416.11

Springing Debt Service Reserve

If a Master Credit Facility Agreement Master Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. includes a Springing Debt Service Reserve Springing Debt Service ReserveSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. provision, the Borrower BorrowerPerson who is the obligor per the Note. may be required to fund a Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. .

Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! will:

  • review all re-underwriting assessments and supporting documents; and
  • notify the Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. of the following additional requirements.
For a Credit Facility... Requirements
Without an existing Debt Service Reserve Account
  • No further Borrower BorrowerPerson who is the obligor per the Note. action is required if the Aggregate Debt Service Coverage Ratio Aggregate Debt Service Coverage RatioPer the Master Credit Facility Agreement, the ratio (expressed as a percentage) of the aggregate Net Cash Flow for the Mortgage Properties to the Facility Debt Service.  and re-underwriting submission comply with the:
    • Master Credit Facility Agreement Master Credit Facility AgreementAgreement evidencing the terms and conditions of a Credit Facility. ; and
    • other Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. .
  • The Borrower BorrowerPerson who is the obligor per the Note. must fund a Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. with an initial DSCR Shortfall Amount DSCR Shortfall AmountPer the Master Credit Facility Agreement, an amount the Borrower must fund into the Debt Service Reserve Account. in the event of a Springing Trigger Springing TriggerPer the Master Credit Facility Agreement, a defined event that permits the Lender to require the Borrower to fund the Debt Service Reserve Account.  .
With an existing Debt Service Reserve Account
  • The Borrower BorrowerPerson who is the obligor per the Note. must fund any additional DSCR Shortfall Amount DSCR Shortfall AmountPer the Master Credit Facility Agreement, an amount the Borrower must fund into the Debt Service Reserve Account. .
  • The Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. funds may be released if the Debt Service Reserve Release Test Debt Service Reserve Release TestMaster Credit Facility Agreement requirement for a Debt Service Reserve Account to be returned to the Borrower. is met.

The Servicer ServicerPrimary Person servicing the Mortgage Loan, including the originator, seller, or a third party. must:

  • notify the Borrower BorrowerPerson who is the obligor per the Note. immediately of any Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. funding requirements;
  • ensure the Borrower BorrowerPerson who is the obligor per the Note. funds any Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. within 30 days;
  • confirm all Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. deposits and notify Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! in writing at:
  • submit a Borrower BorrowerPerson who is the obligor per the Note. Request in the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. to obtain Fannie Mae Fannie MaeThis Glossary term Is Created Using Automation in Lower Environments and is used for testing purposes only!! approval before releasing any Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. funds; 
  • notify the Borrower BorrowerPerson who is the obligor per the Note. that re-underwriting assessment requirements supersede all activities in  Part V, Chapter 5: Surveillance, Section 503: Financial Analysis of Operations ; and
  • submit a Monetary Default Borrower Request in the MAMP MAMPMultifamily Asset Management Portal used to submit Property inspections, operating statements, requested modifications, asset management reports, and data corrections for loan or property attributes. if the Borrower BorrowerPerson who is the obligor per the Note. fails to meet any Debt Service Reserve Account Debt Service Reserve AccountSpringing Debt Service Reserve per the Master Credit Facility Agreement that a Borrower may be required to fund in the event of a Springing Trigger. funding obligations.