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                                                                   Page 19 of 55

                                  EXHIBIT 10-4

                                  May 25, 2004

High Falls Brewing Company, LLC
445 St. Paul Street
Rochester, New York 14605

Gentlemen:

Reference is made to the following documents:

         1.       Subordinated Promissory Note dated December 15, 2000 in the
                  original principal amount of $4,500,000 executed by High Falls
                  Brewing Company, LLC ("HFBC"), as maker, and payable to The
                  Genesee Brewing Company, Inc. Such Note is hereinafter
                  referred to as the "ORIGINAL NOTE".

         2.       Amended and Restated Promissory Note of even date herewith in
                  the principal amount of $4,000,000 with HFBC as Maker and GBC
                  Liquidating Corp. ("GBC"), formerly known as The Genesee
                  Brewing Company, Inc., as Payee (the "NEW NOTE").

         3.       Intercreditor Agreement dated as of December 15, 2000 among
                  HFBC, Manufacturers and Traders Trust Company ("M&T BANK"),
                  Cephas Capital Partners, L.P. and The Genesee Brewing Company,
                  Inc. (the "INTERCREDITOR AGREEMENT"). As used herein, terms
                  defined in the Intercreditor Agreement are used as so defined.

         St. Paul Associates, LLC ("ST. PAUL") is today executing certain
documents pursuant to which St. Paul has agreed to purchase from GBC the New
Note. (St. Paul's purchase of the New Note is hereinafter referred to as the
"NOTE PURCHASE TRANSACTION".) In order to consummate the Note Purchase
Transaction, St. Paul has requested HFBC to amend and restate the Original Note
by executing and delivering the New Note and to otherwise cooperate by
consenting to the transaction, taking certain additional actions, and executing
certain documents. HFBC believes it to be in HFBC's best interest that the Note
Purchase Transaction be completed and that HFBC comply with the requests made by
St Paul.

         In response to St. Paul's request, HFBC affirms to St. Paul that (i)
the Original Note and all documents securing the Original Note (the "SECURITY
DOCUMENTS") are in full force and effect in accordance with their respective
terms, (ii) on execution and delivery of the New Note, the Security Documents
will secure the New Note to the same extent that they secure the Original Note
and (iii) the obligations set forth in the New Note are due and owing in
accordance with the terms of the New Note, without setoff, defense or
counterclaim.

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         As consideration for HFBC's execution and delivery of the New Note, for
the above affirmation and for the other cooperation referred to above, and in
order to induce HFBC to do so, St. Paul agrees with HFBC that, after completion
of the Note Purchase Transaction,

         1.       St. Paul will not give any notice pursuant to Section 11 (a)
of the lntercreditor Agreement to the Senior Creditor and the Subordinated
Creditor that an Event of Default has occurred with respect to the Seller Junior
Indebtedness, (and affirms that no such notice is in effect on the date hereof)
prior to the earlier of

                  (a)      commencement of a Subordinated Creditor Standstill
Period pursuant to Section 11(c) of the lntercreditor Agreement,

                  (b)      notification by Subordinated Creditor to Senior
Creditor and St Paul under Section 11 (b) of the lntercreditor Agreement that an
Event of Default has occurred with respect to the Subordinated Indebtedness,
coupled with the Subordinated Creditor taking collection action (such as
commencing legal proceedings or exercising its rights against collateral) to
enforce the Subordinated Indebtedness,

                  (c)      the termination of the lntercreditor Agreement, or

                  (d)      August 31, 2005.

         2.       If at any time, St. Paul determines to transfer the New Note
for value, St. Paul agrees to negotiate in good faith with HFBC for the transfer
for value of the New Note to HFBC, prior to transferring the New Note to any
third party for value. Such negotiations shall continue until the earlier of the
expiration of 90 days or the agreement by HFBC and St. Paul that such good faith
negotiations are terminated. After the expiration of such 90-day period or such
termination of negotiations, St. Paul shall be free for a period of 180 days to
transfer the New Note for value to such transferee as St. Paul may determine,
provided that the purchase price and other terms of such transfer are no less
favorable to St. Paul than the purchase price and other terms last offered by
HFBC in the course of the foregoing negotiations.

