Document:

Class A(2012-9) Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 

CLASS A(2012-9) TERMS DOCUMENT 
 dated as of November 21, 2012 
 to 

AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004

 to 
 THIRD AMENDED AND RESTATED 
 INDENTURE 

dated as of December 19, 2007 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and
Collateral Agent 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	 Section 1.01
	  	Definitions	  	 	3	  
	 Section 1.02
	  	Governing Law	  	 	6	  
	 Section 1.03
	  	Counterparts	  	 	7	  
	 Section 1.04
	  	Ratification of Indenture and Indenture Supplement	  	 	7	  
	
	ARTICLE II	  
	
	The Class A(2012-9) Notes	  
			
	 Section 2.01
	  	Creation and Designation	  	 	8	  
	 Section 2.02
	  	Specification of Required Subordinated Amount and Other Terms	  	 	8	  
	 Section 2.03
	  	Interest Payment	  	 	8	  
	 Section 2.04
	  	Calculation Agent; Determination of LIBOR	  	 	9	  
	 Section 2.05
	  	Payments of Interest and Principal	  	 	10	  
	 Section 2.06
	  	Form of Delivery of Class A(2012-9) Notes; Depository; Denominations	  	 	10	  
	 Section 2.07
	  	Delivery and Payment for the Class A(2012-9) Notes	  	 	11	  
	 Section 2.08
	  	Supplemental Indenture	  	 	11	  
	 Section 2.09
	  	 No Ratings Confirmation Required for Class A(2012-9) Notes
	  	 	11	  

 THIS CLASS A(2012-9) TERMS DOCUMENT (this “Terms Document”), among the CHASE
ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of November 21, 2012. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A
Notes and shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 
 Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular;

 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement,
either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and
in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any
such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 
 (4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any
particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the
term “including” means “including without limitation”; references to any law or regulation refer to that law or regulation as 

 
amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such
agreement, as amended, supplemented or otherwise modified from time to time; 
 (5) in the event that any term or provision
contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and

 (6) each capitalized term defined herein shall relate only to the Class A(2012-9) Notes and no other Tranche of CHASEseries
Notes issued by the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and Restated Asset Pool
One Supplement to the Indenture, dated as of December 19, 2007, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 

“Calculation Agent” is defined in Section 2.04(a). 

“Class A(2012-9) Adverse Event” means the occurrence of any of the following: (a) an
Early Amortization Event with respect to the Class A(2012-9) Notes, (b) an Event of Default and acceleration of the Class A(2012-9) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2012-9) Notes
becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2012-9) Notes becomes greater than zero. 
 “Class A(2012-9) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2012-9)
Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2012-9) Noteholder”
means a Person in whose name a Class A(2012-9) Note is registered in the Note Register. 
 “Class
A(2012-9) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2012-9) Notes is paid in full, (b) the Legal
Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 

 “Class A Required Subordinated Amount of Class B Notes” is defined in
Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is defined in
Section 2.02(b). 
 “Controlled Accumulation Amount” means $29,166,666.67; provided, however, if the
Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2012-9) Notes will be
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 

“Indenture” means the Third Amended and Restated Indenture, dated as of December 19, 2007, between the Issuing
Entity and the Indenture Trustee. 
 “Indenture Supplement” means the Amended and Restated CHASEseries
Indenture Supplement, dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial Dollar Principal Amount” means $350,000,000. 

“Interest Payment Date” means December 17, 2012 and the 15th day of each month thereafter, or if such 15th day is
not a Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 

“Issuance Date” means November 21, 2012. 
 “Legal Maturity Date” means October 16, 2017. 

“LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar deposits
determined by the Calculation Agent on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 

 “LIBOR Determination Date” means (1) November 19, 2012 for the
period from and including the Issuance Date through but excluding the initial Interest Payment Date and (2) for each Interest Period thereafter, the second London Business Day prior to the commencement of such Interest Period. 

“London Business Day” means any Business Day on which dealings in deposits in United States Dollars are
transacted in the London interbank market. 
 “Note Interest Rate” means a rate per annum equal to 0.15% in
excess of LIBOR, as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
 “Paying Agent” means Wells Fargo Bank, National Association. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the
same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to
evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date” means, for any Note
Transfer Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks” means four major
banks in the London interbank market selected by the Beneficiary. 
 “Reuters Screen LIBOR01 Page” means the
display page so designated on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purposes of displaying rates comparable to
LIBOR). 
 “Scheduled Principal Payment Date” means October 15, 2015. 

