GREENWICH CAPITAL
February 11, 2002
Mr. Xxxx Xxxxxxxx
Chief Executive Officer
Ugly Duckling Corporation
0000 Xxxx Xxxxxx Xxxxxx Xxxx
Phoenix. AZ 85018
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, the Debt to EBITDA Ratio and the Gross Margin Ratio, each as
contained in Section 7.15 of the Ugly Duckling Corporation Master Loan and
Security Agreement dated April 13. 2001 (the "Agreement"), for the quarter ended
December 3], 200].
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.
GREENWICH CAPITAL FINANCIAL PRODUCTS. INC.
Xxxx X. Xxxxx
Senior Vice President
Greenwich Capital Markets, inc. 000 Xxxxxxxxx Xxxx X,xxxx0xx, Xxxxxxxxxxx 00000
Telephone: (000) 00X-0000
