Uncovered Amount definition
Uncovered Amount. With respect to any Master Servicer’s Collection Account, any Additional Trust Fund Expense, Nonrecoverable Advance or other item that would be payable or reimbursable out of general funds (as opposed to a specific source of funds) in such Collection Account pursuant to any of clauses (ii) – (xxi) of Section 3.05(a)(I), but which cannot be so paid or reimbursed because such general funds are insufficient to cover such payment or reimbursement; provided that any such Additional Trust Fund Expense, Nonrecoverable Advance or other item will be an Uncovered Amount only to the extent that such general funds are insufficient to cover the payment or reimbursement thereof.
Uncovered Amount. With respect to any Master Servicer’s Collection Account, any additional trust fund expense, Nonrecoverable Advance or other item that would be payable or reimbursable out of general funds (as opposed to a specific source of funds) in such Collection Account pursuant to this Agreement, but which cannot be so paid or reimbursed because such general funds are insufficient to cover such payment or reimbursement; provided, that any such additional trust fund expense, Nonrecoverable Advance or other item shall be an Uncovered Amount only to the extent that such general funds are insufficient to cover the payment or reimbursement thereof.
Uncovered Amount means any amount for which a Borrower is required to provide Cash Cover under any provision of this Agreement.
More Definitions of Uncovered Amount
Uncovered Amount means, for any period, the SUM of the Average-Principal Debt MINUS the Covered Amount.
Uncovered Amount as of any date means, with respect to any Revolving Collateral Obligation or Delayed Funding Obligation, the excess of (a) the Borrower’s maximum funding commitment thereunder over (b) the Principal Balance of such Revolving Collateral Obligation or Delayed Funding Obligation. For the avoidance of doubt, Uncovered Amounts in respect of a Defaulted Loan shall be included in the calculation of the Uncovered Amount if the Borrower is at such time subject to contractual funding obligations with respect to such Defaulted Loan.