“Stated Principal Amount” means $350,000,000. 
 Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE 

 
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will
together constitute but one and the same instrument. 
 Section 1.04 Ratification of Indenture and Indenture
Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the
Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

 ARTICLE II 
 The Class A(2012-9) Notes 
 Section 2.01 Creation and Designation.
There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2012-9) Notes.” 

Section 2.02 Specification of Required Subordinated Amount and Other Terms. 

(a) For the Class A(2012-9) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be
an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2012-9) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2012-9) Notes on such date of determination or (ii) on and after the date on
which a Class A(2012-9) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2012-9) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal
Amount of the Class A(2012-9) Notes as of the close of business on the day immediately preceding the date on which such Class A(2012-9) Adverse Event shall have occurred. 
 (b) For the Class A(2012-9) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a
Class A(2012-9) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2012-9) Notes on such date or (ii) on and after the date on which a Class A(2012-9) Adverse Event shall have occurred, the greater of (1) the
Adjusted Outstanding Dollar Principal Amount of the Class A(2012-9) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2012-9) Notes as of the close of business on the day immediately
preceding the date on which such Class A(2012-9) Adverse Event shall have occurred. 
 (c) The Issuing Entity may change the
percentages or the formulas set forth in either clause (a) or (b) above without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any
Outstanding Notes that the change in either of such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a
Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 
 Section 2.03 Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2012-9) Notes shall be an amount equal to the
product of (i) (A) a fraction, 

 
the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times, (B) the Note Interest Rate in effect with respect to the
related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2012-9) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for the Class A(2012-9)
Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2012-9) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class
A(2012-9) Notes on the Issuance Date, (y) 26 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2012-9) Notes determined on November 19, 2012. Interest on the Class A(2012-9) Notes will be calculated
on the basis of the actual number of days elapsed and a 360-day year. 
 (b) Pursuant to Section 3.03 of the Indenture
Supplement, on each Note Transfer Date with respect to the Class A(2012-9) Notes, the Indenture Trustee shall deposit into the Class A(2012-9) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to
the Class A(2012-9) Notes. 
 Section 2.04 Calculation Agent; Determination of LIBOR. 

(a) The Issuing Entity hereby agrees that for so long as any Class A(2012-9) Notes are Outstanding, there shall at all times be an agent
appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes of determining LIBOR for each Interest Period. The
Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the
Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing Entity or its Affiliates. The Calculation Agent may not resign its duties, and the Issuing
Entity may not remove the Calculation Agent, without a successor having been duly appointed. 
 (b) On each LIBOR Determination
Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page or on such comparable system as is customarily used to quote LIBOR
as of 11:00 a.m., London time, on such date. If such rate does not appear on Reuters Screen LIBOR01 Page or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of
the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request
the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two
quotations are provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York 

 
City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks for a one-month period. 

(c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning
the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time
to time. 
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee and the Beneficiary,
via email or by facsimile transmission, notification of LIBOR for the following Interest Period. 
 Section 2.05
Payments of Interest and Principal. 
 (a) Any installment of interest or principal payable on any Class A(2012-9) Note
which is punctually paid or duly provided for by the Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2012-9) Note
(or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later
than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such
Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee.

 (b) The right of the Class A(2012-9) Noteholders to receive payments from the Issuing Entity will terminate on the first
Business Day following the Class A(2012-9) Termination Date. 
 Section 2.06 Form of Delivery of Class A(2012-9) Notes;
Depository; Denominations. 
 (a) The Class A(2012-9) Notes shall be delivered in the form of a global Registered Note as
provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 
 (b) The Depository for the Class A(2012-9) Notes shall
be The Depository Trust Company, and the Class A(2012-9) Notes shall initially be registered in the name of Cede & Co., its nominee. 

 (c) The Class A(2012-9) Notes will be issued in minimum denominations of $100,000 and
integral multiples of $1,000 in excess of $100,000. 
 Section 2.07 Delivery and Payment for the Class A(2012-9)
Notes. 
 The Issuing Entity shall execute and deliver the Class A(2012-9) Notes to the Indenture Trustee for
authentication, and the Indenture Trustee shall deliver the Class A(2012-9) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 
 Section 2.08 Supplemental Indenture. 
 The Issuing Entity may enter
into a supplemental indenture with respect to the Class A(2012-9) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement
for the Class A(2012-9) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in
credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 

Section 2.09 No Ratings Confirmation Required for Class A(2012-9) Notes. 

