Bank
of America
April 23,
2009
Mr. R.
Gregory Lewis
Chief
Financial Officer
J.
Alexander’s Corporation
3401 West
End Avenue, Suite 260
Nashville,
Tennessee 37202
Re: Loan
Agreement Dated May 12, 2003, as Amended (“Loan Agreement”)
Greg,
Reference is made to the Loan Agreement
dated May 12, 2003, as amended. Capitalized terms not defined herein
shall have the meaning contained in the Loan Agreement.
This letter is to advise you that Bank
of America, N.A. waives noncompliance by J. Alexander’s Corporation and J.
Alexander’s Restaurants, Inc., of the Fixed Charge Coverage Ratio and the
Maximum Adjusted Debt to EBITDAR Ratio for the quarter ending March 31,
2009. This waiver is limited to the items and periods set forth
above.
Very truly yours,
BANK OF AMERICA, N.A.
By: /s/ Thomas C.
Kilcrease, Jr.
Thomas C. Kilcrease, Jr.
Senior Vice President