Payment Services Covenant Sample Clauses
A Payment Services Covenant is a contractual provision that outlines the obligations and standards related to payment processing and related services between parties. Typically, it specifies the requirements for timely and accurate payment transfers, the use of approved payment methods, and compliance with relevant regulations or service levels. This clause ensures that both parties understand their responsibilities regarding payment transactions, thereby reducing the risk of disputes and promoting smooth financial operations.
Payment Services Covenant. Borrower shall at all times this Agreement is in effect:
(a) not terminate the ePay Agreement; and
(b) abide by the payment services covenant set forth in the General Rates and Fees.
Payment Services Covenant. Borrower shall at all times submit to Lender all of Borrower’s accounts payable and vendor payments through Lender and/or Lender’s affiliates’ payments platform as set forth in the ePay Agreement.
Payment Services Covenant. Seller shall at all times submit to Purchaser all of Seller’s accounts payable and vendor payments through Purchaser and/or Purchaser’s affiliates’ payments platform as set forth in the ePay Agreement.