Rider No. 1 to Equipment Schedule FARA2-0001 under Master Lease Agreement between UTICA LEASECO, LLC and FARADAY&FUTURE INC.
This agreement is a rider to an equipment lease between UTICA LEASECO, LLC (Lessor) and FARADAY&FUTURE INC. (Lessee). It states that at the end of the lease term, Faraday&Future must pay $490,000 to Utica Leaseco to buy out the leased equipment. Once this payment is made, Utica Leaseco will release its interest in the equipment. The agreement is effective as of July 11, 2024.
Exhibit 10.6
RIDER NO. 1 TO EQUIPMENT SCHEDULE FARA2-0001
To and part of Equipment Schedule FARA2-0001 dated as of July 11, 2024 (the “Schedule”) executed pursuant to that certain Master Lease Agreement dated as of dated as of July 11, 2024 (the “Lease”), each between UTICA LEASECO, LLC, its successors and assigns (“Lessor”), FARADAY&FUTURE INC., a California corporation, its successors and permitted assigns (hereafter referred to both individually, and collectively (if more than one), as “Lessee”).
END OF TERM BUYOUT PRICE. Upon the expiration of the term of the Schedule, Lessee promptly shall pay to Lessor without notice or demand therefor and together with all other amounts then due and payable under the Lease, in cash, an End of Term Buyout Price equal to $490,000.00 (the “End of Term Buyout Price”). Upon receipt by Lessor of the End of Term Buyout Price, Lessor shall release its interest in the Equipment covered by the Schedule.
As used herein, “Equipment” shall mean the Equipment described in the Schedule.
| 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 | |
