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                                                                    EXHIBIT 10.9





                                    GUARANTY




                                      FROM




                             SOLECTRON CORPORATION,

                                  ("GUARANTOR")




                                   IN FAVOR OF




                            BNP LEASING CORPORATION,

                                    ("BNPLC")





                        EFFECTIVE AS OF OCTOBER 20, 1998





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<PAGE>   2

                                    GUARANTY

        THIS GUARANTY is made as of October 20, 1998, by SOLECTRON CORPORATION,
a Delaware corporation ("GUARANTOR"), in favor of BNP LEASING CORPORATION, a
Delaware corporation ("BNPLC").

                                    RECITALS

        1 Guarantor owns directly one hundred percent (100%) of the outstanding
shares of capital stock of Solectron Georgia Corporation, a Georgia corporation
("SGC").

        2 Contemporaneously herewith SGC and BNPLC are executing a Lease
Agreement dated the date hereof (as from time to time supplemented, amended or
restated, the "LEASE"), pursuant to which BNPLC has agreed to lease to SGC
certain land and improvements thereon which are described in the Lease.

        3 Contemporaneously herewith SGC and BNPLC are executing a Construction
Management Agreement dated the date hereof (as from time to time supplemented,
amended or restated, the "CONSTRUCTION MANAGEMENT AGREEMENT"), pursuant to which
BNPLC has authorized SGC to construct certain improvements on the land covered
by the Lease and agreed to provide a construction allowance for such
construction on and subject to the terms and conditions described therein.

        4 Contemporaneously herewith SGC and BNPLC are executing a Purchase
Agreement dated the date hereof (as from time to time supplemented, amended or
restated, the "PURCHASE AGREEMENT"), pursuant to which SGC has agreed to
purchase or arrange for the purchase of the Property as more particularly
provided therein.

        5 Contemporaneously herewith SGC is executing a Closing Certificate and
Agreement dated the date hereof (as from time to time supplemented, amended or
restated, the "CLOSING CERTIFICATE"), pursuant to which SGC has made certain
representations to BNPLC concerning the Property and has agreed to indemnify
BNPLC for certain matters relating to the Property.

        6 As a condition precedent to BNPLC's execution of the Lease, the
Construction Management Agreement and Purchase Agreement, BNPLC requires that
Guarantor execute and deliver to BNPLC this Guaranty of SGC's obligations under
the Lease, the Construction Management Agreement, the Purchase Agreement and the
Closing Certificate.

        7 The board of directors of Guarantor has determined that Guarantor's
execution, delivery and performance of this Guaranty may reasonably be expected
to benefit Guarantor, directly or indirectly, and are in the best interests of
Guarantor.

        NOW, THEREFORE, in consideration of the premises, of the benefits which
will inure to Guarantor from the transactions contemplated by the Lease, the
Construction Management Agreement, the Purchase Agreement and the Closing
Certificate and of Ten Dollars and other good and valuable consideration, the
receipt and sufficiency of all of which are hereby acknowledged, and in order to
induce BNPLC to enter into the Lease and Purchase Agreement, Guarantor hereby
agrees with BNPLC as follows:


                            AGREEMENTS

<PAGE>   3

       
        Section 1 Definitions. Reference is hereby made to the Lease, the
Construction Management Agreement, Purchase Agreement and the Closing
Certificate for all purposes. All capitalized terms used in this Guaranty which
are defined in the Lease and the List of Defined Terms attached to the Lease and
not otherwise defined herein shall have the same meanings when used herein. All
references herein to any Obligation Document or other document or instrument
refer to the same as from time to time amended, supplemented or restated. As
used herein the following terms shall have the following meanings:

        "Designated Covenants" means, collectively, all of the covenants and
agreements of SGC contained in the Lease, the Construction Management Agreement,
the Purchase Agreement and the Closing Certificate.

        "Designated Representations" means, collectively, all of the
representations and warranties of SGC contained in the Lease, the Construction
Management Agreement, the Purchase Agreement and the Closing Certificate.

        "Obligations" means collectively all of the indebtedness, obligations,
and undertakings which are guaranteed by Guarantor, as described in subsections
(a) and (b) of Section 2.

        "Obligation Documents" means the Lease, the Management Agreement, the
Purchase Agreement, the Closing Certificate and all other documents and
instruments (other than this Guaranty) under, by reason of which, or pursuant to
which any or all of the Obligations are evidenced, governed, secured, or
otherwise dealt with, and all other documents, instruments and agreements
hereafter delivered in connection herewith or therewith.

        "Obligors" means SGC and any other guarantors or obligors, primary or
secondary, of any or all of the Obligations, excluding Guarantor.

        "Security" means any rights, properties, or interests of BNPLC, under
the Obligation Documents or otherwise, which provide recourse or other benefits
to BNPLC in connection with the Obligations or the non-payment or
non-performance thereof.

        Section 2 Guaranty. Subject only to Section 3 below:

        (a)     Guarantor hereby irrevocably, absolutely, and unconditionally
guarantees to BNPLC the prompt, complete, and full payment when due, and no
matter how the same shall become due, of all sums payable under the Lease, the
Construction Management Agreement, the Purchase Agreement and the Closing
Certificate. Without limiting the generality of the foregoing, Guarantor's
liability hereunder shall extend to and include all post-petition interest,
expenses, and other duties and liabilities of SGC described above in this
subsection (a), or below in the following subsections (b) and (c), which would
be owed by SGC but for the fact that they are unenforceable or not allowable due
to the existence of a bankruptcy, reorganization, or similar proceeding
involving SGC.

        (b)     The Guarantor hereby irrevocably, absolutely, and
unconditionally guarantees to BNPLC (i) that each Designated Representation is
true and correct and (ii) that each Designated Covenant will be performed
promptly and completely when due, no matter how the same shall become due.

        (c)     Without limiting the foregoing, BNPLC shall be entitled to
recover from Guarantor any expenses, losses and damages which BNPLC may incur or
suffer (including but not limited to any loss, reduction or delay in amounts
paid to BNPLC) as a result of the failure of any Designated Representation to be
true and correct or as a result of the failure of Guarantor to cause any
Designated Covenant to be performed (without regard to any event or circumstance
which may be asserted by Guarantor as having



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excused, prevented or limited such performance by Guarantor). All rights, powers
and remedies of BNPLC for such failure to cause any such covenant or undertaking
to be performed are cumulative.

        (d)     If either SGC or the Guarantor fails to pay or perform any
Obligation as described in the immediately preceding subsections (a), (b) or
(c), the Guarantor will incur the additional obligation to pay to BNPLC, and the
Guarantor will forthwith upon demand by BNPLC, the amount of any and all
reasonable expenses, including fees and disbursements of BNPLC's counsel, and of
any experts or agents retained by BNPLC, which BNPLC may incur as a result of
such failure.

        (e)     As between Guarantor and BNPLC, this Guaranty shall be
considered a primary liability of Guarantor.

        Section 3 Express Grace and Cure Periods. This Guaranty is not intended
to nullify any grace or cure period expressly provided for the benefit of SGC in
the Lease, the Construction Management Agreement, the Purchase Agreement or the
Closing Certificate. Accordingly, any payment required of SGC by the Lease, the
Construction Management Agreement, the Purchase Agreement or the Closing
Certificate, for which a grace or cure period is expressly provided therein,
will not be considered due for purposes of this Guaranty until such grace or
cure period expires. Similarly, any performance obligation imposed upon SGC by
the Lease, the Construction Management Agreement, the Purchase Agreement or the
Closing Certificate, for which a grace or cure period is expressly provided
therein, will not be considered to have been breached unless SGC's failure to
perform such obligation continues upon the expiration of such grace or cure
period.

        Section 4 Unconditional Guaranty.

        (a)     No action which BNPLC may take or omit to take in connection
with any of the Obligation Documents, any of the Obligations (or any other
indebtedness owing by SGC to BNPLC), or any Security, and no course of dealing
of BNPLC with any Obligor or any other Person, shall release or diminish
Guarantor's obligations, liabilities, agreements or duties hereunder, affect
this Guaranty in any way, or afford Guarantor any recourse against BNPLC,
regardless of whether any such action or inaction may increase any risks to or
liabilities of BNPLC or any Obligor or increase any risk to or diminish any
safeguard of any Security. Without limiting the foregoing, Guarantor hereby
expressly agrees that BNPLC may, from time to time, without notice to or the
consent of Guarantor, do any or all of the following:

               (i)     Amend, change or modify, in whole or in part, any one or
        more of the Obligation Documents and give or refuse to give any waivers
        or other indulgences with respect thereto.

                (ii)    Neglect, delay, fail, or refuse to take or prosecute any
        action for the collection or enforcement of any of the Obligations, to
        foreclose or take or prosecute any action in connection with any
        Security or Obligation Document, to bring suit against any Obligor or
        any other Person, or to take any other action concerning the Obligations
        or the Obligation Documents.

                (iii)   Change, rearrange, extend, or renew the time, rate,
        terms, or manner for payment or performance of any one or more of the
        Obligations (whether for principal, interest, fees, expenses,
        indemnifications, affirmative or negative covenants, or otherwise).

