We consider a modified Noguchi network and study the impact of the nonlinear quadratic dispersion on the dynamics of modulated waves. In the semi-discrete limit, we show that the dynamics of these waves are governed by a nonlinear cubic Schrödinger equation. From the graphical analysis of the coefficients of this equation, it appears that the nonlinear quadratic dispersion counterbalances the effects of the linear dispersion in the frequency domain. Moreover, we establish that this nonlinear quadratic dispersion provokes the disappearance of some regions of modulational instability in the dispersion curve compared to the results earlier obtained by Pelap et al. (Phys. Rev. E 91 022925 (2015)). We also find that the nonlinear quadratic dispersion limit considerably affects the nature, stability, and characteristics of the waves which propagate through the system. Furthermore, the results of the numerical simulations performed on the exact equations describing the network are found to be in good agreement with the analytical predictions.