I didn't know the loans were non-recourse. I didn't get an...

I didn't know the loans were non-recourse. I didn't get an answer on that from management.

If we breach the LVR covenant, you would normally expect the bank to sweep the rental income and use it to pay down the loan. At that point it would seem in unit-holders best interests that we hand back the keys, wind up the trust and divide up the cash.

The bank is in a weak position if the loan is non-recourse. It will most likely bend over backwards to make sure it doesn't end up being handed a pile of assets unlikely to cover its loan. Makes me wonder why the 18c sp.