Document:

Third Amendment to Letter of Credit Reimbursement Agreement dated July 8, 2009

 Exhibit 10.8 
 EXECUTION COPY 
 THIRD AMENDMENT TO LETTER OF 

CREDIT REIMBURSEMENT AGREEMENT 
 THIRD AMENDMENT TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT, dated as of July 8, 2009 (this “Amendment”), between ARCOS DORADOS B.V., a private company with limited liability
(besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands (together with its successors and assigns, the “Obligor”) and CREDIT SUISSE, acting through its CAYMAN ISLANDS BRANCH
(together with its branches, agencies, successors and assigns, the “Bank”). Capitalized terms used but not defined herein shall have the meaning assigned to such terms in the LOCRA (as defined below), 

RECITALS 

A. WHEREAS, the Obligor and the Bank are parties to that certain Letter of Credit Reimbursement Agreement, dated as of August 3,
2007 (as amended by the Amendment to Letter of Credit Reimbursement Agreement, dated as of November 3, 2008 and the Second Amendment to Letter of Credit Reimbursement Agreement, dated as of December 10, 2008, the “LOCRA”);
and 
 B. WHEREAS, the Obligor and the Bank have agreed to amend certain provisions of the LOCRA in the manner, and subject to
the terms and conditions, provided for herein. 
 NOW, THEREFORE, in consideration of the foregoing, the premises and the
agreements, provisions and covenants contained in this Amendment and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

Section 1 Amendment to Section 1.1 of the LOCRA. Section 1.1 of the LOCRA is hereby amended by: 

(a) deleting the definition of “Return Rate Applicable Margin” in its entirety, 

(b) replacing the definition of “Return Rate” in its entirety with the following: 

““Return Rate” means a rate per annum equal to 3.50%.” 

(c) replacing the definition of “Total Collateralized Amount” in its entirety

 
with the following: 
 ““Total
Collateralized Amount” means, on any Valuation Date, the sum of (i) the aggregate amount of cash in Dollars on deposit in the Collection Account on such Valuation Date and (ii) the Closing Price of all investments credited to the
Collection Account as of such Valuation Date (or, if such Valuation Date is not a Trading Day on the Trading Day immediately preceding such Valuation Date), provided that for purposes of this definition the term “investments” shall only
include approved investments of the type and category permitted by the Bank pursuant to the definitive documentation establishing the Collection Account.” 
 (d) adding the definition of the following terms in the corresponding alphabetical order: 
 ““Closing Price” means, on any Trading Day, with respect to the price of a publicly traded security, the last reported sales price regular way or, in case no such reported sale
takes place on such Trading Day, the average of the reported closing bid and asked prices regular way, on the principal U.S. securities exchange on which such securities are listed or admitted to trading (determined by trading volume on such Trading
Day) or, if not listed or admitted to trading on any U.S. securities exchange, on the National Association of Securities Dealers Automated Quotations National Market System, or if such securities are not listed or admitted to trading on any U.S.
securities exchange or quoted on such National Market System, the average of the closing bid and asked prices in the over-the-counter market or otherwise as reasonably determined by the Bank” 

““Collection Account” means an account of the Obligor established pursuant to, and subject to the
security interest specified in, Section 13(q).” 
 ““Trading Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday, other than a day on which securities are not traded on the applicable securities exchange or in the applicable securities market.” 

Section 2 Amendment to Section 13(q) of the LOCRA. Section 13(q) of the LOCRA is hereby amended by: 

(a) deleting “plus the Return Rate Applicable Margin” in clause (iii) thereof; and 

(b) adding the following at the end of clause (iii) thereof: 