                (iv)    Compromise or settle any unpaid or unperformed
        Obligation or any other obligation or amount due or owing, or claimed to
        be due or owing, under any Obligation Document.



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                (v)     Take, exchange, amend, eliminate, surrender, release, or
        subordinate any or all Security for any or all of the Obligations,
        accept additional or substituted Security therefor, and perfect or fail
        to perfect BNPLC's rights in any or all Security.

                (vi)    Discharge, release, substitute or add Obligors.

                (vii)   Apply all monies received from Obligors or others, or
        from any Security for any of the Obligations, as BNPLC may determine to
        be in its best interest, without in any way being required to marshall
        Security or assets or to apply all or any part of such monies upon any
        particular Obligations.

        (b)     No action or inaction of any Obligor or any other Person, and no
change of law or circumstances, shall release or diminish Guarantor's
obligations, liabilities, agreements, or duties hereunder, affect this Guaranty
in any way, or afford Guarantor any recourse against BNPLC. Without limiting the
foregoing, the obligations, liabilities, agreements, and duties of Guarantor
under this Guaranty shall not be released, diminished, impaired, reduced, or
affected by the occurrence of any or all of the following from time to time,
even if occurring without notice to or without the consent of Guarantor:

                (i)     Any voluntary or involuntary liquidation, dissolution,
        sale of all or substantially all assets, marshalling of assets or
        liabilities, receivership, conservatorship, assignment for the benefit
        of creditors, insolvency, bankruptcy, reorganization, arrangement, or
        composition of any Obligor or any other proceedings involving any
        Obligor or any of the assets of any Obligor under laws for the
        protection of debtors, or any discharge, impairment, modification,
        release, or limitation of the liability of, or stay of actions or lien
        enforcement proceedings against, any Obligor, any properties of any
        Obligor, or the estate in bankruptcy of any Obligor in the course of or
        resulting from any such proceedings.

                (ii)    The failure by BNPLC to file or enforce a claim in any
        proceeding described in the immediately preceding subsection (i) or to
        take any other action in any proceeding to which any Obligor is a party.

                (iii)   The release by operation of law of any Obligor from any
        of the Obligations or any other obligations to BNPLC.

                (iv)    The invalidity, deficiency, illegality, or
        unenforceability of any of the Obligations or the Obligation Documents,
        in whole or in part, any bar by any statute of limitations or other law
        of recovery on any of the Obligations, or any defense or excuse for
        failure to perform on account of force majeure, act of God, casualty,
        impossibility, impracticability, or other defense or excuse whatsoever.

                (v)     The failure of any Obligor or any other Person to sign
        any guaranty or other instrument or agreement within the contemplation
        of any Obligor or BNPLC.

                (vi)    The fact that Guarantor may have incurred directly part
        of the Obligations or is otherwise primarily liable therefor.

                (vii)   Without limiting any of the foregoing, any fact or event
        (whether or not similar to any of the foregoing) which in the absence of
        this provision would or might constitute or afford a legal or equitable
        discharge or release of or defense to a guarantor or surety other than
        the actual payment and performance by Guarantor under this Guaranty.



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        (c)     BNPLC may invoke the benefits of this Guaranty before pursuing
any remedies against any Obligor or any other Person and before proceeding
against any Security now or hereafter existing for the payment or performance of
any of the Obligations. BNPLC may maintain an action against Guarantor on this
Guaranty without joining any Obligor therein and without bringing a separate
action against any Obligor.

        (d)     If any payment to BNPLC by any Obligor is held to constitute a
preference or a voidable transfer under applicable state or federal laws, or if
for any other reason BNPLC is required to refund such payment to the payor
thereof or to pay the amount thereof to any other Person, such payment to BNPLC
shall not constitute a release of Guarantor from any liability hereunder, and
Guarantor agrees to pay such amount to BNPLC on demand and agrees and
acknowledges that this Guaranty shall continue to be effective or shall be
reinstated, as the case may be, to the extent of any such payment or payments.

        (e)     This is a continuing guaranty and shall apply to and cover all
Obligations and renewals and extensions thereof and substitutions therefor from
time to time.

        Section 5 Waiver. Guarantor waives all notices of the creation, renewal,
extension or accrual of any of the Obligations and notice or proof of reliance
by BNPLC on this Guaranty or acceptance of this Guaranty. The Obligations shall
conclusively be considered to have been created, contracted or incurred in
reliance on this Guaranty, and all dealings between BNPLC and SGC shall likewise
be conclusively presumed to have been had or consummated in reliance on this
Guaranty. Guarantor also waives (to the extent permitted by applicable law) all
requirements of notice, presentment, protest or demand on it, SGC or any other
Person, all other notices and demands whatsoever relating to the Obligations and
any requirement that BNPLC file a claim with a court in any bankruptcy or
similar proceedings of SGC or first proceed against SGC or any other Person or
first realize on any collateral security held by it or otherwise exhaust any
right, power or remedy under any document or against BNPLC or any other Person
before proceeding against Guarantor under this Guaranty. BNPLC shall have no
responsibility to notify Guarantor of SGC's financial condition or SGC's
incurrence or performance of the Obligations. WITHOUT LIMITING THE GENERALITY OF
ANY OTHER WAIVER OR OTHER PROVISION SET FORTH IN THIS GUARANTY, GUARANTOR HEREBY
WAIVES, TO THE MAXIMUM EXTENT SUCH WAIVER IS PERMITTED BY LAW, ANY AND ALL
DEFENSES ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR MORE OF (A) CALIFORNIA
CIVIL CODE SECTIONS 2808, 2809, 2810, 2815, 2819, 2820, 2821, 2838, 2839, 2845,
2848, 2849, AND 2850, (B) TO THE EXTENT APPLICABLE, CALIFORNIA CODE OF CIVIL
PROCEDURE SECTIONS 580a, 580b, 580c, 580d AND 726, AND (C) TO THE EXTENT
APPLICABLE, CHAPTER 2 OF TITLE 14 OF THE CALIFORNIA CIVIL CODE. Guarantor
warrants and agrees that each of the waivers set for in this Guaranty is made
with full knowledge of its significance and consequences and that, under the
circumstances, the waivers are reasonable and not contrary to public policy or
law. If any of such waivers are determined to be contrary to any applicable law
or public policy, such waivers shall be effective only to the maximum extent
permitted by law.

        Section 6 Exercise of Remedies. BNPLC shall have the right to enforce,
from time to time, in any order and at BNPLC's sole discretion, any rights,
powers and remedies which BNPLC may have under the Obligation Documents, this
Guaranty or otherwise. No failure on the part of BNPLC to exercise, and no delay
in exercising, any right hereunder or under any Obligation Document shall
operate as a waiver thereof; nor shall any single or partial exercise of any
right preclude any other or further exercise thereof or the exercise of any
other right. The rights, powers and remedies of BNPLC provided herein and in the
Obligation Documents are cumulative and are in addition to, and not exclusive
of, any other rights, powers or remedies provided by law or in equity. The
rights of BNPLC hereunder are not conditional or contingent on any attempt by
BNPLC to exercise any of its rights under any Obligation Document against any
Obligor or any other Person.



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        Section 7 Limited Subrogation. Until all of the Obligations have been
paid and performed in full Guarantor shall have no right, by reason of or in
connection with this Guaranty, to exercise any right of subrogation,
reimbursement, indemnity, exoneration, contribution or any other claim which it
may now or hereafter have against or to any Obligor or any Security, and
Guarantor hereby waives any rights to enforce any such remedy which Guarantor
may have against SGC and any right to participate in any Security until such
time. If any amount shall be paid to Guarantor on account of any such
subrogation or other rights, any such other remedy, or any Security at any time
when all of the Obligations and all other expenses guaranteed pursuant hereto
shall not have been paid in full, such amount shall be held in trust for the
benefit of BNPLC, shall be segregated from the other funds of Guarantor and
shall forthwith be paid over to BNPLC to be held by BNPLC as collateral for, or
then or at any time thereafter applied in whole or in part by BNPLC against, all
or any portion of the Obligations, whether matured or unmatured, in such order
as BNPLC shall elect.

        Section 8 Successors and Assigns. Guarantor's rights or obligations
hereunder may not be assigned or delegated, but this Guaranty and such
obligations shall pass to and be fully binding upon the successors of Guarantor,
as well as Guarantor. This Guaranty shall apply to and inure to the benefit of
BNPLC and its successors or assigns. Without limiting the generality of the
immediately preceding sentence, BNPLC may assign, grant a participation in, or
otherwise transfer any Obligation held by it or any portion thereof, and BNPLC
may assign or otherwise transfer its rights or any portion thereof under any
Obligation Document, to any other Person, and such other Person shall thereupon
become vested with all of the benefits in respect thereof granted to BNPLC
hereunder unless otherwise expressly provided by BNPLC in connection with such
assignment or transfer.

