Ratio, expressed as a percentage, of the

• Underwritten Net Cash FlowNet Cash FlowAt underwriting or for any specified period, the amount calculated per Part VII, Chapter 1: Valuation and Income, Section 103: Income Analysis and the applicable products and features in Part III. , divided by
• Underwriting ValueUnderwriting ValueValue of the Property determined by the Lender to size the Mortgage Loan per Part VII, Chapter 1: Valuation and Income, Section 102: Appraisal and Valuation. .