         Please signify HFBC's agreement that the foregoing correctly sets forth
the above affirmations made by HFBC to St. Paul by executing a copy of this
letter in the blank provided at the close hereof and delivering it to St. Paul.

                                        ST. PAUL ASSOCIATES, LLC

                                        By: /s/ Samuel T. Hubbard, Jr.
                                            --------------------------
                                        Name: Samuel T. Hubbard, Jr.
                                        Title: President

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                                                                   Page 21 of 55

         The foregoing is hereby agreed as of the date of the above letter.

                                        High Falls Brewing Company, LLC

                                        By: /s/ John B. Henderson
                                            --------------------------
                                        Name: John B. Henderson
                                        Title: President and COO<PAGE>

                                                                   Page 22 of 55

                                  EXHIBIT 10-5

                                 GENERAL RELEASE

TO ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN,

KNOW THAT

         High Falls Brewing Company, LLC, a limited liability company organized
under the laws of the State of New York, as RELEASOR,

in consideration of the sum of ONE DOLLAR ($1.00) and other good and valuable
consideration received from GBC Liquidating Corp., as RELEASEE,

receipt whereof is hereby acknowledged, releases and discharges the RELEASEE and
RELEASEE'S heirs, executors, administrators, successors and assigns from all
actions, causes of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies,
agreements, promises, variances, trespasses, damages, judgments, extents,
executions, claims, and demands whatsoever, in law, admiralty or equity
(collectively "LIABILITIES") which against the RELEASEE, the RELEASOR or
RELEASOR'S successors and assigns ever had, now have or hereafter can, shall or
may have, for, upon, or by reason of any matter, cause or thing whatsoever from
the beginning of the world to the day of the date of this RELEASE, including,
without limiting the generality of the foregoing,

         1.       All liabilities of Releasee to Releasor under or pursuant to
the Asset Purchase Agreement between Releasee and Releasor dated as of August
29, 2000, as the same has been amended from time to time (the "ASSET PURCHASE
AGREEMENT"); except for releasee's obligations set forth in Sections 10.1, 10.2
and 10.5 of the Asset Purchase Agreement.

         2.       The mutual obligations between Releasor and Releasee set forth
in the Intercreditor Agreement dated as of December 15, 2000 among Releasor,
Releasee, Manufacturers & Traders Trust Company and Cephas Capital Partners,
L.P. provided, however, that the Release with respect to these obligations shall
be conditioned upon the effectiveness of both (i) the General Release of even
date herewith made by Releasee and Manufacturers and Traders Trust Company and
(ii) the General Release of even date herewith between Releasee and Cephas
Capital Partners, L.P.

Provided, however, that the term Liabilities shall not include the agreement
between Releasee and Releasor of even date regarding, among other things, the
"Amended Accrued Interest Amount" referred to therein.

         This RELEASE may not be changed orally. IN WITNESS WHEREOF, RELEASOR
has caused this RELEASE to be executed on the 25th day of May, 2004.

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                                                                   Page 23 of 55

RELEASOR:                                High Falls Brewing Company, LLC

                                         By: /s/ John B. Henderson
                                         Name: John B. Henderson
                                         Title: President & COO

RELEASEE:                                GBC Liquidating Corp.

                                         By: /s/ Steven M. Morse
                                         Name: Steven M. Morse
                                         Title: Vice President & CFO

STATE OF _________     )
COUNTY OF __________   ) ss:

         On the _____ day of __________________ in the year 2004, before me, the
undersigned, a Notary Public in and for said State, personally appeared
_____________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

                                                ________________________________
                                                   Notary Public

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                                                                   Page 24 of 55

STATE OF _________     )
COUNTY OF __________   ) ss:

         On the _____ day of __________________ in the year 2004, before me, the
undersigned, a Notary Public in and for said State, personally appeared
_____________________________, personally known to me or proved to me on the
basis of satisfactory evidence to be the individual(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of
which the individual(s) acted, executed the instrument.

                                                ________________________________
                                                 Notary Public

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