Notwithstanding Section 3.10(iv) of the Indenture, the Issuing Entity will not be required to obtain written confirmation from each
Note Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2012-9) Notes. 

[END OF ARTICLE II] 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed,
all as of the day and year first above written. 
  

					
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION,
		 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Keith W. Schuck

		 	Name:	 	Keith W. Schuck
		 	Title:	 	President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Cheryl C. Zimmerman

		 	Name:	 	Cheryl C. Zimmerman
		 	Title:	 	Vice President

 Chase Issuance Trust 
 CHASEseries Class A(2012-9) Terms Document 
 Signature PageEX-10.1

 Exhibit 10.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of November 16, 2012, among Flowers Foods, Inc., a Georgia corporation (the “Borrower”), the Lenders party hereto, Deutsche Bank
AG New York Branch, as administrative agent (the “Administrative Agent”), Swingline Lender and Issuing Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings given to them in the Credit
Agreement referred to below, as amended by this Amendment. References to Sections or Schedules are references to Sections of, or Schedules to, the Credit Agreement, as applicable, unless otherwise stated. 

RECITALS 

WHEREAS, the parties hereto are parties to a Credit Agreement, dated as of October 24, 2003 (as amended and restated as of
October 29, 2004, as further amended and restated as of June 6, 2006, and as further amended and restated as of May 20, 2011, as amended, amended and restated, modified and/or supplemented to, but not including, the date hereof, the
“Credit Agreement”), among the Borrower, the Lenders party thereto, the Administrative Agent, the Swingline Lender and Issuing Lender; and 
 WHEREAS, the parties hereto desire to amend the Credit Agreement pursuant to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: 

1. Amendments and Agreements With Respect to the Credit Agreement. 

(a) The definition of “Applicable Facility Fee Percentage” and “Applicable Margin” appearing in
Section 11.01 of the Credit Agreement is hereby amended by replacing in its entirety the first paragraph thereof and the pricing table appearing therein with the following: 

““Applicable Facility Fee Percentage” and “Applicable Margin” shall mean (I) initially, a
percentage per annum equal to (x) in the case of the Applicable Facility Fee Percentage, 0.2250% and (y) in the case of the Applicable Margin (A) with respect to Loans maintained as Base Rate Loans, 0.40% and (B) with respect to
Loans maintained as Eurodollar Loans, 1.40% and (II) from and after the First Amendment Effective Date until the delivery of any certificate in accordance with the first sentence of the following paragraph for any fiscal quarter or fiscal year, as
the case may be, of the Borrower ending on or after July 14, 2012, a percentage per annum equal to (x) in the case of the Applicable Facility Fee Percentage, 0.20% and (y) in the case of the Applicable Margin (A) with respect to
Loans maintained as Base Rate Loans, 0.425% and (B) with respect to Loans maintained as Eurodollar Loans, 1.425%. From and after each day of delivery of any certificate in accordance with the first sentence of the following paragraph for any
fiscal quarter or fiscal year, as the case may be, of the Borrower ending on or after 

 
October 6, 2012 (each, a “Start Date”), to and including the applicable End Date described below, (x) the Applicable Facility Fee Percentage and the Applicable Margins for all
Revolving Loans to, but not including the First Amendment Effective Date, shall (subject to any adjustment pursuant to the immediately succeeding paragraph) be those set forth below in the table under the caption “Pricing Table (Pre-First
Amendment Effective Date)” and (y) the Applicable Facility Fee Percentage and the Applicable Margins from and after the First Amendment Effective Date, shall (subject to any adjustment pursuant to the immediately succeeding paragraph) be
those set forth below in the table under the caption “Pricing Table (Post-First Amendment Effective Date)”, in each case opposite the Leverage Ratio indicated to have been achieved in any certificate delivered in accordance with the
following sentence: 
 Pricing Table (Pre-First Amendment Effective Date): 

 