  
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 “The Obligor may invest the Hedging Collateral posted to the
Collection Account in any kind of investments permitted by the Bank in its sole discretion in the definitive documentation establishing the Collection Account, it being understood that the type and categories of such permitted investments shall in
no event be less favorable to the Obligor than those constituting Approved Investments (as such term is defined in the Account Security and Control Agreement, dated as of July 8, 2009 (as amended, modified or otherwise supplemented from time to
time, the “Existing Control Agreement”), among the Bank, as secured party, the Obligor and Deutsche Bank Trust Company Americas, as securities intermediary). The Obligor shall be entitled to receive all income, interest or capital
gains with respect to any such investments or amounts on deposit in the Collection Account, in each case, in excess of the amounts required to be posted as Hedging Collateral pursuant to Section 13(q), subject to terms and conditions to
be agreed upon by the Bank and the Obligor, but in no event less favorable to the Obligor than those terms and conditions set forth in the Existing Control Agreement; provided, however, that, for the avoidance of doubt, no interest
shall accrue and be payable by the Bank pursuant to this clause (iii) in respect of any amounts on deposit in, or assets credited to, the Collection Account on any day constituting income, interests or capital gains derived from investments
made with the amounts on deposit in the Collection Account in excess of the amount required to be on deposit on such day in the Collection Account pursuant to Section 13(q).” 

Section 3 Effect on the LOCRA. Except as expressly set forth herein, the Bank agrees to no amendment and grants no waiver or
consent with respect to the LOCRA or any other Related Document, and the LOCRA and the other Related Documents remain in full force and effect and are hereby ratified and confirmed. The Bank’s agreeing to the amendments contained herein do not
and shall not create (nor shall the Obligor rely upon the existence of or claim or assert that there exists) any obligation of the Bank to consider or to agree to any further amendments or waivers to any Related Document. In the event that the Bank
subsequently agrees to consider any further amendment or waiver to any Related Document, neither the amendments contained herein nor any other conduct of the Bank shall be of any force or effect on the Bank’s consideration or decision with
respect to any such amendment or waiver, and the Bank shall have no further obligation whatsoever to consider or to agree to any such amendment or waiver. The Bank expressly reserves the right to require strict compliance with the terms of the LOCRA
as it has been amended by this Amendment in all respects. The amendments and waivers agreed to herein shall not constitute a course of dealing at variance with the LOCRA so as to require further notice by the Bank to require strict compliance with
the terms of the LOCRA and the other Related Documents in the future. The parties hereto acknowledge and agree that this Amendment 

  
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shall be deemed to be a Related Document. 
 Section 4 Rules of
Construction. From and after the Amendment Effective Date, the terms “Agreement,” “this Agreement,” “herein,” “hereinafter,” “hereto,” “hereof” and words of similar import, as used in
the LOCRA, shall, unless the context otherwise requires, refer to the LOCRA, as amended by this Amendment. 
 Section 5
Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 6 Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the law of the State of New York. 

Section 7 Jurisdiction; Venue; Waiver of Jury Trial; Etc. 

Each of the Obligor and the Bank submits to the nonexclusive jurisdiction of any state or federal court located in the Borough of
Manhattan, City of New York, State of New York, for itself and its property and agrees that any such court shall be a proper forum for any action or suit with respect to this Amendment. Service of process in any legal action or proceeding arising
out of or in connection with this Amendment may be made upon any party hereto by mailing a copy of the summons to such party either at the address set forth herein or at such party’s last address appearing in the Bank’s records.

 EACH OF THE OBLIGOR AND THE BANK WAIVES (i) THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING IN
WHICH THE BANK AND THE OBLIGOR ARE PARTIES (WHETHER OR NOT THE ONLY PARTIES) ARISING OUT OF OR IN CONNECTION WITH THIS AMENDMENT, AND (ii) THE RIGHT TO INTERPOSE ANY CLAIM, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. 

Section 8 Counterparts. This Amendment may be executed in several counterparts and by each party hereto on a separate
counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopy, facsimile or electronic
transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 9
Amendments; Waivers. None of the terms or provisions of 

  
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this Amendment may be waived, amended, supplemented or otherwise modified, except by a written instrument executed by the Obligor and the Bank. 

Section 10 Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose. 
 Section 11 Notices. All notices under this Amendment
shall be given in accordance with Section 17 of the LOCRA. 
 [The remainder of this page has been left intentionally
blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
above written. 
  

