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Exhibit 10.42
EQUIPMENT SCHEDULE
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(QUASI LEASE-FIXED RATE)
SCHEDULE NO. E003
DATED THIS NOVEMBER 10, 1998
TO MASTER LEASE AGREEMENT
DATED AS OF MARCH 27, 1997
LESSOR & MAILING ADDRESS: LESSEE & MAILING ADDRESS:
GENERAL ELECTRIC CAPITAL CORPORATION SIGMATRON INTERNATIONAL, INC.
0000 XXXXXX XXXXXX XXXXX XXXXX 000 0000 XXXXXXXXX XX.
IRVINE, CA 92718 ELK GROVE VILLAGE, IL 60007
Capitalized terms not defined herein shall have the meanings assigned to them
in the Master Lease Agreement identified above ("AGREEMENT", said Agreement and
this Schedule being collectively referred to as "LEASE").
A. EQUIPMENT
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Pursuant to the terms of Lease, Xxxxxx agrees to acquire and lease to lessee
the Equipment listed to Annex A attached hereto and made a part hereof.
B. FINANCIAL TERMS
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1. Advance Rent (if any): $34,023.81.
2. Capitalized Lessor's Cost: $1,091,483.47.
3. Basic Term Lease Rate Factor: 3.117208.
4. Daily Lease Rate Factor: 0.00103907.
5. Basic Term (No. of Months): 36.
6. Basic Term Commencement Date: NOVEMBER 10, 1998.
7. Equipment Location: STANDARD COMPONENTS DE MEXICO, S.A., ACUNA, MEXICO.
8. Lessee Federal Tax ID No: 000000000
9. Supplier: UNIVERSAL INSTRUMENTS CORPORATION.
10. Last Delivery Date: DECEMBER 31, 1998.
11. First Termination or Purchase Date: BASIC TERM COMMENCEMENT DATE
12. Interest Rate: 8.10% PER ANNUM.
13. Xxxxxx agrees and acknowledges that the Capitalized Lessor's Cost of the
Equipment as stated on the Schedule is equal to the fair market value of
the Equipment on the date hereof.
14. Option Payment: $1.00.
C. TERM AND RENT
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1. Interim Rent. For the period from and including the lease Commencement
Date to the Basic Term Commencement Date ("INTERIM PERIOD"), Lessee shall pay
as rent ("INTERIM RENT") for each unit of Equipment, the product of the Daily
Lease Rate Factor times the Capitalized Lessor's Cost of such unit times the
number of days in the Interim Period. Interim Rent shall be due on N/A.
2. Basic Term Rent. Commencing on November 10, 1998 and on the same day of
each month thereafter (each, a "RENT PAYMENT DATE') during the Basic Term,
Lessee shall pay as rent ("BASIC TERM RENT") the product of the Basic Term
Lease Rate Factor times the Capitalized Lessor's Cost of all Equipment on
this Schedule.
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3. Adjustment to Capitalized Lessor's Cost. Lessee hereby irrevocably
authorizes Lessor to adjust the Capitalized Lessor's cost up or down by no
more than 10% to account for equipment change orders, equipment returns,
invoicing errors, and similar matters. Xxxxxx acknowledges and agrees that
the Rent shall be adjusted as a result of such change in the Capitalized
Lessor's Cost (pursuant to paragraphs 1 and 2 above). Lessor shall send
Lessee a written notice stating the final Capitalized Lessor's Cost, if
different from that disclosed on this Schedule.
D. INSURANCE
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1. Public liability: $1,000,000 total liability per occurrence.
2. Casualty and Property Damage: An amount equal to the higher of the
Stipulated Loss Value or the full replacement cost of the Equipment.
E. INTEREST RATE: Interest shall accrue from the Lease Commencement Date
through and including the date of termination of the Lease.
F. MISCELLANEOUS: Lessor, Lessee and GE Capital Bank, S.A. Institution de Banca
Multiple, Grupo Financiero GE Capital ("Trustee) are parties to the
Administration Trust Agreement, dated November 10, 1998, to secure Lessee's
obligations to Lessor under this Agreement. Xxxxxx agrees not to give any
instructions to the Trustee to relocate or assert control over the equipment
unless Lessee is in default under the terms of the Lease. Xxxxxx further
agrees that it will not raise the absence of formal determination of default
by a court or other tribunal as a defense to any action by the Trustee
following a default by Lessee under the Lease. Xxxxxx and Xxxxxx further
agree that the terms of the Lease shall govern the resolution of any dispute
between Xxxxxx and Xxxxxx relating to the equipment.
Except as expressly modified hereby, all terms and provisions of the
Agreement shall remain in full force and effect. This Schedule is not binding
or effective with respect to the Agreement until executed on behalf of Xxxxxx
and Lessee by Authorized representatives of Xxxxxx and Xxxxxx, respectively.
IN WITNESS WHEREOF, Xxxxxx and Xxxxxx have caused this Schedule to be
executed by their duly authorized representatives as of the date first above
written.
LESSOR: LESSEE:
General Electric Capital Corporation SIGMATRON INTERNATIONAL, INC.
By:/s/GENERAL ELECTRIC CAPITAL CORPORATION By:/s/SIGMATRON INTERNATIONAL, INC
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Name: Name:
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Title: Title:
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Attest
By:
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