        Section 9 Representations, Warranties and Covenants of Guarantor.
Guarantor hereby represents, warrants and covenants to BNPLC as follows:

        (a)     The Recitals at the beginning of this Guaranty are true and
correct in all material respects.

        (b)     The direct or indirect value of the consideration received and
to be received by Guarantor in connection herewith is reasonably worth at least
as much as the liability and obligations of Guarantor hereunder, and the
incurrence of such liability and obligations in return for such consideration
may reasonably be expected to benefit Guarantor, directly or indirectly.

        (c)     The execution, delivery and performance by Guarantor of this
Guaranty do not and will not constitute a breach or default under any other
material agreement or contract to which Guarantor is a party or by which
Guarantor is bound or which affects the Property, and do not violate or
contravene any law, order, decree, rule or regulation to which Guarantor is
subject, and such execution, delivery and performance by Guarantor will not
result in the creation or imposition of (or the obligation to create or impose)
any lien, charge or encumbrance on, or security interest in, Guarantor's
property pursuant to the provisions of any of the foregoing.

        (d)     There are no judicial or administrative actions, suits,
proceedings or investigations pending or, to Guarantor's knowledge, threatened
that will adversely affect the Property or the validity, enforceability or
priority of this Guaranty, and Guarantor is not in default with respect to any
order, writ, injunction, decree or demand of any court or other governmental or
regulatory authority that could materially and adversely affect the use,
occupancy or operation of the Property. No condemnation or other like
proceedings are pending or, to Guarantor's knowledge, threatened against the
Property.

        (e)     The execution, delivery and performance by Guarantor of this
Guaranty are duly authorized and does not require the consent or approval of any
governmental body or other regulatory



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authority that has not heretofore been obtained and are not in contravention of
or conflict with any applicable laws or any term or provision of Guarantor's
articles of incorporation or bylaws. This Guaranty is a valid, binding and
legally enforceable obligation of Guarantor, in accordance with its terms,
except as such enforcement is affected by bankruptcy, insolvency and similar
laws affecting the rights of creditors, generally, and equitable principles of
general application.

        (f)     Guarantor is not "insolvent" on the date hereof (that is, the
sum of Guarantor's absolute and contingent liabilities, including the
Obligations, does not exceed the fair market value of Guarantor's assets) and
has no outstanding liens, suits, garnishments or court actions which could
render Guarantor insolvent or bankrupt. Guarantor's capital is adequate for the
businesses in which Guarantor is engaged and intends to be engaged. Guarantor
has not incurred (whether hereby or otherwise), nor does Guarantor intend to
incur or believe that it will incur, debts which will be beyond its ability to
pay as such debts mature. There has not been filed by or, to Guarantor's
knowledge, against Guarantor a petition in bankruptcy or a petition or answer
seeking an assignment for the benefit of creditors, the appointment of a
receiver, trustee, custodian or liquidator with respect to Guarantor or any
significant portion of Guarantor's property, reorganization, arrangement,
rearrangement, composition, extension, liquidation or dissolution or similar
relief under the federal Bankruptcy Code or any state law. The financial
statements and all financial data heretofore delivered to BNPLC relating to
Guarantor are true, correct and complete in all material respects. No material
adverse change has occurred in the financial position of Guarantor and its
Subsidiaries as reflected in Guarantor's financial statements covering the
fiscal period ended December 31, 1997.

        (g)     Guarantor is duly incorporated and legally existing under the
laws of the State of Delaware. Guarantor has all requisite power and has
procured or will procure on a timely basis all governmental certificates of
authority, licenses, permits, qualifications and other documentation required to
fulfill its obligations under this Guaranty. Guarantor has the corporate power
and adequate authority, rights and franchises to own Guarantor's property and to
carry on Guarantor's business as now conducted and is duly qualified and in good
standing in each state in which the character of Guarantor's business makes such
qualification necessary (including the State of California) or, if it is not so
qualified in a state other than California, such failure does not have a
material adverse effect on the properties, assets, operations or businesses of
Guarantor and its Subsidiaries, taken as a whole.

        (h)     Guarantor is not and will not become an "employee benefit plan"
(as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA. The
assets of Guarantor do not and will not in the future constitute "plan assets"
of one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101.
Guarantor is not and will not become a "governmental plan" within the meaning of
Section 3(32) of ERISA. Transactions by or with Guarantor are not subject to
state statutes regulating investments of and fiduciary obligations with respect
to governmental plans. No ERISA Termination Event has occurred with respect to
any Plan of Guarantor and Guarantor and all its Subsidiaries are in compliance
with ERISA. Neither Guarantor nor any of its Subsidiaries is required to
contribute to, or has any other absolute or contingent liability in respect of,
any "multi employer plan" as defined in Section 4001 of ERISA. As of the
Effective Date no "accumulated funding deficiency" (as defined in Section 412(a)
of the Code) exists with respect to any Plan of Guarantor, whether or not waived
by the Secretary of the Treasury or his delegate, and the current value of the
benefits of each Plan of Guarantor, if any, equals or is less than the current
value of such Plan's assets available for the payment of such benefits.

        (i)     None of the representations or warranties of Guarantor or SGC
contained in this Guaranty or the Obligation Documents or any other document,
certificate or written statement furnished to BNPLC by or on behalf of Guarantor
or SGC contains any untrue statement of a material fact or omits a material fact
necessary in order to make the statements contained herein or therein (when
taken in their entireties) not misleading.



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        (j)     Guarantor shall, upon request of BNPLC, (i) promptly correct any
error or omission which may be discovered in the contents of this Guaranty or in
any other instrument executed in connection herewith or in the execution or
acknowledgment thereof; (ii) execute, acknowledge, deliver and record or file
such further instruments and do such further acts as may be necessary, desirable
or proper to carry out more effectively the purposes of this Guaranty and to
subject to this Guaranty any property intended by the terms hereof to be covered
hereby, including any renewals, additions, substitutions, replacements or
appurtenances to the Property; (iii) execute, acknowledge, deliver, procure and
record or file any document or instrument deemed advisable by BNPLC to protect
its rights in and to the Property against the rights or interests of third
persons; and (iv) provide such certificates, documents, reports, information,
affidavits and other instruments and do such further acts as may be necessary,
desirable or proper in the reasonable determination of BNPLC to enable BNPLC,
BNPLC's Parent and any other Participants to comply with the requirements or
requests of any agency or authority having jurisdiction over them.

        Section 10 Covenants Incorporated by Reference to Schedule A. So long as
Guarantor shall continue to have any obligations under this Guaranty, Guarantor
shall comply with each and every requirement set forth in Schedule A attached
hereto and made a part hereof; provided, however, to the extent that any of the
Obligations or requirements set forth in other provisions of this Guaranty are
more stringent than the requirements set forth in Schedule A, the more stringent
Obligations or requirements set forth herein shall control.

        Section 11 Ownership of SGC. So long as Guarantor shall continue to have
any obligations under this Guaranty, Guarantor shall continue to own directly
one hundred percent (100%) of the outstanding shares of capital stock of SGC.

        Section 12 No Oral Change. No amendment of any provision of this
Guaranty shall be effective unless it is in writing and signed by Guarantor and
BNPLC, and no waiver of any provision of this Guaranty, and no consent to any
departure by Guarantor therefrom, shall be effective unless it is in writing and
signed by BNPLC, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

        Section 13 Invalidity of Particular Provisions. If any term or provision
of this Guaranty shall be determined to be illegal or unenforceable all other
terms and provisions hereof shall nevertheless remain effective and shall be
enforced to the fullest extent permitted by applicable law.

        Section 14 Headings and References. The headings used herein are for
purposes of convenience only and shall not be used in construing the provisions
hereof. The words "this Guaranty," "this instrument," "herein," "hereof,"
"hereby" and words of similar import refer to this Guaranty as a whole and not
to any particular subdivision unless expressly so limited. The phrases "this
section" and "this subsection" and similar phrases refer only to the
subdivisions hereof in which such phrases occur. The word "or" is not exclusive,
and the word "including" (in its various forms) means "including without
limitation". Pronouns in masculine, feminine and neuter genders shall be
construed to include any other gender, and words in the singular form shall be
construed to include the plural and vice versa, unless the context otherwise
requires.

        Section 15 Term. This Guaranty shall be irrevocable until all of the
Obligations have been completely and finally paid and performed, Guarantor shall
have paid all amounts that may be required hereunder, the Obligation Documents
have been terminated, and all obligations and undertakings of SGC under, by
reason of, or pursuant to the Obligation Documents have been completely
performed, and this Guaranty is thereafter subject to reinstatement as provided
in Section 3(d). All extensions of credit and 



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<PAGE>   10

financial accommodations heretofore or hereafter made by BNPLC to SGC shall be
conclusively presumed to have been made in acceptance hereof and in reliance
hereon.

        Section 16 Notices. Any notice or communication required or permitted
hereunder shall be given as provided in the Lease and if to Guarantor at its
address set forth below:


        TO GUARANTOR:        Solectron Corporation
                             777 Gibraltar Drive, Building #5
                             Milpitas, California  95035
                             Attn:  Chief Financial Officer
                             Telecopy: (408) 956-6059

or to such other address or to the attention of such other individual as
hereafter shall be designated in writing by Guarantor to BNPLC sent in
accordance herewith.

