单词 | recourse loan |
释义 | recourse loanDefinition Loan agreement under which a borrower gives an undertaking to repay a debt even if the funded asset (acquired with the loan proceeds) cannot be liquidated to cover the loan amount. In case of a default, the lender can seize and sell the funded asset as well as the borrower's un-pledged assets or properties. See also non recourse loan. Use 'recourse loan' in a SentenceI was offered to pay back a recourse loan and I denied because I knew how those worked and did not want anything to do with one. You may need to take out a recourse loan if you do not have the cash on hand but need to get some quickly. You should know where you stand in a recourse loan and make sure to follow all of the guidelines set forth in it. |
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