Document:

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                                                                   EXHIBIT 10.15

                        COLLATERAL REPURCHASE AGREEMENT

         THIS COLLATERAL REPURCHASE AGREEMENT, made as of the 22nd day of
October, 1996, by and among ROBERT L. McCOY, a resident of Tampa, Florida; Gulf
Florida Doughnut Corp d/b/a Krispy Kreme Doughnut Co. (collectively, the
"Borrower"); KRISPY KREME DOUGHNUT CORPORATION, a North Carolina corporation
(the "Company"); and BRANCH BANKING AND TRUST COMPANY, a national banking
institution ("BB&T").

                               R E C I T A L S :

         A. BB&T has on this date extended credit to the Borrower in the
aggregate principal sum of One Hundred Eighty Thousand and no/100 Dollars
($180,000.00) (the "Indebtedness"), evidenced by a Promissory Note of even date
herewith executed and delivered by the Borrower to BB&T.

         B. The Indebtedness is secured, in part, by a pledge by Robert L. McCoy
("Pledgor") of all of the common voting stock of the Company owned by Pledgor
(the "Pledged Stock"), pursuant to a pledge agreement of even date herewith
executed by and between Pledgor and BB&T (the "Pledge Agreement," and all other
documents, instruments and agreements executed to evidence, create or secure the
Indebtedness are herein called the "Loan Documents").

         C. The Pledged Stock is subject to a stock purchase agreement (the
"Stock Purchase Agreement"), dated July 1, 1984 executed by and among the
Company and its shareholders (as it may be amended), which Stock Purchase
Agreement has been consented and agreed to by Pledgor.

         D. In order to induce BB&T to make the loans giving rise to the
Indebtedness, the Company has agreed to purchase all or part of the Pledged
Stock in the event of a default under the Note or any of the Loan Documents in
accordance with the terms of this Agreement.

         E. BB&T has required the execution and delivery of this Agreement by
the parties hereto as a condition to making the loans comprising the
Indebtedness.

         NOW, THEREFORE, in consideration of the premises and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

         1. Election by BB&T to Cause the Company to Purchase the Pledged Stock.
Upon a default under the Note or any of the Loan Documents (hereinafter referred
to as a "Default"), BB&T may give notice to the Company and the Borrower,
requiring the Company to purchase, and the Pledgor to sell, the Pledged Stock in
the following manner and upon the following terms. The notice shall specify
whether the purchase is to be made (a) from the Pledgor prior to the
commencement of proceedings by BB&T to exercise its rights and remedies

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as a secured party against the Pledged Stock, or (b) at a private sale ("Private
Sale") conducted pursuant to the terms of the Pledged Agreement and applicable
law. For purposes of determining the time as of which such purchase price is to
be determined, the Pledgor and BB&T agree that such notice shall constitute
written notice of a proposed transfer, disposition or sale of its Pledged Stock
under paragraph 2(a) of the Stock Purchase Agreement. At the Closing (as defined
in paragraph 3 hereof), the Company shall pay to BB&T and not to the Borrower or
Pledgor, in United States dollars and in immediately available funds, a purchase
price determined in accordance with the Stock Purchase Agreement. If the
purchase price of the Pledged Stock is greater than the then outstanding
Indebtedness (including accrued but unpaid interest and all other sums owed by
Borrower to BB&T pursuant to the terms of the Note and the Loan Documents), then
the Company shall be required to purchase hereunder only so much of the Pledged
Stock as is necessary to pay in full the Indebtedness. In consideration of the
purchase price received by BB&T, the Pledgor shall transfer title to the Pledged
Stock (or so much there for as shall be purchased) to the Company or in the
event the sale is at a Private Sale, BB&T shall deliver to Company the
certificates evidencing the Pledged Stock (or so much thereof as shall be
purchased) together with stock powers executed in blank by the Pledgor. In
either case, BB&T shall release its security interest in the Pledged Stock
purchased by the Company upon receipt of the purchase price. The Borrower and
the Company hereby acknowledge that the Pledged Stock is subject to the terms
and provisions of the Stock Purchase. Agreement which provides, in part, an
option to purchase the Pledged Stock in favor of the Company and each of its
shareholders in the event Pledgor desires to transfer, sell or dispose of all or
any portion of the Pledged Stock. Accordingly, and given the difficulty of
obtaining a reasonable price for the Pledged Stock at a public sale or auction
and the difficulty of selling the Pledged Stock at a public sale or auction in
compliance with the Stock Purchase Agreement and applicable federal and state
securities laws, the Company, the Pledgor and the Borrower specifically agree
that a Private Sale at which the Company shall purchase any or all of the
Pledged Stock pursuant to the terms of this Agreement shall have been conducted
in a commercially reasonable manner, and, to the extent permitted by applicable
law, the Company, the Pledgor and the Borrower hereby waive any claim or defense
to any such sale arising under Section 9504(3) of the Uniform Commercial Code as
in effect in the applicable jurisdiction.