        Section 17 Counterparts. This Guaranty may be executed in any number of
counterparts, each of which when so executed shall be deemed to constitute one
and the same Guaranty.

        SECTION 18 GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

        Section 19 Waiver of a Jury Trial. GUARANTOR AND BNPLC EACH HEREBY
WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS GUARANTY. The scope of this waiver is intended
to be all-encompassing of any and all disputes that may be filed in any court
and that relate to the subject matter of this transaction, including, without
limitation, contract claims, tort claims, breach of duty claims, and all other
common law and statutory claims. Guarantor and BNPLC each acknowledge that this
waiver is a material inducement to enter into a business relationship, that
BNPLC has already relied on the waiver in entering into the Lease, the
Construction Management Agreement, the Purchase Agreement and the Closing
Certificate and the other documents referred to herein, and that each will
continue to rely on the waiver in their related future dealings. BNPLC and
Guarantor each further warrants and represents that it has reviewed this waiver
with its legal counsel, and that it knowingly and voluntarily waives its jury
trial rights following consultation with legal counsel. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING,
AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS GUARANTY OR TO ANY OTHER DOCUMENTS OR AGREEMENTS
RELATING TO THIS GUARANTY. In the event of litigation, this Guaranty may be
filed as a written consent to a trial by the court.


                                       9
<PAGE>   11

        IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty
as of the date first written above.


                                          SOLECTRON CORPORATION



                                          By:  /s/ SUSAN WANG
                                              ---------------------------------
                                          Name (print): Susan Wang
                                                       ------------------------
                                          Title: Sr. Vice President and CFO
                                                -------------------------------







                                       10
<PAGE>   12

                                   Schedule A

                   FINANCIAL AND OTHER COVENANTS OF GUARANTOR


                                     PART 1
                             ADDITIONAL DEFINITIONS

        1.01 Definitions Applicable in this Schedule. For purposes of this
Schedule A, the following capitalized terms will have the following respective
meanings:

        "Adjusted Leverage Ratio" means with respect to Guarantor and its
Subsidiaries on a consolidated basis at the end of any fiscal quarter, the ratio
of (a) (without duplication) (i) Consolidated Funded Debt plus (ii) Guarantee
obligations plus (iii) Indebtedness with respect to synthetic leases and
securitized assets plus (iv) Indebtedness in respect to letters of credit minus
(v) Permitted Subordinated Indebtedness, to (b) (i) operating income plus (ii)
depreciation and amortization charges, in each case, for the period of the four
fiscal quarters ended on the applicable date of determination.

        "Capital Lease Obligations" means the obligations of any Person to pay
rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which
obligations are required to be classified and accounted for as capital leases on
a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

        "Consolidated Funded Debt" means, as of the last day of any fiscal
quarter, the sum for Guarantor and its Subsidiaries as of such day, of, without
duplication, (a) the aggregate outstanding principal amount of Indebtedness for
borrowed money and (b) the aggregate outstanding capitalized amount of Capital
Lease Obligations, all as determined on a consolidated basis in accordance with
GAAP.

        "Consolidated Tangible Assets" means, as of the last day of any fiscal
quarter of Guarantor, all tangible assets on the consolidated balance sheet of
Guarantor and its Subsidiaries, as determined on a consolidated basis in
accordance with GAAP.

        "Consolidated Tangible Net Worth" means as of the last day of any fiscal
quarter of Guarantor, (a) total shareholders' equity of Guarantor and its
Subsidiaries minus (b) the aggregate amount of all intangible assets on the
consolidated balance sheet of Guarantor and its Subsidiaries, all as determined
on a consolidated basis in accordance with GAAP.

        "Current Liabilities" means, with respect to any Person, all liabilities
of such Person treated as current liabilities in accordance with GAAP, including
without limitation (a) all obligations payable on demand or within one year
after the date in which the determination is made and (b) installment and
sinking fund payments required to be made within one year after the date on
which determination is made, but excluding all such liabilities or obligations
which are renewable or extendable at the option of such Person to a date more
than one year from the date of determination.

        "Existing Credit Agreement" means the Credit Agreement dated as of April
29, 1997, among Guarantor as Borrower, Bank of America National Trust and
Savings Association, as Agent and Issuing Bank, and other financial institutions
named therein.

        "Guarantee" of or by any Person (the "guarantor") means, for the
purposes of this Schedule only and not for the purposes of the Obligation
Documents, any obligation, contingent or otherwise of the 



<PAGE>   13

guarantor guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other obligation of any other Person (the "primary obligor") in
any matter, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or other obligation or to
purchase (or to advance or supply funds for the purchase of) any security for
the payment thereof, (b) to purchase or lease property, securities or services
for the purpose of assuring the owner of such Indebtedness or other obligation
of the payment thereof, (c) to maintain working capital, equity capital or any
other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation, or (d)
as an account party in respect of any letter of credit or letter of guaranty
issued to support such Indebtedness or obligation; provided that the term
Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business.

        "Indebtedness" of any Person means, without duplication, (a) all
obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds,
debentures, notes or similar instruments, (c) all obligations of such Person
upon which interest charges are customarily paid (excluding deferred
compensation obligations owed to current and former directors, officers and
employees), (d) all obligations of such Person under conditional sale or other
title retention agreements relating to property acquired by such Person, (e) all
obligations of such Person in respect of the deferred purchase price of property
or services (excluding current accounts payable, measured in accordance with
GAAP, incurred in the ordinary course of business), (f) all Indebtedness of
others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise to be secured by) any Lien on property owned or
acquired by such Person, whether or not the Indebtedness secured thereby has
been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h)
all Capital Lease Obligations of such Person, (i) all obligations, contingent or
otherwise, of such Person as an account party in respect of letters of credit
and letters of guaranty supporting Indebtedness, (j) all obligations, contingent
or otherwise, of such Person in respect of bankers' acceptances, and (k) all
obligations, contingent or otherwise, with respect to synthetic leases or
securitized assets. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result
of such Person's ownership interest in or other relationship with such entity,
except to the extent the terms of such Indebtedness provide that such Person is
not liable therefor.

        "Lien" means, for the purpose of this Schedule only and not for the
purposes of the Obligation Documents, with respect to any asset (a) a mortgage,
deed of trust, lien, pledge, hypothecation, encumbrance or security interest in,
on or of such asset, and (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement relating
to such asset.

        "Material Adverse Effect" means a material adverse effect on (a) the
business, assets, operations, prospects or condition, financial or otherwise, of
Guarantor and its Subsidiaries taken as a whole, (b) the ability of Guarantor to
perform its obligations under this Guaranty if called upon to do so, or (c) the
ability of SGC to perform its Obligations under the Obligation Documents; or (d)
the rights of or benefits available to BNPLC or the Participants under the
Obligation Documents.

        "Modified Quick Ratio" means, as computed with respect to Guarantor and
its Subsidiaries on a consolidated basis, the ratio of (1) their Quick Assets to
(2) the sum (without duplication of any item) of their Current Liabilities and
any payments maturing within 12 months on any Indebtedness of Guarantor or its
Subsidiaries or on Indebtedness of any other Person which is the subject of any
Guarantee made by Guarantor or its Subsidiaries.

                               Schedule A - Page 2

<PAGE>   14

        "Permitted Contest" means a contest of the validity or amount of any
payment claimed to be due from Guarantor or a Subsidiary where (a) the contest
is undertaken by Guarantor or such Subsidiary in good faith by appropriate
proceedings, (b) Guarantor or such Subsidiary shall have set aside on its books
adequate reserves with respect thereto in accordance with GAAP, and (c) the
failure to make such payment pending such contest could not reasonably be
expected to result in a Material Adverse Effect.

        "Permitted Encumbrances" means, for the purposes of this Guaranty only
and not for the purposes of the Obligation Documents:

                (a)     Liens imposed by law by any governmental authority for
        taxes that are not yet due or are the subject of a Permitted Contest.

                (b)     Carriers' warehousemen's, mechanics', material men's,
        repairmen's and other like Liens imposed by law, and any other
        involuntary, statutory or common law Lien arising in the ordinary course
        of business and securing obligations that are not overdue by more than
        30 days or are the subject of a Permitted Contest.

                (c)     Pledges and deposits made in the ordinary course of
        business in compliance with workers' compensation, unemployment
        insurance and other social security laws or regulations.

                (d)     Deposits to secure the performance of bids, trade
        contracts, leases, statutory obligations, surety and appeal bonds,
        performance bonds and other obligations of a like nature, in each case
        in the ordinary course of business.

                (e)     Easements, zoning restrictions, rights-of-way and
        similar encumbrances on real property imposed by law or arising in the
        ordinary course of business that do not secure any monetary obligations
        and do not materially detract from the value of the affected property or
        interfere with the ordinary conduct of business of Guarantor or any
        Subsidiary.

