Full recourse

Full recourse

No matter what risk event occurs, the borrower or its guarantors guarantee to repay the debt. This is not a project financing unless the borrower's sole asset is the project.

Full Recourse

Describing a loan for which there is a co-signer. That is, if the borrower defaults on the loan, the co-signer becomes legally liable for repayment. Thus, in addition to any collateral that may secure the loan, the lender is further protected from default by the existence of the co-signer. See also: Non-recourse loan.
References in periodicals archive ?
Such claims still have full recourse to procedural justice and other legal provisions.
It is noteworthy that the military, notably the Nigerian Army, discharged this onerous responsibility with full recourse to the rules of engagement.
The sukuk has full recourse to the issuer and the payment obligations under the transaction documents will be unconditional, and irrevocable.
"I applaud my colleagues for joining together and with the American people to stand against President Obama's attempt to deprive terror victims from receiving full recourse under the law," Cruz said in a statement.
Fitch's analytical assumption under these criteria is that the structure of the Sukuk and the underlying transaction(s) provides for full recourse to the originator - as with a conventional bond issue - and the Sukuk rating is driven solely by the originator's rating.
In addition, any consolidation joined in by or petitioned for by lenders should be excepted out of such carve-out such that this carve-out so that only specific SPE provisions trigger liability and may want to consider removing this as a full recourse carve-out all together or moving it to the carve-out for losses section of the guaranty.
Nor do we think it materially undermines the full recourse recovery framework for Spain's mortgage market.
The proceeds of this $61MM, 75% LTV, CMBS loan were used by the borrower for the refinance of full recourse lines of credit that had been used to acquire, renovate and re-tenant 20 industrial properties, which comprised 2MM square feet.
MEDIATION is frequently favoured by parties involved in a dispute as a way of resolving their differences without full recourse to the courts.
Start with the proposal made by Martin Feldstein, who recommends a trade: the government should reduce the value of mortgages when they are sufficiently underwater, with the government and the banks splitting the losses; in exchange, the borrower must agree that the new loan becomes "full recourse." That means that lenders could pursue borrowers' other assets - not just the house - in case of default.
In non-recourse loans, some "bad boy" provisions have the effect of converting the non-recourse loan to a full recourse loan such that the borrower becomes liable for the full amount of the loan.