					
	 ARCOS DORADOS B.V.,

as Obligor

		
	By:	 	 /s/ Alejandro Germán Lemonnier

		 	Name:	 	Alejandro Germán Lemonnier
		 	Title:	 	CFO

 [Signature Page] 

[Third Amendment to Letter of Credit Reimbursement Agreement] 

 
					
	 CREDIT SUISSE, acting through its
 CAYMAN ISLANDS BRANCH,
 as the Bank

		
	By:	 	 /s/ Oscar F. Estupiñán

		 	Name:	 	Oscar F. Estupiñán
		 	Title:	 	Director
		
	By:	 	 /s/ Andreas Schenk Caviezel

		 	Name:	 	Andreas Schenk Caviezel
		 	Title:	 	Managing Director

 [Signature Page]

 [Third Amendment to Letter of Credit Reimbursement Agreement]Fourth Amendment to Letter of Credit Reimbursement Agreement

 Exhibit 10.9 
 FOURTH AMENDMENT TO LETTER OF 
 CREDIT REIMBURSEMENT AGREEMENT

 FOURTH AMENDMENT TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT, dated as of April 23, 2010 (this
“Amendment”), between ARCOS DORADOS B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of The Netherlands (together with its successors and assigns,
the “Obligor”) and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (formerly known as CREDIT SUISSE, acting through its CAYMAN ISLANDS BRANCH) (together with its branches, agencies, successors and assigns, the “Bank”). Capitalized
terms used but not defined herein shall have the meaning assigned to such terms in the LOCRA (as defined below). 
 RECITALS

 A. WHEREAS, the Obligor and the Bank are parties to that certain Letter of Credit Reimbursement Agreement, dated as of
August 3, 2007 (as amended by the Amendment to Letter of Credit Reimbursement Agreement, dated as of November 3, 2008, the Second Amendment to Letter of Credit Reimbursement Agreement, dated as of December 10, 2008 and the Third
Amendment to Letter of Credit Reimbursement Agreement, dated as of July 8, 2009, the “LOCRA”); 
 B.
WHEREAS, the Obligor, the Bank and Deutsche Bank Trust Americas, in its capacity as securities intermediary (in such capacity, the “Securities Intermediary”), are parties to that certain Account Security and Control Agreement, dated
as of July 8, 2009); and 
 C. WHEREAS, the Obligor and the Bank have agreed to amend certain provisions of the LOCRA in
the manner, and subject to the terms and conditions, provided for herein. 
 NOW, THEREFORE, in consideration of the foregoing,
the premises and the agreements, provisions and covenants contained in this Amendment and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as
follows: 
 ARTICLE I 
 CONDITIONS TO EFFECTIVENESS 
 Section 1.1 Amendment to Section 1.1 of
the LOCRA. Section 1.1 of the LOCRA is hereby amended by: 
 (a) deleting the definitions of
“Collection Account,” “Closing Price,” “Delivery Amount,” “Hedge Termination Value,” “Hedging Collateral,” “Hedging Collateral Amount,” “Hedging Event,” “Return Amount,”
“Return Rate,” “Settlement Day,” “Total Collateralized Amount,” “Trading Day” and “Valuation Date,” each in its entirety; and 

(b) adding the following definitions in the corresponding alphabetical order: 

 ““End Date” shall have the meaning assigned to this term in the Letter of
Credit.” 
 ““Issuance Date” shall have the meaning assigned to this term in the Letter of
Credit.” 
 Section 1.2 Amendment to Section 3(b)(i) of the LOCRA. Section 3(b)(i) of the LOCRA
is hereby amended by adding replacing “(the “Fee Letter”)” with “(as amended from time to time, the “Fee Letter”)”. 
 Section 1.3 Amendment to Section 13(g) of the LOCRA. Section 13(q) of the LOCRA is hereby amended by deleting such section in its entirety and replacing it with the following:

 “[Reserved]” 
 ARTICLE II 
 CONDITIONS TO EFFECTIVENESS 

Section 2.1 Conditions to Effectiveness. This Amendment shall become effective on the date on which each of the following
conditions precedent has been satisfied in a manner reasonably satisfactory to the Bank (but, in any event, by no later than April 26, 2010) (such date, the “Amendment Effective Date”): 

(c) Execution of Amendment. The Bank shall have received a true, correct and complete copy of this Amendment duly
executed and delivered by a duly authorized officer of the Obligor, and this Amendment shall be in full force and effect. 
 (d) Representations and Warranties. Each of the representations and warranties of the Obligor set out in the Related Documents shall be true and correct on and as of the Amendment Effective Date.