                (f)     Liens arising from judgments, decrees or attachments in
        circumstances not constituting an Event of Default under the Lease.

                (g)     Liens which constitute rights of set-off of a customary
        nature or banker's Liens with respect to amounts on deposit arising by
        operation of law in connection with arrangements entered into with banks
        in the ordinary course of business.

                (h)     Liens in favor of customs and revenue authorities
        arising as a matter of law to secure payment of customs duties in
        connection with the importation of goods.

                (i)     Leases or subleases and licenses and sublicenses granted
        to others in the ordinary course of business not interfering in any
        material respect with the business of Guarantor or its Subsidiaries
        taken as a whole, and any interest or title of any lessor or licensor
        under any lease or license.

The term "Permitted Encumbrances" shall not include any Lien securing
Indebtedness.

        "Permitted Subordinated Indebtedness" means Indebtedness of Guarantor,
the payment of which is expressly subordinated (on terms satisfactory to BNPLC)
to the Obligations.

        "Quick Assets" means the sum (without duplication of any item) of
unencumbered cash, plus 

                               Schedule A - Page 3

<PAGE>   15

unencumbered short term cash investments, plus other unencumbered marketable
securities which are classified as short term investments according to GAAP,
plus unencumbered current net accounts receivable, plus the fair market value of
certain long-term investments hereinafter described. For purposes of determining
Quick Assets, assets will be deemed to be "unencumbered" if they are actually
unencumbered or if they are encumbered only by Liens, from which, at the time of
the determination of Quick Assets, the owner of the assets (be it Guarantor or
one of its Subsidiaries) is entitled to a release of such assets upon no more
than ninety days' notice, without any payment (other than the payment of
ministerial fees and costs), without subjecting other assets to any Lien and
without otherwise satisfying any condition that is beyond the owner's control.
The following assets (and only the following assets) will qualify as "long-term
investments" to be included in Quick Assets to the extent (and only to the
extent) that, at the time of the determination of Quick Assets, they shall not
be classified as short term investments in accordance with GAAP and shall have
maturities of not longer than two years:

                        (1) securities issued or fully guaranteed or fully
                insured by the United States government or any agency thereof
                and backed by the full faith and credit of the United States;

                        (2) certificates of deposit, time deposits, Eurodollar
                time deposits, repurchase agreements, or banker's acceptances
                that are (A) issued by either one of the 50 largest (in assets)
                banks in the United States or by one of the 100 largest (in
                assets) banks in the world and (B) rated not less than A- by
                Standard & Poor's Corporation or less than A by Moody's
                Investors Service, Inc.; and

                        (3) corporate or municipal bonds rated not less than A-
                by Standard & Poor's Corporation or less than A by Moody's
                Investors Service, Inc.

        "Special Purpose Subsidiary" means any bankruptcy remote special purpose
subsidiary of Guarantor formed for the purpose of selling undivided interests in
accounts receivable and/or other assets transferred by Guarantor and/or any of
its Subsidiaries to such subsidiary for financing purposes, including Solectron
Funding Corporation, a corporation organized or to be organized under the laws
of the state of Delaware.

        "Subsidiary" means, for purposes of this Schedule only and not for the
purposes of the Obligation Documents, with respect to Guarantor or any Special
Purpose Subsidiary (the "parent") at any date, any corporation, limited
liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent's
consolidated financial statements if such financial statements were prepared in
accordance with GAAP as of such date.


                               Schedule A - Page 4

<PAGE>   16

                                     PART 2
                             DELIVERY OF INFORMATION

        2.01. Financial Statements and Other Information. Guarantor will furnish
to BNPLC and to each Participant of which Guarantor has been notified:

                (a)     within 90 day's after the end of each fiscal year of
        Guarantor, its audited consolidated balance sheet and related statements
        of operations, changes in shareholders' equity and cash flows as of the
        end of and for such year, setting forth in each case in comparative form
        the figures for the previous fiscal year, all reported on by KPMG Peat
        Marwick or other independent public accountants of recognized national
        standing (without a "going concern" or like qualification or exception
        and without any qualification or exception as to the scope of such
        audit) to the effect that such consolidated financial statements present
        fairly in all material respects the financial condition and results of
        operations of Guarantor and consolidated Subsidiaries on a consolidated
        basis in accordance with GAAP consistently applied;

                (b)     within 60 days after the end of each of the first three
        fiscal quarters of each fiscal year of Guarantor, its consolidated
        balance sheet and related statements of operations and cash flows as of
        the end of and for such fiscal quarter and the then elapsed portion of
        the fiscal year, setting forth in each case in comparative form the
        figures for the corresponding period or periods of (or, in the case of
        the balance sheet, as of the end of) the previous fiscal year, all
        certified by one of its senior or executive financial officers as
        presenting fairly in all material respects the financial condition and
        results of operations of Guarantor and consolidated Subsidiaries on a
        consolidated basis in accordance with GAAP consistently applied, subject
        to normal year-end audit adjustments and the absence of footnotes;

                (c)     concurrently with any delivery of financial statements
        under clauses (a) or (b) above, a completed compliance certificate of a
        senior or executive financial officer of Guarantor in form and content
        reasonably acceptable to BNPLC;

                (d)     concurrently with any delivery of consolidated financial
        statements under clause (a) above, a certificate of the accounting firm
        that reported on such financial statements stating whether they obtained
        knowledge during the course of their audit of such consolidated
        financial statements of any Event of Default or a Default under the
        Obligation Documents insofar as it relates to accounting matters (which
        certificate may be limited to the extent required by accounting rules or
        guidelines);

                (e)     promptly after the same become publicly available,
        copies of all periodic and other reports, proxy statements and other
        materials filed by Guarantor or any Subsidiary with the Securities and
        Exchange Commission, or any governmental authority succeeding to any or
        all of the functions of said commission, or with any national securities
        exchange, or distributed by Guarantor to its shareholders generally, as
        the case may be;

                (f)     promptly following any request therefor, such other
        information regarding the operations, business affairs and financial
        condition of Guarantor or any Subsidiary, or compliance with the terms
        of the Obligation Documents, as the BNPLC or any Participant may
        reasonably request; and


                               Schedule A - Page 5

<PAGE>   17

                (g)     promptly upon becoming aware thereof, notice of the
        effectiveness of any rating of any Index Debt by S&P or Moody's and
        notice of the effectiveness of any change in any rating of any Index
        Debt by S&P or Moody's.

        2.02.   Notices of Material Events. Guarantor will furnish to BNPLC and
each Participant prompt written notice of the following:

                (a)     The filing or commencement of any action, suit or
        proceeding by or before any arbitrator or governmental authority against
        or affecting Guarantor or any Subsidiary thereof that could reasonably
        be expected to result in a Material Adverse Effect.

                (b)     The occurrence of any ERISA Termination Event that,
        alone or together with any other ERISA Termination Events that have
        occurred, could reasonably be expected to result in liability of
        Guarantor and its Subsidiaries in an aggregate amount exceeding
        $5,000,000.

                (c)     Any other development that results in, or could
        reasonably be expected to result in, a Material Adverse Effect.

Each notice delivered under this Paragraph 2.02 shall be accompanied by a
statement of a senior or executive financial officer or other executive officer
of Guarantor setting forth the details of the event or development requiring
such notice and any action taken or proposed to be taken with respect thereto.

                                     PART 3
                               NEGATIVE COVENANTS

        3.01.   Subsidiary Indebtedness. No Subsidiary will create, incur,
assume or permit to exist any Indebtedness, except:

                (a)     Indebtedness existing on the Effective Date and set
        forth in schedule 6.01 attached to the Existing Credit Agreement (a copy
        of which schedule is also attached hereto for convenience) and
        extensions, renewals and replacements of any such Indebtedness that do
        not increase the outstanding principal amount thereof.

                (b)     Indebtedness of any Subsidiary to Guarantor or any other
        Subsidiary.

                (c)     Guarantees by any Subsidiary of Indebtedness of
        Guarantor or of any other Subsidiary to the extent such Indebtedness is
        permitted under the Obligation Documents and other material agreements
        governing the Indebtedness of Guarantor.

                (d)     Indebtedness of any Subsidiary incurred to finance the
        acquisition, construction or improvement of any fixed or capital assets,
        including Capital Lease Obligations and any Indebtedness assumed in
        connection with the acquisition of any such assets or secured by a Lien
        on any such assets prior to the acquisition thereof and extensions,
        renewals and replacements of any such Indebtedness that do not increase
        the outstanding principal amount thereof; provided that (i) such
        Indebtedness is incurred prior to or within 120 days after such
        acquisition or the completion of such construction or improvement, and
        (ii) the aggregate principal amount of Indebtedness permitted by this
        clause (d) when aggregated (without duplication) with all Indebtedness
        incurred under clause (g) below, with the aggregate amount of all claims
        and obligations secured by Liens permitted pursuant to clauses (d) and
        (f) of Paragraph 3.02 and with the aggregate book value or sale price of
        the assets sold in sale and leaseback transactions 


                               Schedule A - Page 6

<PAGE>   18

        permitted pursuant to Paragraph 3.03 does not exceed 30% of Consolidated
        Tangible Assets as of the last day of the most recent fiscal period in
        respect of which financial statements shall have been delivered pursuant
        to Paragraph 2.01 of this Schedule.

