recourse loan
Definition
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.
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recourse loan is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
recourse loan appears in the definition of the following term: non-recourse loan
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