Common use of Replacement Plans Clause in Contracts

Replacement Plans. This Service Agreement commences upon expiration of the shortest portion of the manufacturer’s original written warranty and terminates completely upon replacement of Your product or at the end of the term specified years for the plan You purchased. All Adjustable Bed replaced under this Plan are the property of Us in their entirety. LTO ARRANGEMENTS: Where the product was initially acquired under a LTO Arrangement, any cash settlement or refund will be paid to the owner of the Adjustable Bed at the time the settlement is made. This will be the Lessor if You have not yet acquired ownership of the Adjustable Bed. In all other respects, the Lessee will retain a beneficial interest in this Plan and all non-cash benefits described herein shall be rendered to the Lessee. Any owner obligations related to maintenance of the Adjustable Bed shall be the responsibility of the Lessee during the term of any LTO Arrangement except as provided by law. Any reference to purchased, sold, or similar terms shall include leased and its derivatives. Any reference to purchaser shall mean the Lessee under the LTO Arrangement and not the Lessor.