Limited Collection Agent. If and to the extent JM is deemed to be processing payments between Customers and Participants through or in connection with the Zing Platform, JM shall be appointed and shall act as Your agent for the limited purpose of receiving, holding, and settling payments received from Customers through the Zing Platform, and all such payments shall be received by JM in such capacity for and on behalf of Participant. All such payments made by a Customer attributable to a transaction with a Participant shall be the property of such Participant, and a Customer’s payment in full received by us on behalf of a Participant satisfies such Customer’s obligations to make payment to such Participant regardless of whether JM actually settles such payment to the Participant. No Participant or Customer will be entitled to interest or other income, if any, earned in connection with such funds. ▇▇'s duties with respect to such funds will be determined only with reference to this Agreement and any Policies and Procedures, and JM is not charged with any duties or responsibilities in connection with any other document or agreement. Without limiting the generality of the foregoing, JM is under no obligation to manage payments transmitted on the Zing Platform in any manner, including but not limited to generating income from such amounts; maximizing the amount by which the funds are expected to be insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable; or seeking protection from creditors or other claimants. To the fullest extent allowed by applicable law, You acknowledge and agree that JM is not responsible for and will not be liable for any diminution in the value of such funds.
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Sources: Zing Marketplace Participant Agreement, Marketplace Participant Agreement, Marketplace Participant Agreement
Limited Collection Agent. If and to the extent JM is deemed to be processing payments between Customers and Participants through or in connection with the Zing Platform, JM shall be appointed and shall act as Your agent for the limited purpose of receiving, holding, and settling payments received from Customers through the Zing Platform, and all such payments shall be received by JM in such capacity for and on behalf of Participant. All such payments made by a Customer attributable to a transaction with a Participant shall be the property of such Participant, and a Customer’s payment in full received by us on behalf of a Participant satisfies such Customer’s obligations to make payment to such Participant regardless of whether JM actually settles such payment to the Participant. No Participant or Customer will be entitled to interest or other income, if any, earned in connection with such funds. ▇▇JM's duties with respect to such funds will be determined only with reference to this Agreement and any Policies and Procedures, and JM is not charged with any duties or responsibilities in connection with any other document or agreement. Without limiting the generality of the foregoing, JM is under no obligation to manage payments transmitted on the Zing Platform in any manner, including but not limited to generating income from such amounts; maximizing the amount by which the funds are expected to be insured by the Federal Deposit Insurance Corporation or National Credit Union Administration, as applicable; or seeking protection from creditors or other claimants. To the fullest extent allowed by applicable law, You acknowledge and agree that JM is not responsible for and will not be liable for any diminution in the value of such funds.
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