Authority Over Accounts. With respect to each Eligible Account or External Account you use in connection with the Service, you represent and warrant (i) that you have full transactional authority over such account, (ii) that such account has no restrictions limiting such authority, (iii) that nothing prohibits or limits your making fund transfers to and fromthe such account in connection with the Service, and (v) that, if you are a joint owner of such account, (x) you have been authorized by all of the other joint owners to operate such account without their consent (including without limitation to withdraw or deposit any amount of funds to such account or to even withdraw all funds from such account) and (y) we may act on your instructions regarding such account without liability to such other joint owners (the “Authority Warranty”). You agree to indemnify us and hold us harmless from and against any and all liabilities, claims, and losses we incur as a result of the breach of your Authority Warranty, including, without limitation, any liabilities to any External Account Institution or to any third party with an interest in any Eligible Account or External Account. If we have any reason to believe that you have breached your Authority Warranty with respect to any Eligible Account or External Account, we may disqualify such account for some or all Service transactions.
Authority Over Accounts. Notwithstanding anything to the contrary in the Loan Documents, Servicer is not, and shall not be deemed to be, Lender’s agent in any capacity other than as the holder of the Funds on behalf of Lender. Only Lender or Servicer, or persons designated by Lender or Servicer, in each case in its sole discretion, shall have the authority to make withdrawals or disbursements from the Lockbox Account, and no Borrower shall have any right to withdraw or otherwise transfer funds from the Lockbox Account, to close the account in which the Lockbox Account is held, or to otherwise modify or exercise any authority over the Funds or Lockbox Account. However, during the term of the Loans, the Borrowers shall have “viewing access,” only, with respect to such Lockbox Account, but only to the extent permitted by the depository bank at which the Lockbox Account is maintained.