                (e)     Indebtedness of any Person that becomes a Subsidiary
        after April 30, 1997; provided that such Indebtedness exists at the time
        such Person becomes a Subsidiary and is not created in contemplation of
        or in connection with such Person becoming a Subsidiary.

                (f)     Indebtedness of any Subsidiary as an account party in
        respect of trade letters of credit.

                (g)     Other unsecured Indebtedness of the Subsidiaries in an
        aggregate principal amount outstanding at any time that, when aggregated
        (without duplication) with all Indebtedness incurred under clause (d)
        above, with the aggregate amount of all claims and obligations secured
        by Liens permitted pursuant to clauses (d) and (f) of Paragraph 3.02 and
        with the aggregate book value or sale price of the assets sold in sale
        and leaseback transactions permitted pursuant to Paragraph 3.03 does not
        exceed 30% of Consolidated Tangible Assets as of the last day of the
        most recent fiscal period in respect of which financial statements shall
        have been delivered pursuant to Paragraph 2.01 of this Schedule.

                (h)     (i) Indebtedness of any Special Purpose Subsidiary; or
        (ii) Indebtedness of any other Subsidiary incurred by such Subsidiary in
        connection with the incurrence of Indebtedness by any Special Purpose
        Subsidiary.

        3.02.   Liens. Guarantor will not, and will not permit any Subsidiary
to, create, incur, assume or permit to exist any Lien on any property or asset
now owned or hereafter acquired by it, or assign or sell any income or revenues
(including accounts receivable) or rights in respect of any thereof, except:

                (a)     Permitted Encumbrances and Liens securing Capital Lease
        Obligations permitted under subparagraph 3.01(d), and any renewal or
        extension of any such Permitted Encumbrance or Lien so long as the
        principal amount of the obligations secured thereby is not increased;

                (b)     any Lien on any property or asset of Guarantor or any
        Subsidiary existing on April 30, 1997 and set forth in schedule 6.02
        attached to the Existing Credit Agreement (a copy of which schedule is
        also attached hereto for convenience); provided that (i) such Lien shall
        not apply to any other property or asset of Guarantor or any Subsidiary
        and (ii) such Lien shall secure only those obligations which it secures
        on the date hereof and extensions, renewals and replacements thereof
        that do not increase the outstanding principal amount thereof;

                (c)     any Lien existing on any property or asset prior to the
        acquisition thereof by Guarantor or any Subsidiary or existing on any
        property or asset (including attachments, accessions, replacements or
        proceeds thereof) of any Person that becomes a Subsidiary after April
        30, 1997 prior to the time such Person becomes a Subsidiary; provided
        that (i) such Lien is not created in contemplation of or in connection
        with such acquisition of such Person becoming a Subsidiary, as the case
        may be, (ii) such Lien shall not apply to any other property or assets
        of Guarantor or any Subsidiary, and (iii) such Lien shall secure only
        those obligations which it secures on the date of such acquisition or
        the date such Person becomes a Subsidiary, as the case may be, and
        extensions, renewals and replacements thereof that do not increase the
        outstanding principal amount thereof;


                               Schedule A - Page 7

<PAGE>   19

                (d)     Liens on fixed or capital assets acquired, constructed
        or improved by Guarantor or any Subsidiary (including replacements or
        proceeds of such assets and including any Capital Lease Obligations);
        provided that (i) in the case of any Subsidiary, such security interest
        secure Indebtedness permitted by clause (d) of Paragraph 3.01, (ii) such
        security interests and the Indebtedness secured thereby are incurred
        prior to or within 120 days after such acquisition or the completion of
        such construction or improvement, (iii) the Indebtedness secured thereby
        does not exceed 100% of the cost of acquiring, constructing or improving
        such fixed or capital assets, (iv) such security interest shall not
        apply to any other property or assets of Guarantor or any Subsidiary,
        and (v) the aggregate amount of such Indebtedness when aggregated
        (without duplication) with all Indebtedness incurred under clauses (d)
        and (g) of Paragraph 3.01, with the aggregate amount of all claims
        secured by Liens permitted pursuant to clause (f) below and with the
        aggregate book value or sale price of the assets sold in sale and
        leaseback transactions permitted pursuant to Paragraph 3.03 does not
        exceed 30% of Consolidated Tangible Assets as of the last day of the
        most recent fiscal period in respect of which financial statements shall
        have been delivered pursuant to Paragraph 2.01;

                (e)     Liens securing claims of any Special Purpose Subsidiary
        against any other Subsidiary and sales or assignments of accounts
        receivable (or interests therein) by any Subsidiary to a Special Purpose
        Subsidiary and by any Special Purpose Subsidiary; and

                (f)     other Liens securing claims in an aggregate amount at
        any time outstanding that when aggregated (without duplication) with (i)
        all obligations of any Special Purpose Subsidiary secured by liens, (ii)
        all Indebtedness incurred under clauses (d) and (g) of Paragraph 3.01,
        (iii) the aggregate amount of all obligations secured by Liens permitted
        pursuant to clause (d) above and (iv) the aggregate book value or sale
        price of the assets sold in sale and leaseback transactions permitted
        pursuant to Paragraph 6.03, does not exceed 30% of Consolidated Tangible
        Assets as of the last day of the most recent fiscal period of Guarantor
        in respect of which financial statements shall have been delivered
        pursuant to Paragraph 2.01, provided that the dollar amount of claims
        and other obligations (other than claims or other obligations of any
        Subsidiary in favor of any Special Purpose Subsidiary which is directly
        or indirectly wholly owned by Guarantor and inchoate indemnity
        obligations) secured by accounts receivable does not exceed the greater
        of $130,000,000 or 35% of Guarantor's aggregate accounts receivable
        (including such accounts receivable sold to any Special Purpose
        Subsidiary) calculated on a consolidated basis.

        3.03.   Sale and Leaseback Transactions. Guarantor will not, and will
not permit any Subsidiary to, enter into any arrangement, directly or
indirectly, with any Person whereby it shall sell or transfer any property, real
or personal, used or useful in its business, whether now owned or hereafter
acquired, and thereafter rent or lease such property which it intends to use for
substantially the same purpose or purposes as the property being sold or
transferred; provided, however, that notwithstanding the above, Guarantor or any
Subsidiary may engage in any sale and leaseback transaction if, immediately
after the consummation of such transaction, the aggregate book value or sale
price of the assets sold in sale and leaseback transactions referred to in this
Paragraph 3.03, when aggregated (without duplication) with all Indebtedness
incurred under clauses (d) and (g) of Paragraph 3.01 and with the aggregate
amount of all claims and obligations secured by Liens permitted pursuant to
clauses (d) and (f) of Paragraph 3.02, does not exceed 30% of Consolidated
Tangible Assets as of the last day of the most recent fiscal period in respect
of which financial statements shall have been delivered pursuant to Paragraph
2.01.

                               Schedule A - Page 8

<PAGE>   20

        3.04.   Fundamental Changes.

                (a)     Guarantor will not, and will not permit any Subsidiary
        to, merge into or consolidate with any other Person, or permit any other
        Person to merge into or consolidate with it, or sell, transfer, lease or
        otherwise dispose of (in one transaction or in a series of transactions)
        all or any substantial portion of its assets, or all or substantially
        all of the capital stock of any of the Subsidiaries (in each case,
        whether now owned or hereafter acquired), or liquidate or dissolve,
        except that, if at the time thereof and immediately after giving effect
        thereto no Event of Default or default under the Obligation Documents
        shall have occurred and be continuing (i) any Person may merge into or
        consolidate with Guarantor in a transaction in which Guarantor is the
        surviving corporation, (ii) any Person may merge into any Subsidiary in
        a transaction in which the surviving entity is a Subsidiary, (iii) any
        Subsidiary may sell, transfer, lease or otherwise dispose of its assets
        to Guarantor or to another Subsidiary, (iv) any Subsidiary may liquidate
        or dissolve if Guarantor determines in good faith that such liquidation
        or dissolution is in the best interests of Guarantor and is not
        materially disadvantageous to BNPLC or the Participants and any
        distribution or other transfer of assets in connection with such
        liquidation or dissolution is made to Guarantor or another Subsidiary in
        an amount consistent with such person's ownership percentage of the
        Subsidiary being dissolved or liquidated, (v) Guarantor and the
        Subsidiaries may sell, lease or otherwise dispose of property in any
        individual transaction not related to any other such transaction if the
        aggregate fair market value of the assets sold, leased or otherwise
        disposed of in such transaction is less than $2,000,000, (vi) Guarantor
        and/or any of the Subsidiaries may sell or otherwise transfer their
        accounts receivable and other assets to any Special Purpose Subsidiary
        and/or any Special Purpose Subsidiary may sell or otherwise transfer
        such accounts receivable or other property (or interests therein) if
        otherwise permitted under Paragraph 3.02(f), and (vii) Guarantor and the
        Subsidiaries may sell, lease or otherwise dispose of property in any
        other transaction in the ordinary course of business, provided that,
        with respect to transactions outside of the ordinary course of business,
        the aggregate fair market value of all assets sold, leased or otherwise
        disposed of in transactions under this clause (vii) shall not when taken
        together at the time of each such sale, lease or other disposition
        exceed 25% of Consolidated Tangible Assets as of the last day of the
        most recent fiscal period in respect of which financial statements shall
        have been delivered pursuant to Paragraph 2.01 at such time.

