On an annual basis or any specified period, the total Net Operating IncomeNet Operating IncomeOn an annual basis or any specified period, the total Effective Gross Income minus the Property’s operating expenses., minus the full amount underwritten for Replacement ReserveReplacement ReserveCustodial Account established by the Lender and funded by deposits from the Borrower over the term of the Mortgage Loan to fund the replacement of capital items at the Property. expense, regardless of whether deposits will be made (per Part II, Chapter 2: Valuation and Income, Section 202: Income Analysis and the applicable products and features in Part III).