													
	 Leverage Ratio
	  	Applicable Margin for
Revolving Loans maintained
as Base Rate Loans and
Swingline
Loans	 	 	Applicable Margin for
Revolving Loans maintained
as Eurodollar Loans	 	 	Applicable Facility
Fee Percentage	 
	 Equal to or less than 0.50:1.00
	  	 	0.30	% 	 	 	1.30	% 	 	 	0.20	% 
	 Greater than 0.50:1.00 but less than or equal to 1.00:1.00
	  	 	0.40	% 	 	 	1.40	% 	 	 	0.225	% 
	 Greater than 1.00:1.00 but less than or equal to 1.50:1.00
	  	 	0.50	% 	 	 	1.50	% 	 	 	0.25	% 
	 Greater than 1.50:1.00 but less than or equal to 1.75:1.00
	  	 	0.575	% 	 	 	1.575	% 	 	 	0.30	% 
	 Greater than 1.75:1.00 but less than or equal to 2.25:1.00
	  	 	0.65	% 	 	 	1.65	% 	 	 	0.35	% 
	 Greater than 2.25:1.00 but less than or equal to 2.75:1.00
	  	 	0.85	% 	 	 	1.85	% 	 	 	0.40	% 
	 Greater than 2.75:1.00
	  	 	1.25	% 	 	 	2.25	% 	 	 	0.50	% 

 Pricing Table (Post-First Amendment Effective Date): 

  
 2 

													
	 Leverage Ratio
	  	Applicable Margin for
Revolving Loans maintained
as Base Rate Loans and
Swingline
Loans	 	 	Applicable Margin for
Revolving Loans maintained
as Eurodollar Loans	 	 	Applicable Facility
Fee Percentage	 
	 Equal to or less than 0.50:1.00
	  	 	0.025	% 	 	 	1.025	% 	 	 	0.10	% 
	 Greater than 0.50:1.00 but less than or equal to 1.00:1.00
	  	 	0.125	% 	 	 	1.125	% 	 	 	0.125	% 
	 Greater than 1.00:1.00 but less than or equal to 1.50:1.00
	  	 	0.225	% 	 	 	1.225	% 	 	 	0.15	% 
	 Greater than 1.50:1.00 but less than or equal to 1.75:1.00
	  	 	0.325	% 	 	 	1.325	% 	 	 	0.175	% 
	 Greater than 1.75:1.00 but less than or equal to 2.25:1.00
	  	 	0.425	% 	 	 	1.425	% 	 	 	0.20	% 
	 Greater than 2.25:1.00 but less than or equal to 2.75:1.00
	  	 	0.625	% 	 	 	1.625	% 	 	 	0.25	% 
	 Greater than 2.75:1.00
	  	 	1.025	% 	 	 	2.025	% 	 	 	0.35	% 

 (b) The definition of “Maturity Date” appearing in Section 11.01 of the
Credit Agreement is hereby replaced in its entirety with the following: 
 ““Maturity Date” shall
mean November 16, 2017, or the applicable anniversary thereof as determined in accordance with Section 3.04.” 
 (c) Section 11.01 of the Credit Agreement is hereby amended by inserting in the appropriate alphabetical order the following new definitions: 

“First Amendment” shall mean that certain First Amendment to this Agreement, dated as of November 16, 2012,
by and among the Borrower, the Lenders party thereto and the Administrative Agent. 
 “First Amendment
Effective Date” shall mean November 16, 2012. 

  
 3 

 (d) Notwithstanding anything to the contrary in this Amendment or the Credit
Agreement, all accrued and unpaid interest with respect to the Revolving Loans extended prior to the First Amendment Effective Date shall be calculated at the rates set forth in the definition of “Applicable Margin” without giving effect
to the First Amendment. 
 2. Conditions Precedent to Effectiveness. This Amendment shall become effective on the date
(the “First Amendment Effective Date”) when each of the following conditions shall have been satisfied; provided that if the following conditions are not satisfied by November 16, 2012, this Amendment shall not become
effective and shall be of no force or effect with respect to the Credit Agreement: 
 (i) the Borrower, the
Administrative Agent, each Issuing Lender and each other Lender shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile, pdf or other electronic transmission) the
same to the Administrative Agent; 
 (ii) the Administrative Agent shall have received favorable customary legal
opinion of Jones Day, counsel to the Credit Parties addressed to the Administrative Agent and each of the Lenders party to the Credit Agreement on the First Amendment Effective Date and dated the First Amendment Effective Date covering such matters
incidental to this Amendment and the transactions contemplated hereby as the Administrative Agent may reasonably request; 
 (iii) the Administrative Agent shall have received (A) true and complete copies of resolutions of the board of directors of the Borrower approving and authorizing the execution, delivery and
performance of the Credit Agreement and the Credit Documents, in each case as modified by this Amendment, certified as of the First Amendment Effective Date by an Authorized Representative and attested to by another Authorized Representative of the
Borrower as being in full force and effect without modification or amendment and (B) good standing certificates for the Borrower from the jurisdiction in which the Borrower is organized; 

