Common use of Processing Equipment Clause in Contracts

Processing Equipment. In order to process transactions, Business may purchase or lease Processing Equipment. Processing Equipment purchased or leased under this Agreement will remain the property of CaribePay (Nevis) Limited until such time as the Business has paid for the Processing Equipment in full. In addition, Processing Equipment purchased or leased from CaribePay (Nevis) Limited hereunder will include a standard manufacturer’s warranty and will be supported and serviced directly by CaribePay (Nevis) Limited or its subcontractor. Business should contact CaribePay (Nevis) Limited with any problems with the purchased or leased Processing Equipment by contacting the telephone number provided with the installation materials. For purchased Processing Equipment, CaribePay (Nevis) Limited will make commercially reasonable efforts to provide Business with backup Processing Equipment in case of failure. Business understands that until Business concludes a buyout of the leased Processing Equipment, the Equipment shall remain the property of CaribePay (Nevis) Limited and may not be pledged, sold or transferred by the Business. If CaribePay (Nevis) Limited requests, Business will assist CaribePay (Nevis) Limited in filing any required lien documents to protect CaribePay (Nevis) Limited’s interest in the leased Equipment, including, but not limited to, filings under the Uniform Commercial Code. Business bears the risk of loss, theft, disappearance or damage of the leased Processing Equipment. Business accepts the leased Processing Equipment “As Is” and agrees to maintain the Equipment in clean and good working condition for the full term of this Lease. Business understands and accepts that no warranty including warranty for merchantability or fitness of purpose is provided for the leased Processing Equipment, except as may be extended by the Processing Equipment manufacturer. For leased Processing Equipment, CaribePay (Nevis) Limited, in its discretion, may repair or replace the Processing Equipment if it fails to operate. Business agrees that if the leased Processing Equipment is damaged due to the negligent use of it by Business and is beyond repair, Business shall be liable to CaribePay (Nevis) Limited for the replacement value (at full retail value) of the Processing Equipment. Upon termination of this Agreement, Business will be responsible for returning the leased Processing Equipment to CaribePay (Nevis) Limited in clean and good working condition. At all times, the Business shall keep the Processing Equipment fully insured for the full replacement value and name CaribePay (Nevis) Limited as loss-insured. Monthly Equipment Lease Fee payments may continue to be charged by CaribePay (Nevis) Limited to Business until the leased Processing Equipment is received by CaribePay (Nevis) Limited plus all reasonable collection and enforcement costs. Business is responsible for packing the leased Processing Equipment and for all shipping costs associated with the return of the Processing Equipment to CaribePay (Nevis) Limited. CaribePay (Nevis) Limited must receive the Processing Equipment within five (5) days of the termination of this Agreement. Business will be responsible for the replacement value (at full retail value) of any leased Equipment which is not timely returned by Business to CaribePay (Nevis) Limited in good working condition pursuant to this Section 2. Page2

Processing Equipment. In order to process transactions, Business may purchase or lease Processing Equipment. Processing Equipment purchased or leased under this Agreement will remain the property of CaribePay (Nevis) Limited Transact until such time as the Business has paid for the Processing Equipment in full. In addition, Processing Equipment purchased or leased from CaribePay (Nevis) Limited Transact hereunder will include a standard manufacturer’s warranty and will be supported and serviced directly by CaribePay (Nevis) Limited Transact or its subcontractor. Business should contact CaribePay (Nevis) Limited Transact with any problems with the purchased or leased Processing Equipment by contacting the telephone number provided with the installation materials. For purchased Processing Equipment, CaribePay (Nevis) Limited Transact will make commercially reasonable efforts to provide Business with backup Processing Equipment in case of failure. If Business chooses to lease Processing Equipment from Transact, Business agrees that the Processing Equipment will remain on the Business Premises at all times. Business understands that until such time as Business concludes a buyout buy-out of the leased Processing Equipment, the Equipment shall remain the property of CaribePay (Nevis) Limited Transact and may not be pledged, sold or transferred by the Business. If CaribePay (Nevis) Limited Transact requests, Business will assist CaribePay (Nevis) Limited Transact in filing any required lien documents to protect CaribePay (Nevis) LimitedTransact’s interest in the leased Equipment, including, but not limited to, filings under the Uniform Commercial Code. Business bears the risk of loss, theft, disappearance or damage of the leased Processing Equipment. Business accepts the leased Processing Equipment “‘‘As Is” ’’ and agrees to maintain the Equipment in clean and good working condition for the full term of this Lease. Business understands and accepts that no warranty including warranty for merchantability or fitness of purpose is provided for the leased Processing Equipment, except as may be extended by the Processing Equipment manufacturer. For leased Processing Equipment, CaribePay (Nevis) LimitedTransact, in its discretion, may repair or replace the Processing Equipment if it fails to operate. Business agrees that if the leased Processing Equipment is damaged due to the negligent use of it by Business and is beyond repair, Business shall be liable to CaribePay (Nevis) Limited Transact for the replacement value (at full retail value) of the Processing Equipment. Upon termination of this Agreement, Business will be responsible for returning the leased Processing Equipment to CaribePay (Nevis) Limited Transact in clean and good working condition. At all times, the Business shall keep the Processing Equipment fully insured for the full replacement value and name CaribePay (Nevis) Limited Transact as loss-insured. Monthly Equipment Lease Fee payments may continue to be charged by CaribePay (Nevis) Limited Transact to Business until the leased Processing Equipment is received by CaribePay (Nevis) Limited Transact plus all reasonable collection and enforcement costs. Business is responsible for packing the leased Processing Equipment and for all shipping costs associated with the return of the Processing Equipment to CaribePay (Nevis) LimitedTransact. CaribePay (Nevis) Limited Transact must receive the Processing Equipment within five (5) days of the termination of this Agreement. Business will be responsible for the replacement value (at full retail value) of any leased Equipment which is not timely returned by Business to CaribePay (Nevis) Limited Transact in good working condition pursuant to this Section 2. Page2.