 (e) Fees. The Bank shall have received (i) a true, correct and complete copy of the Amendment to
the Fee Letter in substance and form satisfactory to the Bank, duly executed and delivered by a duly authorized officer of the Obligor, and the Fee Letter (as so amended) shall be in full force and effect; and (ii) payment in full by the
Obligor of all fees and expenses of the Bank payable by the Obligor, including reimbursement or payment of all fees, charges and disbursements of counsel to the Bank in New York. 

(f) Termination of Existing Control Agreement. The Securities Intermediary shall have received a true, correct and
complete copy of a letter agreement substantially in the form of Exhibit A hereto, duly executed and delivered by a duly authorized officer of the Bank and acknowledged by both a duly authorized officer of the Obligor and a duly authorized officer
of the Securities Intermediary. 

  
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 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1 Effect on the LOCRA. Except as expressly
set forth herein, the Bank agrees to no amendment and grants no waiver or consent with respect to the LOCRA or any other Related Document, and the LOCRA and the other Related Documents remain in full force and effect and are hereby ratified and
confirmed. The Bank’s agreeing to the amendments contained herein do not and shall not create (nor shall the Obligor rely upon the existence of or claim or assert that there exists) any obligation of the Bank to consider or to agree to any
further amendments or waivers to any Related Document. In the event that the Bank subsequently agrees to consider any further amendment or waiver to any Related Document, neither the amendments contained herein nor any other conduct of the Bank
shall be of any force or effect on the Bank’s consideration or decision with respect to any such amendment or waiver, and the Bank shall have no further obligation whatsoever to consider or to agree to any such amendment or waiver. The Bank
expressly reserves the right to require strict compliance with the terms of the LOCRA as it has been amended by this Amendment in all respects. The amendments and waivers agreed to herein shall not constitute a course of dealing at variance with the
LOCRA so as to require further notice by the Bank to require strict compliance with the terms of the LOCRA and the other Related Documents in the future. The parties hereto acknowledge and agree that this Amendment shall be deemed to be a Related
Document. 
 Section 3.2 Rules of Construction. From and after the Amendment Effective Date, the terms
“Agreement,” “this Agreement,” “herein,” “hereinafter,” “hereto,” “hereof” and words of similar import, as used in the LOCRA, shall, unless the context otherwise requires, refer to the
LOCRA, as amended by this Amendment. 
 Section 3.3 Severability. Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 3.4
Governing Law. This Amendment shall be governed by, and construed and enforced in accordance with, the law of the State of New York. 
 Section 3.5 Jurisdiction; Venue; Waiver of July Trial: Etc. 
 (a) Each of the Obligor and the Bank submits to the nonexclusive jurisdiction of any state or federal court located in the Borough of Manhattan, City of New York, State of New York, for itself and its
property and agrees that any such court shall be a proper forum for any action or suit with respect to this Amendment. Service of process in any legal action or proceeding arising out of or in connection with this Amendment may be made upon the
Obligor by mailing a copy of the summons to the Obligor either at the address set forth in Section 3.9 or at the Obligor’s last address appearing in the Bank’s records. 

  
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 (b) EACH OF THE OBLIGOR AND THE BANK WAIVES (i) THE RIGHT TO A TRIAL BY
JURY IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING IN WHICH THE BANK AND THE OBLIGOR ARE PARTIES (WHETHER OR NOT THE ONLY PARTIES) ARISING OUT OF OR IN CONNECTION WITH THIS AMENDMENT, AND (ii) THE RIGHT TO INTERPOSE ANY CLAIM, SETOFF OR
COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. 
 Section 3.6 Counterparts. This Amendment may be executed in several
counterparts and by each party hereto on a separate counterpart, each of which when so executed and delivered shall be an original, and all of which together shall constitute one instrument. Delivery of an executed counterpart of a signature page to
this Amendment by telecopy, facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. 
 Section 3.7 Amendments; Waivers. None of the terms or provisions of this Amendment may be waived, amended, supplemented or otherwise modified, except by a written instrument executed by the
Obligor and the Bank. 
 Section 3.8 Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
 Section 3.9
Notices. All notices under this Amendment shall be given in accordance with Section 17 of the LOCRA. 
 [The
remainder of this page has been left intentionally blank] 

  
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 IN WITNESS WHEREOF. the parties hereto have executed this Fourth Amendment to Letter of
Credit Reimbursement Agreement as of the date first above written. 
  