         2. Other Purchasers. In the event of a default under any of the Loan
Documents, BB&T agrees not to purchase all or any part of the Pledged Stock or
allow any other person (other than the Company) to do so, without the prior
written consent of the Company, unless the Company shall, within thirty (30)
days after BB&T's request for performance hereunder, fail, refuse or be unable
to perform its obligations hereunder.

         3. The Closing. If purchase of the Pledged Stock is to be made from the
Pledgor, or the Borrower, as the case may be, the Closing shall take place at a
time and place selected by BB&T within fifteen (15) days after the date of
BB&T's notice to the Company and the Borrower requiring that the Company
purchase the Pledged Stock. If purchase of the Pledged Stock is to take place
pursuant to a Private Sale, Closing shall take place at a time and in the manner
as provided for by applicable law or in the Pledge Agreement, as the case may
be, or as may be provided for in any notice given by BB&T pursuant thereto for
the Private Sale provided, however, that the Closing and delivery of the Pledged
Stock purchased by the Company shall

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occur at the principal office of BB&T in Winston-Salem, North Carolina, at no
expense to BB&T.

         4. Surplus. If all proceeds ever received by BB&T, either before or
after the Closing, from any sale or other disposition of any collateral, or
part therefor, for the Indebted ness, or the exercise of any other remedy
pursuant to the Note or any of the Loan Documents, together with the aggregate
purchase price actually received by BB&T for the Pledged Stock to be purchased
pursuant to this Agreement, shall exceed the aggregate amount of the
Indebtedness, interest thereon, the costs and expenses incurred or other sums
thereunder owed by the Borrower to BB&T pursuant to any of the Note or the Loan
Documents, and the costs and expenses incurred in the enforcement of the
Borrower's obligations under this Agreement, including reasonable attorneys'
fees, the amount of such excess shall be remitted to or for the account of the
Borrower, subject however, to the rights and claims of others having a prior
interest in or a lien upon any such proceeds.

         5. Assignment by Borrower. Borrower hereby assigns all of its right,
title and interest in and to this Agreement to BB&T as collateral security for
the Indebtedness and agrees to execute and deliver Uniform Commercial Code
Financing Statements with respect thereto as BB&T may request.

         6. Continuing Obligations. The obligations of the Company under this
Agreement shall be continuing, and the Company agrees that its obligations
hereunder shall not be modified, diminished, extinguished or released by reason
that the whole or any part of any security or collateral for the Indebtedness
now or hereafter held may be exchanged, compromised, impaired, released, or
surrendered from time to time, that the time or place of payment of any
Indebtedness or of any security therefor may be exchanged or extended, in whole
or in part, to a time certain or otherwise, and may be renewed or accelerated,
in whole or in part, that the Borrower may be granted indulgences generally,
that any of the provisions of any note or other instrument evidencing any debt
of the Borrower or any security therefor, including, without limitation, the
Note and the Loan Documents, may be modified or waived, or that any party liable
for the payment thereof (including but not limited to any guarantor, surety or
endorser) may be granted indulgences or released, all of which are hereby
expressly consented to by the Company, provided, however, that the original
principal amount of the Note may not be increased nor may additional amounts be
advanced or readvanced under the Note. Neither the death, disability,
bankruptcy, or insolvency of any one or more of the Borrower or any guarantor,
surety or endorser shall affect the continuing obligation of the Company. No
claim need be asserted against the personal representative, guardian,
custodian, trustee, debtor in bankruptcy, or receiver of any deceased,
incompetent, bankrupt or insolvent borrower, guarantor, surety or endorser. Any
deposit balance to the credit of the Borrower or any other party liable for the
payment of the Indebtedness or liable upon any security therefor may be
released, in whole or in part, at, before and/or after the stated, extended or
accelerated maturity of any Indebtedness. All of the foregoing may be done
without notice to or further assent by the Company, which shall remain bound
hereon notwithstanding any such exchange, compromise, surrender, extension,
renewal, acceleration, modification, indulgence or release. The Company
expressly waives notice of acceptance of this Agreement and of all extensions of
credit to the Borrower, presentment and demand for payment of the

