Sauté apples (sliced) in 2 Tbs. butter and 1 Tbs. sugar. Set aside.
Mix together the eggs, milk, and vanilla in a bowl. Set aside.
In a saucepan mix the butter, brown sugar and water. Heat until mixture bubbles; stir (mixture looks foamy). Pour into a 9 x 13 pan. Place sautéed apple slices on top of brown sugar mixture. Sprinkle pecans over apples. Cover fruit with slices of bread. Pour milk mixture over. Cover and refrigerate overnight.
Next day, uncover, and bake at 350 degrees for 40 minutes. Remove from oven, loosen sides and flip onto a serving platter.