non-recourse debt　

non-recourse debt　无追索权债项　

A type of loan that is secured by collateral，which is usually property.If the borrower defaults，the issuer can seize the collateral，but cannot seek out the borrower for any further compensation，even if the collateral does not cover the full value of the defaulted amount.This is one instance where the borrower does not have personal liability for the loan.