Waiver Agreement between Greenwich Capital Financial Products, Inc. and Ugly Duckling Corporation (February 11, 2002)

Summary

Greenwich Capital Financial Products, Inc. agrees to waive certain financial ratio requirements for Ugly Duckling Corporation and its subsidiaries, as specified in their Master Loan and Security Agreement dated April 13, 2001. This waiver applies only to the quarter ending December 31, 2001, and is granted upon payment of a $10,000 fee. All other terms of the original agreement remain unchanged.

EX-10.35 4 ex10-35txt.txt 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 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. Iraa J. Platt Senior Vice President Greenwich Capital Markets, inc. 600 Steamboat Road G,eenw4ch, Connecticut 06830 Telephone: (203) 62S-2700