Master Lease for Statewide Financial Leasing Prequ

The Master Equipment Lease Agreement (Contract Number MA190000000360) provides comprehensive financial leasing services for information technology and computing equipment procurement across the State of Michigan. This IDV establishes a pre-qualified contracting mechanism through which state agencies can access equipment financing solutions, including servers, storage systems, and related IT infrastructure components. The agreement includes provisions for equipment acquisition through lease arrangements with an embedded early purchase option, enabling the State to convert lease obligations to ownership for a nominal fee of $1.00 at any point during the contract term. The contract framework encompasses all necessary terms and conditions governing lease transactions, including acceptance procedures, default remedies, insurance obligations, and maintenance responsibilities.

Dell Financial Services L.L.C. serves as the prime contractor for this IDV with the Department of Technology, Management and Budget functioning as the contracting organization. The contract period extends from February 1, 2019, through January 31, 2024, with automatic renewal provisions contingent upon legislative appropriation. The initial lease schedule (Lease Schedule No. 1) encompasses EMC equipment financing valued at $3,154,952.95, financed at a 4.199% monthly compound interest rate with annual payments of $630,990.59 over a five-year term. This master lease agreement covers statewide procurement across Michigan and operates under the State's Financial Leasing Prequalification Program to streamline equipment financing processes for all state agencies.