GREENWICH CAPITAL
November 9, 2001
Mr. Xxxx Xxxxxxxx
Chief Executive Officer
Ugly Duckling Corporation
0000 Xxxx Xxxxxx Xxxxxx Xxxx
Xxxxxxx, XX 00000
Dear Xxxx:
By execution of this letter and upon receipt of a $10,000 waiver fee, Greenwich
Capital Financial Products, Inc. ("Greenwich") hereby grants Ugly Duckling
Corporation and its related subsidiaries a waiver of the Cashflow Interest
Coverage Ratio contained in Section 7.15(c) of the Ugly Duckling Corporation
Master Loan and Security Agreement dated April 13. 2001 (the "Agreement") for
the quarter ended September 30, 2001.
Except as expressly amended hereby, the Agreement shall remain in full force and
effect in accordance with its terms, without any waiver, amendment or
modification of any provision thereof.
Sincerely,
GREENW1CH CAPITAL FINANCIAL PRODUCTS, INC.
/S/ XXX X. XXXXX
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Xxx X. Xxxxx
Senior Vice President
Greenwich Capital Financial Products. Inc. 000 Xxxxxxxxx Xxxx Xxxxxxxxx,
Xxxxxxxxxxx 00000 Telephone {203) 62S-2100