                (b)     Guarantor will not, and will not permit any of its
        Subsidiaries to, engage to any material extent in any line of business
        material to Guarantor and the Subsidiaries, taken as a whole, other than
        businesses currently conducted by Guarantor and the Subsidiaries and
        businesses reasonably related thereto.

        3.05    Intentionally Omitted.

        3.06.   Fiscal Year. Guarantor will not change its fiscal year end from
August 31.

        3.07.   Restrictive Agreements. Guarantor will not, and will not permit
any of its Subsidiaries to, directly or indirectly, enter into, incur or permit
to exist any agreement or other arrangement that prohibits, restricts or imposes
any condition upon (a) the ability of Guarantor or any Subsidiary to create,
incur or permit to exist any Lien upon any of its property or assets, or (b) the
ability of any Subsidiary to pay dividends or other distributions with respect
to any shares of its capital stock or to make or repay loans or advances to
Guarantor or any other Subsidiary or to Guarantee Indebtedness of Guarantor or
any other Subsidiary if any such prohibition, restriction or condition is more
burdensome than any similar prohibition, restriction or condition contained in
this Schedule; provided that (i) the foregoing shall not apply to restrictions
and conditions imposed by law or by any the Existing Credit Agreement, (ii) the


                               Schedule A - Page 9

<PAGE>   21

foregoing shall not apply to restrictions and conditions existing prior to and
identified in the schedule 6.07 attached to the Existing Credit Agreement (a
copy of which schedule is also attached hereto for convenience), but shall apply
to any amendment or modification expanding the scope of any such restriction or
condition unless otherwise permitted under this Paragraph 3.07, (iii) the
foregoing shall not apply to customary restrictions and conditions contained in
agreements relating to the sale of a Subsidiary pending such sale, provided such
restrictions and conditions apply only to the Subsidiary that is to be sold and
such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not
apply to restrictions or conditions imposed by any agreement relating to secured
Indebtedness permitted by this Schedule if such restrictions or conditions apply
only to the property or assets securing such Indebtedness, (v) clause (a) of the
foregoing shall not apply to customary provisions in leases and other contracts
restricting the assignment thereof, (vi) the foregoing shall not apply to such
restrictions and conditions applicable to any Subsidiary acquired after April
30, 1997 if such restrictions and conditions existed at the time such Subsidiary
was acquired and were not created in anticipation of such acquisition, (vii) the
foregoing shall not apply to one or more Subsidiaries having any such
restriction or condition so long as any such Subsidiary individually shall not
account for more than 5% of the gross revenues for the most recently ended
fiscal year of Guarantor and the Subsidiaries, taken as a whole, and each such
Subsidiary together with all other such Subsidiaries in the aggregate shall not
account for more than 10% of the gross revenues for the most recently ended
fiscal year of Guarantor and the Subsidiaries, taken as a whole, (viii) the
foregoing shall not apply to any working capital facility entered into by a
Subsidiary organized under the laws of any foreign country, and (ix) the
foregoing shall not apply to any Special Purpose Subsidiary or to any agreement
or other arrangement entered into by Guarantor or any of the Subsidiaries
incidental to a transaction involving a Special Purpose Subsidiary, which
transaction is otherwise permitted under the terms of this Schedule and the
Obligations Documents.

        3.08.   Distributions. Guarantor shall not declare or make, and shall
not suffer or permit any of its Subsidiaries to declare or make, any dividend
payment or other distribution of assets, properties, cash, rights, obligations
or securities on account of any shares of any class of its capital stock, or
purchase, redeem or otherwise acquire for value any shares of its capital stock
or any warrants, rights or options to acquire such shares, now or hereafter
outstanding, if any Event of Default or default under the Existing Credit
Agreement then exists or would result therefrom.

        3.09.   Adjusted Leverage Ratio. Guarantor will not permit its Adjusted
Leverage Ratio, as calculated as of the last day of each fiscal quarter of
Guarantor, to be greater than (a) 1.50 to 1.00 from the Effective Date through
and including February 28, 1999, (b) 1.25 to 1.00 from May 31, 1999 through and
including February 28, 2000, and (c) 1.00 to 1.00 thereafter.

        3.10.   Consolidated Tangible Net Worth. Guarantor will not permit its
Consolidated Tangible Net Worth as of the last day of each fiscal quarter of
Guarantor following April 30, 1997 to be less than the sum of (without
duplication) 80% of Consolidated Tangible Net Worth measured as of the end of
the fiscal quarter ended February 28, 1997, plus 50% of consolidated net income
(without subtracting losses or acquisition related charges) for each fiscal
quarter ended after the fiscal quarter ended February 28, 1997, minus 100% of
all acquisition-related charges if such charges are recorded in the same fiscal
quarter in which the applicable acquisition is consummated.

        3.11.   Modified Quick Ratio. At the end of any fiscal quarter of
Guarantor when (1) the rating established by Moody's for the Index Debt of
Guarantor is below Ba2 or (2) the rating established by S&P for the Index Debt
of Guarantor is below BB, or (3) neither Moody's nor S&P maintains a rating for
the Index Debt of Guarantor, Guarantor shall not permit the Modified Quick Ratio
to be less than 1.0 to 1.0.



                              Schedule A - Page 10

<PAGE>   22
Schedule 3.13: Copyrights, Patents, Trademarks and Licenses Infringement Claims

None.

Schedule 6.01: Subsidiary Indebtedness

<TABLE>
<CAPTION>
    Name of Subsidiary                            Agreement
    ------------------          ----------------------------------------------
<S>                             <C>
Solectron Scotland Limited      $4.918 million Credit Facility with Royal Bank 
                                of Scotland

Solectron Technology, Inc.      $30.488 million Credit Agreement with Standard
SDN BHD                         Chartered Bank and DCB Bank

Solectron GmbH                  $5,000 Credit Agreement with Commerzebank

                                $7 million L-T note from Landersgirekasse
                                Oeffentliche Bank

                                $2 million Credit Agreement with Hewlett Packard
                                Company for purchase of inventory at acquisition

Solectron Japan, Inc.           $22.425 million Credit Agreement with Bank of 
                                Tokyo Mitsubishi Ltd.

Fine Pitch Technology, Inc.     $89,000 Equipment Loan from San Jose National 
                                Bank

Force Computers, Inc.           $1.038 million Credit Facility with Dresdner 
                                Bank Tokyo

                                $8.876 million Credit Facility with 
                                Stadtoparkasse Munich

                                $5.917 million Credit Facility with 
                                Hypobanck Munich

                                $5.917 million Credit Facility with 
                                Reuschelbank

                                $655,000 Credit Facility with Barclays Bank 

                                $500,000 Credit Facility with Bank Leumi

                                $7.5 million Credit Facility with Comerica Bank

</TABLE>

Schedule 6.02: Liens

1.      Solectron Corporation

<TABLE>
<CAPTION>
                                   Secretary of State - California
                                   -------------------------------