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Indebtedness, protest and any notice of dishonor or of default to the Company or
to any other party with respect to any of the Indebtedness or with respect to
any security or collateral therefor and all other notices to which the Company
might otherwise be entitled. The obligations of the Company under this Agreement
shall be direct and immediate and not conditional or contingent upon either the
pursuit of any remedies against the Borrower or any other person or foreclosure
of any security interest or liens available to BB&T, it successors, endorsees or
assigns, the Company hereby waiving any rights to require that any action be
brought against the Borrower or any other person or to require that resort be
had to any security or to any balance of any deposit account or credit on the
books of BB&T in favor of the Borrower or any other person, and the Company
hereby waiving any rights of the Company pursuant to North Carolina General
Statutes Section 26-7 or any similar or subsequent law. If the Indebtedness is
partially paid through the election of BB&T, its successors, endorsees or
assigns, to pursue any of the remedies mentioned herein, in the Note, or in the
Loan Document or if such Indebtedness is otherwise partially paid, the Company
shall nevertheless remain fully liable and obligated under and pursuant to the
terms of this Agreement. The Borrower and BB&T agree to provide the Company
with copies of all Loan Documents and modifications thereof.

         7. No Credit; Waiver of Defenses. The Company shall not be entitled to
provide for the payment of the purchase price either for the Pledged Stock (or
any part thereof) by the issuance of credit or credits to or for the account of
the Borrower, the Pledgor or either of them. Nor shall any portion of any
purchase price for the Pledged Stock be subject to offset, reduction or
diminution by reason of any disputed or undisputed claim, suit or demand which
the Company may have against the Borrower, the Pledgor or either of them, or by
reason of any disputed or undisputed unpaid accounts or liabilities of or
amounts otherwise owed by the Borrower, the Pledgor or either of them to the
Company. Nothing herein shall prohibit the Company from purchasing the Pledged
Stock over and above the amounts necessary to satisfy the Borrower's obligations
to BB&T and applying the proceeds thereof to any obligation of the Borrower to
the Company.

         8. Notification of Stock Purchase Agreement. Nothing herein shall
prevent or restrict the Company and the Pledgor from amending or terminating the
Stock Purchase Agreement provided that, in the event of the termination or
modification of the Stock Purchase Agreement, the Company and the Pledgor shall
remain obligated to comply with paragraph 1 above as if the Stock Purchase
Agreement remained in force (unmodified) as it is as of the date hereof.

         9. Choice of Law. The parties hereby acknowledge and agree that this
Agreement shall be governed by and construed in accordance with the laws of the
State of North Carolina.

         10. Modification of Collateral Repurchase Agreement. This Agreement may
not be changed, amended or modified orally or by implication but only by a
written instrument signed by each of the parties hereto, and no obligation of
the Company or the Borrower or the Pledgor shall be released, waived or modified
by BB&T or any officer or agent of BB&T except by a writing signed by a duly
authorized officer of BB&T and bearing the seal of BB&T. This Agreement shall be
irrevocable by the Company, the Borrower and the Pledgor until the Indebt-

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edness has been completely repaid and all other obligations and undertakings of
the Borrower under, or by reason of, or pursuant to the Note or any of the Loan
Documents have been completely performed and satisfied.

