I just received our new Versalink C405V_DNM. It had same error 016-433 after initial installation. I entered Metered PIN - repeated twice / second entering was succesful -> error code is cleared. :-)
Just contact your Xerox supplier Manager person who you brought the kit off and ask for an 'activation code' and enter it under the 'detail' tab in 'Supplies' > 'Supplies Plan' ....simples!
Same on c405
Just contact your Xerox supplier Manager person who you brought the kit off, supply them with the serial number of the c405 and ask for an 'activation code'...go to the backend of the machine via the IP address, login with admin 1111 and enter new 'acitvation code' in the 'detail' tab in 'Supplies' > 'Supplies Plan' . If it don't work, ask for another acitvation code and I bet that one will work. Create a clone file afterwards.
I can confirm that the issue can be fixed by adding the supplies activation code ( Home page- Supplies - Details - Supplies Plan), this code can be provided either by your Xerox's representative or contacting the Xerox 2nd level software support.