EMPLOYMENT TERMINATION AGREEMENT This Employment Termination Agreement (this "Agreement") is made by, between and among, Ugly Duckling Corporation, a Delaware corporation, its subsidiaries, affiliates, successors and assigns (collectively, the "Duck")...Employment Termination Agreement • April 1st, 2002 • Ugly Duckling Corp • Personal credit institutions • Arizona
RecitalsSeverance Agreement • April 1st, 2002 • Ugly Duckling Corp • Personal credit institutions • Arizona
March 28, 2002 Curt Phillips Chief Financial Officer Automotive Finance Corporation 310 East 96th Street Suite 300 Indianapolis, IN 46240 RE: Ugly Duckling Corporation Master Loan and Security Agreement dated as of August 24, 2001 Dear Sir: With this...Master Loan and Security Agreement • April 1st, 2002 • Ugly Duckling Corp • Personal credit institutions
As previously discussed with you, we hit termination charge-off triggers on three of our securitized trusts in December and one termination delinquency trigger on a trust in January 2002. These trigger breaches constitute an event of default under the Insurance Agreements in each of these trusts. Each of the trusts were only in breach of the termination trigger test for the month indicated and have since been under these levels. MBIA, our insurer, has indicated they will retain but not exercise their rights under the termination events to, among other things, transition servicing and retain all future cash flows from the trusts to pay off the A bondholder, assuming continued improvement in the performance of the trusts.
February 11, 2002 Steven Darak Re: Severance Agreement Dear Steve: Ugly Duckling Corporation, a Delaware corporation and its subsidiaries and affiliates (collectively, the "Duck") and yourself have entered into a Severance Agreement of even date with...Severance Agreement • April 1st, 2002 • Ugly Duckling Corp • Personal credit institutions
Ugly Duckling Corporation, a Delaware corporation and its subsidiaries and affiliates (collectively, the "Duck") and yourself have entered into a Severance Agreement of even date with the date of this letter, which agreement is effective January 31, 2002 (the "Effective Date").
GREENWICH CAPITAL February 11, 2002 Mr. Greg Sullivan Chief Executive Officer Ugly Duckling Corporation 4020 East Indian School Road Phoenix. AZ 85018 Dear Greg: By execution of this letter and upon receipt of a $10,000 waiver fee, Greenwich Capital...Waiver Agreement • April 1st, 2002 • Ugly Duckling Corp • Personal credit institutions
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].
March 20, 2002 KZH Soleil - 2 LLC c/o The Chase Manhattan Bank 140 East 45th Street - 11th Floor New York, NY 10017 Galaxy CLO 1999-1, Ltd. c/o Chase Bank of Texas, National Association 600 Travis Street - 48th Floor, 48-CTH-304 Houston, TX 77002 Sun...Senior Secured Loan Agreement • April 1st, 2002 • Ugly Duckling Corp • Personal credit institutions