         11. Notices. Any and all notices or demands permitted or required to be
made under this Agreement shall be in writing, signed by the party giving such
notice or demand, and shall be delivered personally or by a nationally
recognized courier service or sent by registered or certified United States
mail, postage prepaid, to the other party(ies) at the addressees) set forth
below, or at such other address as may have been designated in writing. The
effective date of such notice or demand shall be date of personal service or the
date on which the notice or demand is deposited in the mails.

The address of the Borrower is:     Robert L. McCoy
                                    4810 Culbreath Isles Road
                                    Tampa, FL 33629

                                    Gulf Florida Doughnut Corp. d/b/a
                                    Krispy Kreme Doughnut Co.
                                    8425 N. Florida Avenue
                                    Tampa, FL 33604

The address of the Company is:      Krispy Kreme Doughnut Corporation
                                    1814 Ivy Avenue
                                    Winston-Salem, NC 27105
                                    Attn: John L. Barber

The address of BB&T is:             Branch Banking and Trust Company
                                    Post Office Box 15008
                                    Winston-Salem, NC 27113-5008
                                    Attn: Christopher Verwoerdt

         12. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but taken together shall
constitute but one Agreement.

         13. Benefit. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective legal representatives,
heirs, successors and assigns.

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         IN WITNESS WHEREOF, the parties have either hereunto set his hand and
seal or caused this Agreement to be executed as of the day and year first above
written.

                                         /s/  Robert L. McCoy

                                         GULF FLORIDA DOUGHNUT CORP.
                                         d/b/a KRISPY KREME DOUGHNUT CORP.
                                         By:  /s/  Robert L. McCoy
                                                   President

Attest:
/s/  Donna C. Hollingsworth
Secretary

(CORPORATE SEAL)

                                         KRISPY KREME DOUGHNUT
                                         CORPORATION
                                         By: /s/ J.A. McAleer, Jr.
                                                 Chairman of the Board and
                                                 Chief Executive Officer

Attest:
/s/  Randy S. Casstevens
Secretary

(CORPORATE SEAL)

                                         BRANCH BANK AND TRUST COMPANY
                                         By:  /s/ Christopher E. Verwoerdt
                                                  Asst. Vice President

Attest:
/s/ _______________________
Asst. Secretary

(CORPORATE SEAL)

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                             CONSENT AND AGREEMENT

FOR VALUE RECEIVED, the undersigned, who is a party to the Stock Purchase
Agreement (the "Stock Purchase Agreement") referred to and described in the
foregoing Collateral Repurchase Agreement (the "Collateral Repurchase
Agreement"), hereby acknowledges and consents to the Collateral Repurchase
Agreement. The undersigned hereby agrees that, (a) in the event of any default
by Borrower under the terms of any documents evidencing, securing or otherwise
relating to the Note (as defined in the Collateral Repurchase Agreement), Branch
Bank and Trust Company (the "Bank") shall of Borrower's right, title interest
under the Stock Purchase Agreement, and that, (b) in the event of any default by
Borrower under the terms of any documents evidencing, securing or otherwise
relating to the Note, the undersigned shall continue its performance under the
Stock Purchase Agreement on behalf of the Bank, and that (c) the undersigned may
modify or terminate the Stock Purchase Agreement only in accordance with the
terms of the Collateral Repurchase Agreement of even date herewith by and among
the Bank, the undersigned and the Borrower, or otherwise upon the prior written
consent of the Bank, and that (d) the undersigned is not a party to any other
agreements intended as a substitute for or modification or amendment of the
Stock Purchase Agreement (except for the Collateral Repurchase Agreement), true,
complete and correct copies of which are attached hereto.

         WITNESS the hand and seal of the undersigned, as of the day and year
set forth.

