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

Summary

Greenwich Capital Financial Products, Inc. agrees to waive a specific covenant in Section 8(n) of the Master Loan and Security Agreement with Ugly Duckling Corporation and its subsidiaries for September and October 2002. All other terms of the original agreement remain unchanged. This waiver is limited to the specified months and does not alter any other provisions of the original contract.

EX-10.3 5 ex103txt.txt COVENANT WAIVER - GCM November 6, 2002 Mr. Bob Fulton Vice President - Treasurer DriveTime Automotive Group, Inc. 4020 East Indian School Road Phoenix, AZ 85018 Dear Bob: By execution of this letter, Greenwich Capital Financial Products, Inc. ("Greenwich") hereby grants Ugly Duckling Corporation and its related subsidiaries a waiver of the covenant as contained in Section 8(n) of the Ugly Duckling Corporation Master Loan and Security Agreement dated April 13, 2001 (the "Agreement"), for the months ended September 2002 and October 2002. 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. Ira J. Platt Managing Director