(iv) all of the representations and warranties made pursuant to Section 3 hereof shall be true and correct in all
material respects on the First Amendment Effective Date, both before and after giving effect to this Amendment, with the same effect as though such representations and warranties had been made on and as of the First Amendment Effective Date (it
being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and (y) any
representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such specified date); 

(v) the Administrative Agent shall have received payment from the Borrower, for the account of each Lender that executes
and delivers a counterpart signature page to this Amendment prior to 10:00 A.M., New York City time, on November 16, 2012 (the “Revolver Consent Deadline”), a non-refundable consent fee payable in Dollars in an amount
equal to 0.075% of the Commitment of each such Lender in effect as of the First Amendment Effective Date; 

  
 4 

 (vi) the Borrower shall have paid (A) all fees required to be paid to
the Administrative Agent (or its affiliate) on the First Amendment Effective Date pursuant to that certain Fee Letter dated November 5, 2012, by and among the Borrower, the Administrative Agent and Deutsche Bank Securities Inc. and (B) any
other reasonable and documented out-of-pocket expenses of the Administrative Agent required to be paid or reimbursed pursuant to Section 13.01 of the Credit Agreement, including the reasonable and documented fees, charges and disbursements of
counsel for the Administrative Agent; and 
 (vii) the Administrative Agent shall have received such other
documents, information or agreements regarding the Borrower as the Administrative Agent shall reasonably request. 
 3.
Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders that, as of the date of and after giving effect to this Amendment: 

(a) the execution, delivery and performance of this Amendment has been duly authorized by all necessary action on the part
of the Borrower; 
 (b) this Amendment is a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and to general principles of equity; 

(c) all of the representations and warranties contained in the Credit Agreement and the other Credit Documents are true
and correct in all material respects on the First Amendment Effective Date, both before and after giving effect to this Amendment, with the same effect as though such representations and warranties had been made on and as of the First Amendment
Effective Date (it being understood and agreed that (x) any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date and
(y) any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such specified date); 

(d) no Default or Event of Default has occurred and is continuing; 

(e) the Credit Agreement and all other Credit Documents are and remain legal, valid, binding and enforceable obligations
in accordance with the terms thereof, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting creditors’ rights and to general principles of equity; 

  
 5 

 (f) since January 1, 2012, nothing shall have occurred (and neither the
Administrative Agent nor the Required Lenders shall have become aware of any facts or conditions not previously known) which the Administrative Agent or the Required Lenders shall determine has had, or could reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect; 
 (g) no litigation by any entity (private or
governmental) shall be pending or threatened in writing with respect to the Credit Agreement, any other Credit Document or any other documentation executed in connection herewith and therewith or the transactions contemplated hereby and thereby, or
which the Administrative Agent shall determine has had, or could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and 

(h) this Amendment (i) does not require any order, consent, approval, license, authorization or validation of, or
filing, recording or registration with or exemption by, any governmental or public body or authority, or subdivision thereof, (ii) will not violate any applicable law, statute, rule or regulation or any applicable order, writ, injunction or
decree of any court or governmental instrumentality, (iii) will not conflict with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or
the obligation to create or impose) any Lien (other than Permitted Liens) upon any of the material properties or assets of the Borrower or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit agreement or
loan agreement, or any other material agreement, contract or instrument, to which the Borrower or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which it may be subject and (iv) will not
violate any provision of the Certificate or Articles of Incorporation or By-Laws (or equivalent organizational documents) of the Borrower or its Subsidiaries. 
 4. General Provisions. 
 (a) Governing Law. THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 (b) Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic transmission shall have the same effect as
delivery of a manually executed counterpart of this Amendment. 
 (c) Severability. Any provision hereof
which is held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without rendering the remaining provisions hereof invalid,
illegal or unenforceable in such jurisdiction and without affecting the validity, legality or enforceability of any provision in any other jurisdiction. 

