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 funded during the Mortgage Loan term for major maintenance and replacing capital items per the Loan Documents. 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).