Scratch and Dent Mortgage Loan

Example Definitions of "Scratch and Dent Mortgage Loan"
Scratch and Dent Mortgage Loan. A first lien Mortgage Loan that (i) is a Mortgage Loan that is eligible for a Transaction and is eligible for sale to a Take-out Investor (other than the Agencies) at the time it becomes a Purchased Asset; (ii) has never had a delinquent payment; (iii) has never had any compliance defects; and (iv) is acceptable to Buyers or Administrative Agent in their sole discretion
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