Monitored Debt Service Coverage Ratio

When required per  Part V, Chapter 5: Surveillance, Section 503.02: Quarterly Financial Analysis of Operations , the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must determine the Monitored Debt Service Coverage Ratio Debt Service Coverage RatioOn an annual basis or any specified period, the ratio of Net Cash Flow to the total of:  principal, interest, and required Mezzanine Financing or Hard Pay Preferred Equity payments. on an aggregate basis for all Mortgage Loans Mortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 in the Collateral Pool, calculated as:

• the total for all Properties PropertiesMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). of:
  • trailing 3-month annualized net rental income; plus
  • trailing 3-month annualized other allowable income, if any; minus
  • trailing 12-month operating expenses; minus
  • annual Replacement Reserves Replacement ReservesCustodial Account the Borrower funds during the Mortgage Loan term for Replacements. ;
• divided by the annual Actual Pay Debt Service Amounts for all Mortgage Loans Mortgage LoansMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 .