                                         KRISPY KREME DOUGHNUT
                                         CORPORATION

                                         By: /s/  J.A. McAleer, Jr.
                                                  Chairman of the Board and
                                                  Chief Executive Officer

                                         10/31/96
                                         Date Signed

Attest:
/s/ Randy S. Casstevens
Secretary

(CORPORATE SEAL)

                                       7<PAGE>   1

                                                                   EXHIBIT 10.17

                            GUARANTY BY CORPORATION

                                       _________________________, ______________
                                                (City)                (State)

         For good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and to induce THE FIRST NATIONAL BANK OF OLATHE
(herein, with its participants, successors and assigns, called 'Lender'), at its
option, at any time to make a loan to MIDWEST-DOUGHNUTS, L.L.C. (herein called
'Borrower"), the Undersigned hereby absolutely and unconditionally guarantees to
the Lender the full and prompt payment when due, whether at maturity or earlier
by reason of acceleration or otherwise, of the debts, liabilities and
obligations described as follows:

         A. If this ___ is checked, the Undersigned guarantees to Lender the
payment and performance of the debt, liability or obligation of Borrower to
Lender evidenced by or arising out of the following: that certain note from
Borrower to Lender in the original principal amount of $____________, a copy of
which is attached hereto and incorporated herein by reference, and any
extensions, renewals or replacements thereof (hereinafter referred to as the
"Indebtedness'). The term, "Indebtedness" as used in this guaranty shall not
include any obligations entered into between Borrower and Lender after the date
hereof (including any extensions, renewals, or replacements of such
obligations). The Undersigned further acknowledges and agrees with Lender that:

         1. No act or thing need occur to establish the liability of the
Undersigned hereunder, and no act or thing, except full payment and discharge of
all Indebtedness, shall in any way exonerate the Undersigned or modify, reduce,
limit or release the liability of the Undersigned hereunder.

         2. This is an absolute, unconditional and continuing guaranty of
payment of the Indebtedness and shall continue to be in force and be binding
upon the Undersigned, whether or not all Indebtedness is paid in full, until
this guaranty is revoked by written notice actually received by the Lender, and
such revocation shall not be effective as to Indebtedness existing or

<PAGE>   2

committed for at the time of actual receipt of such notice by the Lender, or as
to any renewals, extensions and refinancings thereof.

         The Undersigned represents and warrants to the Lender that the
Undersigned has a direct and substantial economic interest in Borrower and
expects to derive substantial benefits therefrom and from any loans and
financial accommodations resulting in the creation of Indebtedness guaranteed
hereby, and that this guaranty is given for a corporate purpose. The Undersigned
agrees to rely exclusively on the right to revoke this guaranty prospectively as
to future transactions, by written notice actually received by Lender if at any
time, in the opinion of the directors or officers of the Undersigned, the
corporate benefits then being received by the Undersigned in connection with
this guaranty are not sufficient to warrant the continuance of this guaranty as
to future Indebtedness. Accordingly, so long as this guaranty is not revoked
prospectively in accordance with this guaranty, the Lender may rely conclusively
on a continuing warranty, hereby made, that the Undersigned continues to be
benefited by this guaranty and the Lender shall have no duty to inquire into or
confirm the receipt of any such benefits, and this guaranty shall be effective
and enforceable by the Lender without regard to the receipt, nature or value of
any such benefits.

         3. If the Undersigned shall be dissolved or shall be or become
insolvent (however defined) or revoke this guaranty, then the Lender shall have
the right to declare immediately due and payable, and the Undersigned will
forthwith pay to the Lender, the full amount of all Indebtedness, whether due
and payable or unmatured. If the Undersigned voluntarily commences or there is
commenced involuntarily against the Undersigned a case under the United States
Bankruptcy Code, the full amount of all Indebtedness, whether due and payable or
unmatured, shall be immediately due and payable without demand or notice
thereof.

         4. The liability of the Undersigned hereunder shall be limited to a
principal amount of the Indebtedness (if unlimited or if no amount is stated,
the Undersigned shall be liable for all Indebtedness, without any limitation as
to amount), plus accrued interest thereon and all attorneys' fees, collection
costs and enforcement expenses actually incurred and referable thereto.

         5. The Undersigned will pay or reimburse the Lender for all costs and
expenses (including reasonable attorneys' fees and legal expenses actually
incurred by the Lender in

<PAGE>   3

connection with the protection, defense or enforcement of this guaranty in any
litigation or bankruptcy or insolvency proceedings.

         This guaranty includes the additional provisions on page 2 hereof and
of the Addendum hereto, all of which are made a part hereof.

         This guaranty is __ unsecured; __ secured by a mortgage or security
agreement dated ___________________; __ secured by_____________________________.