          Secured Party                   Description of Collateral        Filing Date     File Number
----------------------------------     -------------------------------     -----------     -----------
<S>                                    <C>                                 <C>             <C>
Equitable Life Leasing Corporation     Specific Equipment and Proceeds       1-26-93         88020525
Xerox Corporation                      Office Equipment and Proceeds         6-22-92         92137563
</TABLE>
                                      -2-
<PAGE>   23
<TABLE>
<CAPTION>
Secured Party                                 Description of Collateral      Filing Date   File Number
----------------------------------        --------------------------------   -----------   -----------
<S>                                       <C>                                <C>           <C> 
Taylor Made Office Systems, Inc.           Specific Equipment and Proceeds     4-15-94        94074579
Hewlett Packard Company                    Specific Equipment and Proceeds     5-11-94        94093984
Hewlett Packard Company                    Specific Equipment and Proceeds      3-2-95      9506661264
Hewlett Packard Company                    Specific Equipment and Proceeds     8-28-95      9524460015
Taylor Made Office Systems, Inc.           Specific Equipment and Proceeds    12-19-95      9535560504
Taylor Made Office Systems, Inc.           Specific Equipment and Proceeds      3-1-96      9606760948
Taylor Made Office Systems, Inc.           Specific Equipment and Proceeds     7-24-96      9620860481
Associates Leasing, Inc.                   Computer Equipment and Proceeds     1-10-97      9701360025
Security Pacific Equipment Leasing, Inc.   Specific Equipment and Proceeds      5-1-95        85169376
Security Pacific Equipment Leasing, Inc.   Computer Equipment and Proceeds     8-21-95        85270060
MNLC/BALTC Leasing Partners                Specific Equipment and Proceeds      4-2-92        87117094
Security Pacific Equipment Leasing, Inc.   Computer Equipment and Proceeds      5-6-92        87217647
Equitable Life Leasing Corporation         Computer Equipment and Proceeds    10-20-92        87314510
G.E. Capital Corporation                   Specific Equipment and Proceeds     2-18-93        88046793 
NEMLC Leasing Associates No. 3             Specific Equipment and Proceeds     1-11-93        88063091
Security Pacific Equipment Leasing         Specific Equipment and Proceeds    12-27-94        90067753
Deutsch Credit Corporation                 Specific Equipment and Proceeds      4-3-95        90101368
Security Pacific Equipment Leasing, Inc.   Specific Equipment and Proceeds      5-1-95        90172604
Hewlett Packard Company                    Computer Equipment and Proceeds      5-4-92        92099518
Lease Plan USA, Inc.                       Specific Equipment and Proceeds     5-12-92        92107399
Hewlett Packard Company                    Specific Equipment and Proceeds     7-13-92        92153799
Hewlett Packard Company                    Specific Equipment and Proceeds     10-6-92        92216939
Hewlett Packard Company                    Specific Equipment and Proceeds    10-16-92        92223550
Hewlett Packard Company                    Specific Equipment and Proceeds    10-27-92        92231425
Hewlett Packard Company                    Specific Equipment and Proceeds      4-1-93        92241883
Equitable Life Leasing Corporation         Specific Equipment and Proceeds     1-28-94        93018954
Hewlett Packard Company                    Specific Equipment and Proceeds     4-22-93         9308147
Hewlett Packard Company                    Specific Equipment and Proceeds     5-12-93        93096482
MetLife Capital, L.P.                      Computer Equipment and Proceeds     1-28-94        93113136
Hewlett Packard Company                    Specific Equipment and Proceeds      6-4-93        93114108
Hewlett Packard Company                    Specific Equipment and Proceeds     6-16-93        93122297
United States Leasing International, Inc.  Computer Equipment and Proceeds     11-5-93        93223327
Capital Preferred Yield Fund - II, L.P.    Specific Equipment and Proceeds      4-7-94        93234553
Avnet Computer Technologies, Inc.          Specific Equipment and Proceeds      2-4-94        94021647
Hewlett Packard Company                    Specific Equipment and Proceeds     4-25-94        94081377
Hewlett Packard Company                    Specific Equipment and Proceeds      5-4-94        94088238
Hewlett Packard Company                    Specific Equipment and Proceeds     5-20-94        94101661
Hewlett Packard Company                    Specific Equipment and Proceeds     7-18-94        94145012
</TABLE>

                                      -3-
<PAGE>   24
<TABLE>
<CAPTION>
           Secured Party                Description of Collateral        Filing Date     File Number
--------------------------------     -------------------------------     -----------     -----------
<S>                                  <C>                                 <C>             <C>
Hewlett Packard Company              Specific Equipment and Proceeds       8-30-94          94178790
BNP Leasing Corporation              Specific Equipment and Proceeds        9-8-94          94185412
Hewlett Packard Company              Specific Equipment and Proceeds       9-21-94        9428560112
BNP Leasing Corporation              Specific Equipment and Proceeds       9-27-94        9429360076
Hewlett Packard Company              Specific Equipment and Proceeds      11-28-94        9434761275
Comdisco, Inc.                       Specific Equipment and Proceeds       12-8-94        9434960578
Hewlett Packard Company              Specific Equipment and Proceeds      12-14-94        9500361142
Hewlett Packard Company              Specific Equipment and Proceeds       1-26-95        9503360328
Hewlett Packard Company              Specific Equipment and Proceeds       2-10-95        9504860699
Hewlett Packard Company              Specific Equipment and Proceeds       2-10-95        9504860715
Hewlett Packard Company              Specific Equipment and Proceeds       2-21-95        9505960514
Hewlett Packard Company              Specific Equipment and Proceeds        3-6-95        9506860234
Hewlett Packard Company              Specific Equipment and Proceeds       4-28-95        9512160498
Hewlett Packard Company              Specific Equipment and Proceeds       4-28-95        9512160513
Hewlett Packard Company              Specific Equipment and Proceeds        6-5-95        9515960516
Hewlett Packard Company              Specific Equipment and Proceeds        6-5-95        9515960526
Hewlett Packard Company              Specific Equipment and Proceeds        9-5-95        9525560208
Hewlett Packard Company              Specific Equipment and Proceeds        9-5-95        9525560219
Hewlett Packard Company              Specific Equipment and Proceeds       9-26-95        9527260307
Pitney Bowes Credit Corporation      Specific Equipment and Proceeds       1-22-96        9602360211
Hewlett Packard Company              Specific Equipment and Proceeds       1-29-96        9603060985
Copelco Capital, Inc.                Specific Equipment and Proceeds       4-25-96        9608261042
Copelco Capital, Inc.                Specific Equipment and Proceeds       6-19-96        9617660616
Copelco Capital, Inc.                Specific Equipment and Proceeds       7-30-96        9621460705
Hewlett Packard Company              Specific Equipment and Proceeds        8-9-96        9622661204
Copelco Capital, Inc.                Specific Equipment and Proceeds      11-26-96        9633161377
Comdisco, Inc.                       Specific Equipment and Proceeds       2-10-97        9704260387
Comdisco, Inc.                       Specific Equipment and Proceeds       2-24-97        9705660119
Hewlett Packard Company              Specific Equipment and Proceeds        7-7-93          93138136
Taylor Made Office Systems, Inc.     Specific Equipment and Proceeds       8-21-95        9523560031
</TABLE>

Liens of the Company pursuant to that Lease Agreement, dated as of September 6, 
1994 (as amended from time to time) between BNP Leasing Company and Solectron 
Corporation.

2. Solectron Washington, Inc.

                       Department of Licensing-Washington

                                      -4-
<PAGE>   25
<TABLE>
<CAPTION>

         Secured Party                  Description of Collateral        Filing Date           File Number
------------------------------------    -------------------------        -----------           -----------
<S>                                     <C>                               <C>                  <C>
GTE Northwest                           Specific Equipment                9-20-93              93-263-0729
AT&T Capital Services, Inc.             Specific Equipment                11-3-95              95-307-0414

3.   Solectron Texas, Inc.

</TABLE>

<TABLE>
<CAPTION>
                                          Secretary of State - Texas


          Secured Party                 Description of Collateral        Filing Date           File Number
------------------------------------    -------------------------        -----------           -----------
<S>                                     <C>                               <C>                  <C>
General Electric Capital Corporation    Electronic Equipment             8-26-96               96704367

4.   Fine Pitch Technology

</TABLE>
<TABLE>
<CAPTION>

                                          Secretary of State - California


         Secured Party                  Description of Collateral        Filing Date           File Number
------------------------------------    -------------------------        -----------           -----------
<S>                                     <C>                               <C>                  <C>
San Jose National Bank                  Specific Equipment                 2-29-95             9504660745
San Jose National Bank                  Specific Equipment                  4-3-95             9509560531
San Jose National Bank                  Specific Equipment                12-13-95             9534860123

5.   Force Computers, Inc.

</TABLE>

<TABLE>
<CAPTION>

                                          Secretary of State - California


         Secured Party                  Description of Collateral        Filing Date           File Number
------------------------------------    -------------------------        -----------           -----------
<S>                                     <C>                               <C>                  <C>
Taylor Made Office Systems, Inc.        Specific Equipment                10-11-94             9430660823
Taylor Made Office Systems, Inc.        Specific Equipment                 8-21-95             9523460666
Taylor Made Office Systems, Inc.        Specific Equipment                 6-13-94               94119361

6.   Solectron Technology, Inc. (Charlotte)
</TABLE>

<TABLE>
<CAPTION>
                                         Secretary of State - North Carolina

         Secured Party                  Description of Collateral        Filing Date           File Number
------------------------------------    -------------------------        -----------           -----------
<S>                                     <C>                               <C>                  <C>
Hewlett Packard Company                 Specific Equipment                2-22-93              0000970502
</TABLE>



Schedule 6.07; Restrictive Agreements


     Indenture dated as of February 15, 1996 governing the terms of issuance of 
7 3/8% Senior Notes due 2006. Contains a covenant restricting the Company's 
ability to encumber certain items of its property.


                                      -5-
<PAGE>   26
     Lease Agreement dated as of September 6, 1994 (as amended from time to 
time) between BNP Leasing Company and Solectron Corporation. Includes all 
covenants by cross reference in Article VI of this Credit Agreement.

     The Force Computers, Inc. credit facilities contains (1) restrictions on 
its ability to pay dividends to Solectron and (2) its ability to encumber any 
of its assets except for ordinary course involuntary liens and equipment finance
and purchase money security interests.



                                      -6-