Rental Devices

(a) Minimum Service Term for Rental Devices. Unless a different minimum Service Term is expressly specified in the applicable Order Form, rental devices are subject to a minimum Service Term of 36 months.  Deactivation or other termination of a Service Term for a rental Device prior to the end of the minimum period will be subject to a charge equal to the fees for the remainder of such minimum term. Reactivation of a Service Term for a rental Device once deactivated is not possible.  This provision shall survive the termination or expiration of these Terms and Conditions.

(b) Verifone Property. The rental Devices, as well as all accessories provided with such rental Devices, shall remain the property of Verifone.  You shall have no right, title or interest therein except as a lessee under these Terms and Conditions.  You shall keep all rental Devices and accessories free and clear from all liens, including any direct or indirect charge, encumbrance, lien, security interest, legal process or claim against the rental Devices and accessories.  You may not assign, hypothecate, sublet, sell, transfer, permit the sale of or part with possession of all or any of the rental Devices, accessories or interest in these Terms and Conditions, without Verifone’s prior written consent. If you fail to pay any undisputed fees when due, and fail to cure such failure within ten business days of written notice thereof, Verifone may, at any time thereafter enter, with or without legal process, any premises where any rental Device may be, and repossess and remove such rental Device and accessories.  You hereby waive any claim of trespass or right of action for damages by reason of such entry and repossession.  In addition, you shall pay to Verifone any actual additional expenses incurred by Verifone in collection efforts.

(c) Loss, Damage, or Destruction. You assume and shall bear the entire risk of loss, damage, or destruction of the rental Devices and accessories from any use whatsoever from the date of delivery of the rental Devices to your site until such rental Devices and accessories are returned to Verifone.  No loss, damage or destruction will relieve you from the obligation to make payments hereunder or to comply with any other obligation under these Terms and Conditions. You must immediately notify Verifone of any loss, damage, or destruction of a rental Device. You are responsible for any charges for repairs or replacements of rental Devices for damages that are not covered by the warranty or BPP service (as applicable). In the event of the loss or destruction of a rental Device or damage that makes repair impractical or uneconomical (in Verifone’s discretion), Verifone may charge you the then-current list price for the Device and ship you a new or refurbished replacement. At all times payments for any Services associated with such rental Device shall continue in effect.

(d) Return at End of Service Term. At the end of the Service Term for a rental Device, you must return the rental Device (and all accessories provided with such rental Device) to Verifone.  When returning a rental Device, a Return Merchandise Authorization (RMA) number is required.  If a rental Device and all of its accessories are not returned within thirty (30) days of the end of its Service Term, Verifone may charge you (i) Verifone's then current standard non-return fee for the rental Device, plus (ii) Verifone’s then current standard price for any non-returned accessories.  If, upon return of the rental Device, Verifone determines that the Device requires repair that is not covered by the Device’s warranty for an applicable repair service, you will be required to pay for such repairs at Verifone’s standard fees.  If the damage makes repair impractical or uneconomical (in Verifone’s discretion), Verifone may charge you its then-current list price for the Device.

(e) Special Power of Attorney. You hereby grant to Verifone a purchase money security interest in all rental Devices and all accompanying accessories shipped to you, as security for the performance by you of all of your obligations arising under these Terms and Conditions.  Verifone is hereby authorized by you to cause these Terms and Conditions or any other statement or other instrument in respect of these Terms and Conditions showing the interest of Verifone in the rental Device and accompanying accessories, including Uniform Commercial Code financing statements, to be filed and recorded, and you grant to Verifone the right to execute your name thereto.