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FIRST LETTER AMENDMENT
  Citicorp North America, Inc.,
 Re: Great Wolf Resorts  Revolving Credit Facility
  Borrower (Parent Guarantor) CNAI Administrative Agent Lender Parties Calyon Credit Agreement
 First Letter Amendment
 A.
    
    Certain Defined Terms. Section 1.01 of the Credit Agreement is hereby amended as
follows:
 1.
    
    The definition of Excluded Subsidiaryis amended in its entirety to read as
follows:
 Excluded Subsidiary
 2.
    
    The following new definitions are inserted therein in proper alphabetical order:
 Junior Subordinated Securities
 Preferred Securities Trust
 Trust Preferred Securities
 B.
    
    Debt Covenant. Section 5.02(b) of the Credit Agreement is hereby amended by
striking the word and at the end of clause (vii) thereof, replacing . with ; and at
the end of clause (viii) thereof, and inserting the following new clause (ix) thereto:




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C.
    
    Investments Covenant. Section 5.02(f) of the Credit Agreement is hereby amended
by striking the word and at the end of clause (vii) thereof, replacing . with ; and at
the end of clause (viii) thereof, and inserting the following new clause (ix) thereto:
  D.
    
    Negative Pledge Covenant. Section 5.02(m) of the Credit Agreement is hereby
amended by replacing or with , at the end of clause (ii) thereof and inserting the
following new clause (iii) thereto:
  E.
    
    Excluded Subsidiaries Covenant. Section 5.02(o) of the Credit Agreement is hereby
amended by inserting the following new phrase at the end of clause (ii) thereof (immediately
after the word except and before (x)):




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Very truly yours,GWR OPERATING PARTNERSHIP, L.L.L.P.By:
    
    GWR OP General Partner, LLC, its General PartnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel and Corporate Secretary
  (Signatures continued on next page)




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Agreed as of the date first above written:CITICORP NORTH AMERICA, INC.,as Administrative Agent and as a LenderBy:
    
    /s/ Blake R. GronichName: Blake R. GronichTitle: Vice PresidentSOCIÈTÈ GÈNÈRALE,as a LenderBy:
    
    /s/ Thomas K. DayName: Thomas K. DayTitle: Managing DirectorCALYON NEW YORK BRANCH,as a LenderBy:
    
    /s/ Bruno DelloorName: Bruno DelloorTitle: DirectorBy:
    
    /s/ David BowersName: David BowersTitle: DirectorGWR  First Letter Amendment




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CONSENT
   GREAT WOLF RESORTS, INC.By:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel and Corporate SecretaryGREAT BEAR LODGE OF SANDUSKY, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its sole memberBy:
    
    GWR OP GENERAL PARTNER, LLC,its general partnerBy:
    
    GREAT WOLF RESORTS, INC.,its sole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate Secretary
 GREAT BEAR LODGE OF WISCONSIN DELLS, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its sole memberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., itssole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate Secretary




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GREAT LAKES SERVICES, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P.,its sole memberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., itssole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate Secretary
 GREAT WOLF LODGE OF KANSAS CITY, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., its solememberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate SecretaryGREAT WOLF LODGE OF TRAVERSE CITY, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC.,its sole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate Secretary




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GLGB MANAGER III, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., itssole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate SecretaryGWR MICHIGAN, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC,its general partnerBy:
    
    GREAT WOLF RESORTS, INC.,its sole memberBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: General Counsel andCorporate Secretary
 NIAGARA GLENVIEW TENT & TRAILER PARKCOMPANYBy:
    
    /s/ J. Michael SchroederName: J. Michael SchroederTitle: Secretary




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SECOND LETTER AMENDMENT
  Citicorp North America, Inc.,
 Re: Great Wolf Resorts  Revolving Credit Facility
  Borrower), (Parent Guarantor) ( CNAI ), Administrative Agent), Lender Parties), (Calyon), Credit Agreement)
 Second Letter Amendment),
 A.
    
    Certain Defined Terms. Section 1.01 of the Credit Agreement is hereby amended as
follows:
 1.
    
    The definition of Excluded Subsidiaryis amended in its entirety to read as follows:
 Excluded Subsidiary
 2.
    
    The following new definitions are inserted therein in proper alphabetical order:
 Junior Subordinated Securities
 Preferred Securities Trust
 Trust Preferred Securities
 B.
    
    Debt Covenant. Section 5.02(b)(ix) of the Credit Agreement is hereby amended in its
entirety to read as follows:




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C.
    
    Investments Covenant. Section 5.02(f)(ix) of the Credit Agreement is hereby amended
in its entirety to read as follows:
  D.
    
    Negative Pledge Covenant. Section 5.02(m)(iii) of the Credit Agreement is hereby
amended in its entirety to read as follows:
  E.
    
    Excluded Subsidiaries Covenant. Clause (ii)(w) of Section 5.02(o) of the Credit
Agreement is hereby amended in its entirety to read as follows:
  F.
    
    Maximum Leverage Ratio Covenant. Clause (i) of Section 5.04(a) of the Credit
Agreement is hereby amended by inserting at the end thereof (after the table) the following
new proviso:
 provided, however,




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Very truly yours,GWR OPERATING PARTNERSHIP, L.L.L.P.By:
    
    GWR OP General Partner, LLC, its General PartnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial Officer
 Agreed as of the date first above written:CITICORP NORTH AMERICA, INC.,as Administrative Agent and as a LenderBy:
    
    /s/ Blake R. GronichName: Blake R. GronichTitle: Vice PresidentSOCIÈTÈ GÈNÈRALE,as a LenderBy:
    
    /s/ Jerry ParisiName: Jerry ParisiTitle: MANAGING DIRECTORCALYON NEW YORK BRANCH,as a LenderBy:
    
    /s/ David BowersName: David BowersTitle: DirectorBy:
    
    /s/ Jan HazeltonName: Jan HazeltonTitle: DirectorGWR  Second Letter Amendment




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CONSENT
   GREAT WOLF RESORTS, INC.By:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial OfficerGREAT BEAR LODGE OF SANDUSKY, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC,its general partnerBy:
    
    GREAT WOLF RESORTS,INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial OfficerGREAT BEAR LODGE OF WISCONSIN DELLS, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial Officer




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GREAT LAKES SERVICES, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P.,its sole memberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial OfficerGREAT WOLF LODGE OF KANSAS CITY, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., its solememberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial OfficerGREAT WOLF LODGE OF TRAVERSE CITY, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its solememberBy:
    
    GWR OP GENERAL PARTNER, LLC, itsgeneral partnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial Officer




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GLGB MANAGER III, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its sole memberBy:
    
    GWR OP GENERAL PARTNER, LLC, its general partnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial OfficerGWR MICHIGAN, LLCBy:
    
    GWR OPERATING PARTNERSHIP, L.L.L.P., its sole memberBy:
    
    GWR OP GENERAL PARTNER, LLC, its general partnerBy:
    
    GREAT WOLF RESORTS, INC., its sole memberBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial OfficerNIAGARA GLENVIEW TENT & TRAILER PARK COMPANYBy:
    
    /s/ James A. CalderName: James A. CalderTitle: Chief Financial Officer