Interest-Bearing Account Requirements

The Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. may be interest-bearing, provided that:

• the Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. complies with all applicable local, state, and federal laws and regulations for accounts containing BorrowerBorrowerPerson who is the obligor under the Note.’s funds; and
• funds in the Custodial AccountCustodial AccountAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. are available for withdrawal on demand and without prior notice or early withdrawal penalty.

Custodial AccountsCustodial AccountsAccounts established by the Servicer for depositing P&I payments, T&I funds, Collateral Agreement deposits, and other similar funds. that limit the number of withdrawals may be maintained, but the ServicerServicerPrimary Person responsible for servicing the Mortgage Loan (e.g.,  the originator, the selling Lender, or a third-party servicer). is responsible for any excess withdrawal penalties.