-Feb-11
	  	 	90,000,000.00	  	  	 	158,400,000.00	  
	 10-May-11
	  	 	80,000,000.00	  	  	 	140,800,000.00	  
	 10-Aug-11
	  	 	80,000,000.00	  	  	 	140,800,000.00	  
	 10-Nov-11
	  	 	70,000,000.00	  	  	 	123,200,000.00	  
	 10-Feb-12
	  	 	70,000,000.00	  	  	 	123,200,000.00	  
	 10-May-12
	  	 	60,000,000.00	  	  	 	105,600,000.00	  
	 10-Aug-12
	  	 	60,000,000.00	  	  	 	105,600,000.00	  
	 10-Nov-12
	  	 	50,000,000.00	  	  	 	88,000,000.00	  
	 10-Feb-13
	  	 	50,000,000.00	  	  	 	88,000,000.00	  
	 10-May-13
	  	 	25,000,000.00	  	  	 	44,000,000.00	  
	 10-Aug-13
	  	 	25,000,000.00	  	  	 	44,000,000.00	  

 B. SETTLEMENT PROVISIONS:

  

			
		
	Settlement:	 	Non-deliverable, with the effect that any Reference Currency amounts payable hereunder on a Payment Dale shall be converted into Settlement Currency amounts by reference to the
Settlement Rate Option on the applicable Valuation Date. All payments hereunder shall be made in the Settlement Currency.

  

					
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 J.P.Morgan 

 

			
		
	Settlement Rate Option:	 	BRL PTAX (BRL09)
		
	Reference Currency:	 	BRL
		
	Settlement Currency:	 	USD
		
	Valuation Date:	 	In respect of each Payment Dale, the date (the “Scheduled Valuation Date”) that is two Business Days prior to such Payment Date; provided however, that in the event of an
Unscheduled Holiday, subject to adjustment in accordance with the Following Business Day Convention.

 C. DISRUPTION EVENTS

  

			
		
	Price Source Disruption:	 	Applicable
		
	Price Materiality:	 	Applicable
		
	Primary Rate:	 	BRL09
		
	Secondary Rate:	 	EMTA BRL Industry Survey Rate (BRL12), or EMTA BRL Indicative Survey Rate (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 Surveyor the EMTA BRL Indicative Survey, as the case may be, the Price
Materiality Percentage will also be deemed to have been met.

 DISRUPTION FALLBACKS 

 

			
		
	1. First Fallback Reference Price:	 	EMTA BRL Industry Survey Rate (BRL 12)
		
	2. Valuation Postponement:	 	
		
	3. Second Fallback Reference Price:	 	EMTA BRL Indicative Survey Rate (BRL 13)
		
	4. Calculation Agent Determination of Settlement Rate:	 	

 D. 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.

  

					
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	Deferral Period for Unscheduled Holiday:	 	In the event the Scheduled Valuation Date becomes subject to the Following Business Day Convention and if the Valuation Date has not occurred on or before the 30th consecutive
day after the Scheduled Valuation Date (any such period being a “Deferral Period”), then the next day after the Referral Period that would have been a Business Day but for the unscheduled Holiday shall be deemed to be the Valuation
Date.
		
	Valuation Postponement for Price Source Disruption:	 	“Valuation Postponement” means, for purposes of obtaining a Settlement Rate, that the Spot Rate will be determined on the Business Day first succeeding the day on which
the Price Source Disruption ceases to exist, unless the Price Source Disruption continues to exist (measured from the date that, but for the occurrence of the Price Source Disruption, would have been the Valuation Date) for a consecutive number of
calendar days equal to the Maximum Days of Postponement. In such event, the Spot Rate will be determined on the next Business Day after the Maximum Days of Postponement in accordance with the next applicable Disruption Fallback.
		
	Cumulative Events:	 	Notwithstanding anything to the contrary herein, in no event shall the total number of consecutive calendar days during which either (i) valuation is deferred due to an
Unscheduled Holiday, or (ii) a Valuation Postponement shall occur (or any combination of (i) and (ii), exceed 30 consecutive calendar days in the aggregate. Accordingly, (x) if, upon the lapse of any such 30 day period, an Unscheduled Holiday shall
have occurred or be continuing on the day following such period, then such day shall be deemed to be a Valuation Date, and (y) if, upon the lapse of any such day period, a Price Source Disruption shall have occurred or be continuing on the day
following such period. then Valuation Postponement shall not apply and the Spot Rate shall be determined in accordance with the next Disruption Fallback.
		
