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Credit Agreement

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Title:

Credit Agreement

Entities:

Krispy Kreme Doughnuts; Wachovia Bank, NA; Bank of New York; Kilpatrick Stockton

Date:

2007

Size:

Preview shows 74KB of 360KB total

Price:

$74

ID:

#2730837

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EXECUTION VERSION

CREDIT AGREEMENT

dated as of

February 16, 2007

among

KRISPY KREME DOUGHNUT CORPORATION

KRISPY KREME DOUGHNUTS, INC.

The SUBSIDIARY GUARANTORS Party Hereto

The LENDERS Party Hereto

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent, Collateral Agent, Issuing Lender and Swingline Lender

Arranged by

CREDIT SUISSE SECURITIES (USA) LLC,

as Sole Bookrunner and Sole Lead Arranger

WELLS FARGO FOOTHILL, INC. and WACHOVIA BANK, NATIONAL ASSOCIATION

as Co-Syndication Agents

and

CAROLINA FIRST BANK,

as Documentation Agent

______________

$160,000,000

______________

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS

SECTION 1.01.	Defined Terms	1
SECTION 1.02.	Terms Generally	27
SECTION 1.03.	Accounting Terms; GAAP; Historical Financial Calculations	27
SECTION 1.04.	Classification of Loans and Borrowings	27

ARTICLE II THE CREDITS

SECTION 2.01.	The Commitments.	28
SECTION 2.02.	Loans and Borrowings.	30
SECTION 2.03.	Requests for Syndicated Borrowings.	31
SECTION 2.04.	Swingline Loans.	31
SECTION 2.05.	Letters of Credit.	33
SECTION 2.06.	Funding of Borrowings.	37
SECTION 2.07.	Interest Elections.	38
SECTION 2.08.	Termination, Reduction and Increase of the Commitments.	39
SECTION 2.09.	Repayment of Loans; Evidence of Debt.	43
SECTION 2.10.	Prepayment of Loans.	45
SECTION 2.11.	Fees.	48
SECTION 2.12.	Interest.	49
SECTION 2.13.	Alternate Rate of Interest	50
SECTION 2.14.	Increased Costs.	51
SECTION 2.15.	Break Funding Payments	52
SECTION 2.16.	Taxes.	52
SECTION 2.17.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs.	54
SECTION 2.18.	Mitigation Obligations; Replacement of Lenders.	56

ARTICLE III GUARANTEE

SECTION 3.01.	The Guarantee	57
SECTION 3.02.	Obligations Unconditional	58
SECTION 3.03.	Reinstatement	59
SECTION 3.04.	Subrogation	59
SECTION 3.05.	Remedies	59
SECTION 3.06.	Instrument for the Payment of Money	60
SECTION 3.07.	Continuing Guarantee	60
SECTION 3.08.	Rights of Contribution	60
SECTION 3.09.	General Limitation on Guarantee Obligations	61
SECTION 3.10.	No Reliance	61
SECTION 3.11.	Release of Subsidiary Guarantors	61

ARTICLE IV REPRESENTATIONS AND WARRANTIES

SECTION 4.01.	Organization; Powers	62
SECTION 4.02.	Authorization; Enforceability	62
SECTION 4.03.	Governmental Approvals; No Conflicts	62
SECTION 4.04.	Financial Condition; No Material Adverse Change.	62
SECTION 4.05.	Properties.	63
SECTION 4.06.	Litigation.	63
SECTION 4.07.	Environmental Matters.	63
SECTION 4.08.	Compliance with Laws and Agreements	64
SECTION 4.09.	Investment Company Status	64
SECTION 4.10.	Taxes	64
SECTION 4.11.	ERISA	65
SECTION 4.12.	Disclosure	65
SECTION 4.13.	Use of Credit	65
SECTION 4.14.	Material Agreements and Liens.	65
SECTION 4.15.	Inactive Companies	66
SECTION 4.16.	Subsidiaries and Investments.	66
SECTION 4.17.	Real Property	67
SECTION 4.18.	Solvency	67
SECTION 4.19.	Labor Matters	68

ARTICLE V CONDITIONS

	SECTION 5.01.	Effective Date	68
	SECTION 5.02.	Each Credit Event	71

ARTICLE VI AFFIRMATIVE COVENANTS

SECTION 6.01.	Financial Statements and Other Information	72
SECTION 6.02.	Notices of Material Events	74
SECTION 6.03.	Existence; Conduct of Business	75
SECTION 6.04.	Payment of Obligations	75
SECTION 6.05.	Maintenance of Properties; Insurance.	75
SECTION 6.06.	Books and Records; Inspection Rights	76
SECTION 6.07.	Compliance with Laws.	76
SECTION 6.08.	Use of Proceeds and Letters of Credit	77
SECTION 6.09.	Hedging Agreements	78
SECTION 6.10.	Certain Obligations Respecting Subsidiaries; Further Assurances.	78
SECTION 6.11.	Ownership of the Borrower	79
SECTION 6.12.	Ratings	79
SECTION 6.13.	Separateness	80
SECTION 6.14.	Post-Closing Actions and Other Matters Regarding Real Property.

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