         IN WITNESS WHEREOF, this guaranty has been duly executed by the
Undersigned the day and year first above written. THIS INSTRUMENT WILL BE
CONSTRUED UNDER THE LAWS OF THE STATE OF KANSAS.

                                            KRISPY KREME DOUGHNUT CORPORATION

                                            By: ________________________________
                                                Title: _________________________

                                            By: ________________________________

"Undersigned" shall refer to all entities who sign this guaranty, individually
and jointly.

<PAGE>   4

                             ADDITIONAL PROVISIONS

         6. Whether or not any existing relationship between the Undersigned and
Borrower has been changed or ended and whether or not this guaranty has been
revoked, the Lender may, but shall not be obligated to, enter into transactions
resulting in the creation or continuance of Indebtedness, without any consent or
approval by the Undersigned and without any notice to the Undersigned. The
liability of the Undersigned shall not be affected or impaired by any of the
following acts or things (which the Lender is expressly authorized to do, omit
or suffer from time to time, both before and after revocation of this guaranty,
without notice to or approval by the Undersigned): (i) any acceptance of
collateral security, guarantors, accommodation parties or sureties for any or
all Indebtedness; (ii) any one or more extensions or renewals of Indebtedness
(whether or not for longer than the original period) or any modification of the
interest rates, maturities or other contractual terms applicable to any
Indebtedness; (iii) any waiver adjustment, forbearance, compromise or indulgence
other than a release of liability granted to Borrower, any delay or lack of
diligence in the enforcement of Indebtedness, or any failure to institute
proceedings, file a claim, give any required notices or otherwise protect any
Indebtedness; (iv) any full or partial release of, settlement with, or agreement
not to sue, Borrower--or any other guarantor or other person liable in respect
of any Indebtedness; (v) any failure to obtain collateral security (including
rights of setoff) for Indebtedness, or to see to the proper or sufficient
creation and perfection thereof, or to establish the priority thereof, or to
protect, insure, or enforce any collateral security; or any release,
modification, substitution, discharge, impairment, deterioration, waste, or loss
of any collateral security; (vi) any foreclosure or enforcement of any,
collateral security; (vii) any transfer of any Indebtedness or any evidence
thereof; (viii) any order of application of any payments or credits upon
Indebtedness; (x) any election by the Lender under ss. 1111(b)(2) of the United
States Bankruptcy Code.

         7. The Undersigned waives any and all defenses, claims and discharges
of Borrower, or any other obligor, pertaining to Indebtedness, except the
defense of discharge by payment in full. Without limiting the generality of the
foregoing, the Undersigned will not assert, plead or enforce against the Lender
any defense of waiver, release, estoppel, statute of limitations, res judicata,
statute of frauds, fraud, forgery, incapacity, minority, usury, illegality or

<PAGE>   5

unenforceability which may be available to Borrower or any other person liable
in respect of any Indebtedness, or any setoff available against the Lender to
Borrower or any such other person, whether or not on account of a related
transaction other than a release of liability of Borrower. The Undersigned
expressly agrees that the Undersigned shall be and remain liable, to the fullest
extent permitted by applicable law, for any deficiency remaining after
foreclosure of any mortgage or security interest securing Indebtedness, whether
or not the liability of Borrower or any other obligor for such deficiency is
discharged pursuant to statute or judicial decision. The undersigned shall
remain obligated, to the fullest extent permitted by law, to pay such amounts as
though Borrower's obligations had not been so discharged.

         8. The Undersigned further agree(s) that the Undersigned shall be and
remain obligated to pay Indebtedness even though any other person obligated to
pay Indebtedness, including Borrower, has such obligation discharged in
bankruptcy or otherwise discharged by law. "Indebtedness' shall include
post-bankruptcy petition interest and attorneys' fees actually incurred and any
other amounts which Borrower is discharged from paying or which do not accrue to
Indebtedness due to Borrower's discharge, and Undersigned shall remain obligated
to pay such amounts as fully as if Borrower's obligations had not been
discharged.

