Rider No. 2 to Master Lease Agreement between Faraday&Future Inc. and Utica LeaseCo, LLC (July 11, 2024)
This document is a rider to the Master Lease Agreement dated July 11, 2024, between Faraday&Future Inc. (the lessee) and Utica LeaseCo, LLC (the lessor). It adds extra conditions that must be met before Utica LeaseCo will purchase and lease equipment to Faraday&Future. Specifically, Faraday Future Intelligent Electric Inc. must provide a guaranty, and Faraday&Future must deliver any original subleases and assign related rights to Utica LeaseCo. These steps are required before any equipment can be leased under the agreement.
Exhibit 10.3
RIDER NO. 2 TO MASTER LEASE AGREEMENT
To and part of the Master Lease Agreement dated as of July 11, 2024 (the “Lease”), between UTICA LEASECO, LLC, its successors and assigns (“Lessor”) and FARADAY&FUTURE INC., a California corporation, its successors and permitted assigns (hereafter referred to both individually, and collectively (if more than one), as “Lessee”).
ADDITIONAL CONDITIONS PRECEDENT. In addition to the conditions precedent specified in Section 5 of the Lease, Lessor’s agreement to purchase and lease any Equipment under a Schedule is conditioned upon Lessor having received the following, in form and substance reasonably satisfactory to Lessor: The Master Lease Guaranty (the “Guaranty”), in form and substance satisfactory to Lessor, duly executed by (if more than one, collectively, the “Guarantor”):
FARADAY FUTURE INTELLIGENT ELECTRIC INC.
If applicable, Lessee shall also deliver all original subleases for all or any part of the Equipment or Collateral, together with an assignment of all rights (but no obligations) by Lessee to Lessor thereunder.
Lessee:
FARADAY&FUTURE INC.,
a California corporation
| By: | /s/ Chao Wang | |
| Name: | Chao Wang | |
| Title: | Vice President, Corporate Operations |
Lessor:
UTICA LEASECO, LLC,
a Florida limited liability company
| By: | /s/ Ryann Whitmore | |
| Name: | Ryann Whitmore | |
| Title: | Vice President |
