WAYNE COUNTY EMPLOYEES' RETIREMENT SYSTEM
400 MONROE STREET - SUITE 320
DETROIT, MICHIGAN 48226
April 3, 2001
Big Buck Brewery & Steakhouse, Inc.
P.O. Box 1430
Gaylord, Michigan 49735-0617
RE: LETTER AGREEMENT ("LETTER AGREEMENT") CONCERNING FINANCIAL
This Letter Agreement is being written to set forth certain clarifications and modifications concerning the
Covenants. All defined terms in the Loan Documents (as defined below) shall have the same meaning in this
Letter Agreement. The terms of this Letter Agreement are as follows:
1. The Tangible Net Worth plus Subordinated Debt of Big Buck Brewery & Steakhouse, Inc. ("Company") shall
be not less than $6,250,000 unless approved by Wayne County Employees' Retirement System ("WCERS") in
its sole discretion.
2. The Company shall have until January 1, 2002 to meet the Debt Service Coverage Ratio Covenant set forth in
the Loan Documents.
3. The Company shall have until January 1, 2002 to achieve the Covenant in the Loan Documents requiring
current assets less current liabilities (other than subordinated debt) shall be not less than $500,000.
4. The Company shall have until January 1, 2002 to meet all other Covenants set forth in the Loan Documents
unless modified by the parties in writing.
5. It is expressly acknowledged and agreed that these modifications are subject to the Company complying with
all other terms of the various loan documents ("Loan Documents") between the Company and WCERS. If there
shall be any default under the other terms of the Loan Documents, WCERS shall have the right to demand full
compliance with the Covenants and to enforce its rights and remedies if such compliance is not satisfied by the
6. The Covenants may not be further amended or modified except by a writing signed by the parties. Except as
amended by this Letter Agreement, the Loan Documents are restated and republished in their entirety and remain
in full force and effect. This Lett