On an annual basis or any specified period, the total Net Operating IncomeNet Operating IncomeAnnually or for any specified period, the total Effective Gross Income minus the Property’s operating expenses. , minus the full amount underwritten for Replacement ReserveReplacement ReserveCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. expense, regardless of whether deposits will be made (per Part II, Chapter 2: Valuation and Income, Section 203: Income Analysis and the applicable products and features in Part III).