	Adjustment to Payment Date(s):	 	Each Payment Date and Exchange Date for the Transaction shall be as specified above, provided however, that if the corresponding Scheduled Valuation Date is adjusted in
accordance with the Following Business Day Convention, or if Valuation Postponement applies, in each such case the Payment Date or the Exchange Date, as the case may be, shall be as soon as practicable, but in no event later than two Business Days
after the date on which the Spot Rate is determined. Further, if payments are scheduled to be made by both parties on a Payment Date or Exchange Date, and such date is adjusted due to the occurrence of an Unscheduled Holiday or Valuation
Postponement in accordance with the previous sentence, then such Payment

  

					
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 J.P.Morgan 

 

			
		 	Date or Exchange Date shall be adjusted in respect of both parties’ payments. For the avoidance of doubt, such adjustments shall not apply in respect of Period End Dates
(including the Termination Date) for the purpose of determining the Calculation Periods.
		
	Local Business Days:	 	Each day that is a Business Day in Rio de Janeiro, Sao Paulo or Brasilia.
		
	Maximum Days of Postponement:	 	Thirty (30) calendar days
		
	Relevant Cities for Business Day(s) for Valuation Date(s):	 	Local Business Days and New York
		
	Relevant Cities for Business Day(s) for Payment Date(s):	 	New York and Rio de Janeiro, Sao Paulo or Brasilia, provided, however, that in the event of an Unscheduled Holiday following the Trade Date, then New York only
		
	Quoting Dealer Disclaimer:	 	Each party acknowledges that the other party, acting directly or though a branch or an affiliate, may be requested to provide a quotation or quotations from time to time for the
purpose of determining the Fallback Reference Price and such quotation may affect, materially or otherwise, the settlement of this Transaction.

 Additional Provisions: 
 “The following shall constitute Additional Termination Events
under this Confirmation (in respect of which the Counterparty shall be the Affected Party) if: 
 (i) If at any time, a Call Option Redemption
Event (as defined in the Indenture, hereinafter defined) occurs and results in a mandatory redemption of the Notes (as defined in the Indenture); or 
 (ii) If at any time a Change of Control occurs (as defined in the Indenture). 
 For the purposes
herein, “Indenture” means the Indenture, dated as of October 1, 2009, among Counterparty, the Subsidiary Guarantors named therein, Citibank N.A. (as Trustee, Registrar, Paying Agent and Transfer Agent), and Dexia Banque
Internalionale A Luxembourg, Societe Anonyme (as Luxembourg Paying Agent), as amended, supplemented or otherwise modified from time to time; provided that if the obligations under the Indenture are paid in full or the Indenture is otherwise
terminated or cancelled, Indenture means the Indenture as it existed immediately prior to such event.” 
 E. ACCOUNT DETAILS

  

			
	Payments to JPMorgan in USD:	 	 JPMORGAN CHASE BANK, N.A.

JPMORGAN CHASE BANK NATIONAL ASSOCIATION
 BIC:
CHASUS33XXX
 AC No: 099997979

		
	Payments to Counterparty in USD:	 	As per your standard settlement instructions.

  

					
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 J.P.Morgan 

 

 F. OFFICES 
  

			
	JPMorgan:	 	NEW YORK
		
	Counterparty:	 	MIAMI

 G. GOVERNING LAW 

The laws of England, provided, however, that upon execution of the Master Agreement, this Confirmation shall be governed by the law governing such Master
Agreement. 
 H. DOCUMENTS TO BE DELIVERED 
 Each party shall deliver to the other, at the time of its execution of this Confirmation, evidence of the incumbency and specimen signature of the person(s) executing this Confirmation, unless such
evidence has been previously supplied and remains true and in effect. 
 I. RELATIONSHIP BETWEEN PARTIES 

Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (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 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 Transactions. 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 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. 

  

					
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 J.P.Morgan 

 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of
this Confirmation and returning it to us or by sending to us a letter, telex or facsimile substantially similar to this letter, which letter, telex or facsimile sets forth the material terms of the Transaction to which this Confirmation relates and
indicates agreement to those terms. When referring to this Confirmation, please indicate: JPMorgan Deal Number(s): 0500095503957 
  

			
	JPMorgan Chase Bank. N.A.
	
	 /s/ Carmine Pilla

	Name:	 	 Carmine Pilla

	Title:	 	 Executive Director

 Accepted and confirmed as of the date 
 first written: 

					
	ARCOS DORADOS BV
	
	 /s/ Diego Pace

	Name:	 	 Diego Pace

	Title:	 	 Corporate Finance Manager

	Your reference number:	 	  

  

					
	Our Ref: 0500095503957 – pa	 	Sent: 21 December 2009 12:54	 	Page 8 of 9

 J.P.Morgan 

 

 Client Service Group 
 All queries regarding confirmations should be sent to: 
 JPMorgan Chase Bank, N.A.

  

			
	Contacts	 	
	JPMorgan Contact	 	Telephone Number
		
	Client Service Group	 	(001) 302 634 4960
		
	Group E-mail address:	 	
	Facsimile:	 	(001) 888 803 3606
	Telex:	 	
	Cable:	 	

 Please quote the JPMorgan deal number(s): 0500095503957. 

  

					
	Our Ref: 0500095503957 – pa	 	Sent: 21 December 2009 12:54	 	Page 9 of 9

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