| 单词 | non-recourse loan |
| 释义 | non-recourse loanDefinition Loan agreement under which the collateral securing a loan is the ultimate source of repayment, and the lender cannot hold the borrower personally liable in the event of a default. The lender can seize (and sell) the collateral but cannot seize non-pledged asset or property. See also recourse loan. Use 'non-recourse loan' in a SentenceIf you have entered into a non-recourse loan you must be sure to pay it back on time to not effect your credit. I was informed we would be signing a non-recourse loan which was not the same as all the other loans, but had some similarities. If you enter into a non-recourse loan it is imperative that you pay what you owe on time every time. |
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