         9. If any payment applied by the Lender to Indebtedness is thereafter
set aside, recovered, rescinded or required to be returned for any reason
(including, without limitation, the bankruptcy, insolvency or reorganization of
Borrower or any other obligor), the Indebtedness to which such payment was
applied shall for the purposes of this guaranty be deemed to have continued in
existence, notwithstanding such application, and this guaranty shall be
enforceable as to such Indebtedness as fully as if such application had never
been made.

         10. The Undersigned waives presentment, demand for payment, notice of
dishonor or nonpayment, and protest of any instrument evidencing Indebtedness.
The Lender shall not be required first to resort for payment of the Indebtedness
to Borrower or other persons or their properties, or first to enforce, realize
upon or exhaust any collateral security for Indebtedness, before enforcing this
guaranty.

         11. The liability of the Undersigned under this guaranty is in addition
to and shall be cumulative with all other liabilities of the Undersigned to the
Lender as guarantor or otherwise,

<PAGE>   6

without any limitation as to amount, unless the instrument or agreement
evidencing or creating such other liability specifically provides to the
contrary.

         12. The Undersigned represents and warrants to the Lender that (i) the
Undersigned is a corporation duly organized and existing in good standing and
has full power and authority to make and deliver this guaranty; (ii) the
execution, delivery and performance of this guaranty by the Undersigned have
been duly authorized by all necessary action of its directors and shareholders
and do not and will not violate the provisions of, or constitute a default
under, any presently applicable law or its articles of incorporation or by-laws
or any agreement presently binding on it; (iii) this guaranty has been duly
executed and delivered by the authorized officers of the Undersigned and
constitutes its lawful, binding and legally enforceable obligation (subject to
the United States Bankruptcy Code and other similar laws generally affecting the
enforcement of creditors' rights); and (iv) the authorization, execution,
delivery and performance of this guaranty do not require notification to,
registration with, or consent or approval by, any federal, North Carolina state
or North Carolina local regulatory body or administrative agency.

         13. This guaranty shall be effective upon delivery to the Lender,
without further act, condition or acceptance by the Lender, shall be binding
upon the Undersigned and the successors and assigns of the Undersigned and shall
inure to the benefit of the Lender and its participants, successors and assigns.
Any invalidity or unenforceability of any provision or application of thus
guaranty shall not affect other lawful provisions and application hereof, and to
this end the provisions of this guaranty are declared to be severable. Except s
allowed by the terms herein, this guaranty may not be waived, modified, amended,
terminated, released or otherwise changed except by a writing signed by the
Undersigned and the Lender. This guaranty shall be governed by the laws of the
State in which it is executed. The Undersigned waives notice of the Lender's
acceptance hereof.

<PAGE>   7

                                    ADDENDUM
                                       TO
                            GUARANTY BY CORPORATION
                     FROM KRISPY KREME DOUGHNUT CORPORATION
                 TO THE FIRST NATIONAL BANK OF OLATHE as Lender
                   AND MID-WEST DOUGHNUTS, L.L.C. as Borrower

         THIS ADDENDUM (this "Addendum") is made to the above-described
Guaranty. In the event of any conflict between this Addendum and the terms of
the Guaranty, the terms of this Addendum shall control.

         The Guaranty is amended as follows:

                  1. This Guaranty shall extend only to the principal and
         interest of the note constituting the Indebtedness and other items
         described in this Guaranty only to the extent they relate to said note.
         Lender agrees to provide the undersigned with a copy of any notice of
         default or demand to Borrower related to Indebtedness at the same time
         it provides the same to Borrower, and a copy of any amendments or
         modifications or extensions to the note or other agreements entered
         into with respect to the Indebtedness, at the following address:

                     Krispy Kreme Doughnut Corporation
                     P.O. Box 83
                     Winston-Salem, NC 27102-0083
                     ATTENTION:  Stephen A. Johnson

                  2. No modification of the Indebtedness shall be made which
         increases the principal or interest thereunder or extends the time for
         payment thereof without the prior written consent of the undersigned.

                  3. The Maximum liability of the Undersigned Krispy Kreme
         Doughnut Corporation under this Guaranty, including, but not limited
         to, all principal, interest and all other costs, expenses and
         obligations of any and every nature, shall not exceed $300,000.00.

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