UNCOVERED LOAN definition
UNCOVERED LOAN means a Pledged Loan acquired and owned by the Company:
(a) that would qualify without exception as Eligible Subprime Single-family Collateral except that, for any reason, it is not covered by a Purchase Commitment;
(b) which the Company actually and reasonably expects will be covered by a Purchase Commitment on or before thirty (30) days after the day when such Mortgage Loan is Pledged to the Agent (and the Company hereby agrees to take such steps as are reasonably necessary to ensure that such Pledged Loan becomes so covered within such time period); and Each Uncovered Loan that satisfies the foregoing requirements shall be an Eligible Mortgage Loan subject to the condition subsequent of the Company's obtaining Purchase Commitment coverage of it on or before thirty (30) day after the day when it was Pledged to the Agent. Each Pledged Loan that for any reason is not at any time covered by a Purchase Commitment shall continue to be Pledged to the Agent notwithstanding such lack of coverage, and the Company shall take all steps necessary or appropriate to either (i) obtain Purchase Commitment coverage for it and furnish proof thereof to the Agent or (ii) redeem it pursuant to the provisions of SECTION 6.7, on or before thirty (30) days after the day such Mortgage Loan is Pledged to the Agent (or, if such a Pledged Loan loses its Purchase Commitment coverage after it is Pledged to the Agent, on or before thirty (30) days after the day when it so loses its Purchase Commitment Coverage.) Upon delivery to the Agent of proof of Purchase Commitment coverage for any Uncovered Loan, such Pledged Loan shall no longer be subject to this Agreement's limitations applicable to Uncovered Loans.