Term used to describe doing something you don't want to do, getting a bad deal, or just getting screwed in general. It refers to the act of eating a donut off of a fully erect penis. The act provides pleasure to the donut bearer while humiliating the donut eater.
Driving instructor: Hey bud, you didn't park between those cones.
Trainee: Come on man! I really need this job.
Driving instructor: Well bud, you're goin to have to eat the donut if you want driving privileges.
Aaron: Nice motocycle Kevin. How much did you pay for it?
Kevin: Uhhhhh..$4500.00. Ain't it
Aaron: Wow. You really ate the donut on that deal!
Mark: Did Dr. Lowe give you that promotion yet or what?
Henry: No. He said it would be ANOTHER month. I've been working here 12 hours a day 6 days a week plus I went to his house and fixed his lawnmower, camper, and his brother's rotor tiller.
Mark: Man, you've really had to eat the donut to get this promotion.
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