			
	 ARCOS DORADOS B.V.,

as Obligor

		
	By:	 	 /s/ Miguel Sanchez de Bustamante

		 	Name: Miguel Sanchez de Bustamante
		 	Title: Corporate Finance Director

 [Signature Page] 
 [Fourth Amendment to Letter of Credit Reimbursement Agreement] 
  

					
	 CREDIT SUISSE AG,

CAYMAN ISLANDS BRANCH

		
	By:	 	 /s/ Martin Cameo

		 	Name:	 	Martin Cameo
		 	Title:	 	Director
		
	By:	 	 /s/ Andreas Schenk Caviezel

		 	Name:	 	Andreas Schenk Caviezel
		 	Title:	 	Managing Director

 EXHIBIT A 
 [LETTERHEAD OF CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH] 
 April 23, 2010 

Deutsche Bank Trust Company Americas 
 60 Wall
Street, MS NYC60-2710 
 New York, NY 10005-2858 
 Attn: Luigi Sacramone 
 Re: Cancellation of Account Security and Control Agreement, account number
S45182 
 To Whom It May Concern: 
 Reference is made to that certain Account Security and Control Agreement dated July 8, 2009 (the “Account Control Agreement”) among Arcos Dorados B.V. (the
“Obligor”), Credit Suisse AG, Cayman Islands Branch (formerly known as Credit Suisse, acting through its Cayman Islands Branch) (the “Secured Party” or the “Bank”) and Deutsche Bank Trust Company
Americas (the “Securities Intermediary”) entered into pursuant to Section 13(q) of that certain Letter of Credit Reimbursement Agreement dated as of August 3, 2007 (as amended from time to time, the
“LOCRA”) between the Obligor and the Bank, under which the Obligor is required to post Hedging Collateral upon the occurrence of a Hedging Event. Capitalized terms used but not defined herein shall have the meaning assigned to such
terms in the LOCRA. 
 This is to advise you that pursuant to an amendment to the LOCRA, dated April 23, 2010, entered into
between the Obligor and the Bank (the “Amendment to LOCRA”), the Obligor is no longer required to post Hedging Collateral and, as a result thereof, the undersigned hereby releases the Secured Party’s security interest in the
above referenced account (the “Account”), titled Arcos CS Acc. Sec and Cntl Agreement. 
 Accordingly, and
notwithstanding anything to the contrary in Section 9.11 (Termination) of the Account Control Agreement, the Secured party hereby terminates the Account Control Agreement effective as of the Amendment Effective Date (as defined in the Amendment
to LOCRA), except with respect to those obligations of the Obligor that survive the termination thereof other than any obligation under Section 9.11 (Termination) of the Account Control Agreement to transfer the Account to a different
“securities intermediary” or enter into, execute and deliver an agreement substantially in the form of the Account Control Agreement with such different “securities intermediary.” Accordingly, you may remove any notation in your
records indicating the interest of the Secured party in the Account and follow any further instructions of the Obligor regarding the Account. 
 This letter agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York. 

 This letter agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page to this letter agreement by telecopy, facsimile or
electronic transmission shall be effective as delivery of a manually executed counterpart of this letter agreement. 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have duly executed this letter agreement as of the
date first above written. 
  

			
	 CREDIT SUISSE AG,

CAYMAN ISLANDS BRANCH,
 as Secured
Party

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Acknowledged by:
  

ARCOS DORADOS B.V.,
 as
Obligor

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Acknowledged by:
  

DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Securities Intermediary

		
	By:	 	  

	Name:	 	
	Title:

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