  
 6 

 (d) Successors; Assignment. The terms of this Amendment shall be
binding upon, and shall inure for the benefit of, the parties hereto and their respective successors and assigns; provided that the Borrower may not assign or transfer any of its rights, obligations or interest hereunder without the prior
written consent of each Lender. 
 (e) Effect on Credit Documents. (i) Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Agents under the Credit Agreement or any other Credit Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Credit Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to receive consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Credit Document in similar or different circumstances. 
 (f) Reference to Amendment. On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein”, or words of like import, and each reference to the Credit Agreement in any other Credit Document shall be deemed a reference to the Credit Agreement as modified hereby. This Amendment shall constitute a “Credit
Document” for all purposes of the Credit Agreement and the other Credit Documents. 
 [The remainder of this page is
intentionally left blank.] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Credit Agreement to
be executed by their respective officers thereunto duly authorized, as of the date first set forth above. 
  

			
	FLOWERS FOODS, INC.
		
	By:  	 	/s/ R. Steve Kinsey
		 	Name: R. Steve Kinsey
		 	Title: EVP and CFO

 [Signature Page to Flowers Foods First Amendment to A&R Credit Agreement] 

 
			
	 DEUTSCHE BANK AG NEW YORK BRANCH,
 as Administrative Agent, Swingline Lender, Issuing
 Lender, and a Lender

		
	By:  	 	/s/ Ming K. Chu
		 	Name: Ming K. Chu
		 	Title: Vice President

  

			
		
	By:  	 	/s/ Virginia Cosenza
		 	Name: Virginia Cosenza
		 	Title: Vice President

 [Signature Page to Flowers Foods First Amendment to A&R Credit Agreement] 

 
			
	 AgFirst Farm Credit Bank
 as a Lender

		
	By:  	 	/s/ Bruce B. Fortner
		 	Name: Bruce B. Fortner
		 	Title: Vice President

  

			
	 Bank of America, N.A.
 as a Lender

		
	By:  	 	/s/ David L. Catherall
		 	Name: David L. Catherall
		 	Title: Director

  

			
	 Branch Banking and Trust Company,
 as a Lender

		
	By:  	 	/s/ Brantley Echols
		 	Name: Brantley Echols
		 	Title: Senior Vice President

  

			
	 CoBank, ACB
 as a
Lender

		
	By:  	 	/s/ Michael Tousignant
		 	Name: Michael Tousignant
		 	Title: Vice President

  

			
	 Farm Credit Services of America, PCA
 as a Lender

		
	By:  	 	/s/ Curt A. Brown
		 	Name: Curt A. Brown
		 	Title: Vice President

  

			
	 Greenstone Farm Credit Services, ACA/FLCA
 as a Lender

		
	By:  	 	/s/ Alfred S. Compton, Jr.
		 	Name: Alfred S. Compton, Jr.
		 	Title: SVP/Managing Director

 [Signature Page to Flowers Foods First Amendment to A&R Credit Agreement] 

 
			
	 The Northern Trust

as a Lender

		
	By:  	 	/s/ Kathryn Schad Reuther
		 	Name: Kathryn Schad Reuther
		 	Title: SVP

  

			
	 PNC Bank, National Association
 as a Lender

		
	By:  	 	/s/ Susan J. Dimmick
		 	Name: Susan J. Dimmick
		 	Title: Senior Vice President

  

			
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank
 B.A., “Rabobank Nederland”, New York Branch,
 as a Lender

		
	By:  	 	/s/ Theodore W. Cox
		 	Name: Theodore W. Cox
		 	Title: Executive Director

  

			
		
	By:  	 	/s/ Stewart Kalish
		 	Name: Stewart Kalish
		 	Title: Executive Director

  

			
	 REGIONS BANK,
 as a
Lender

		
	By:  	 	/s/ Donald Dalton
		 	Name: Donald Dalton
		 	Title: Executive Vice President

  

			
	 ROYAL BANK OF CANADA

as a Lender

		
	By:  	 	/s/ Gordon MacArthur
		 	Name: Gordon MacArthur
		 	Title: Authorized Signatory

 [Signature Page to Flowers Foods First Amendment to A&R Credit Agreement] 

 
			
	 SUNTRUST BANK
 as a
Lender

		
	By:  	 	/s/ Robert G. McNair
		 	Name: Robert G. McNair
		 	Title: Senior Vice President

  

			
	 Wells Fargo Bank, N.A.
 as a Lender

		
	By:  	 	/s/ Chris McDaid
		 	Name: Chris McDaid
		 	Title: Senior Vice President

 [Signature Page to Flowers Foods First Amendment to A&R Credit Agreement]

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