A type of borrowing in which the borrower (a lessor in the process of funding a lease transaction) is not at-risk for the borrowed funds. The lender expects repayment from the lessee and/or the value of the leased equipment; hence, the lender’s credit decision will be based upon the creditworthiness of the lessee, as well as the expected value of the leased equipment. Lessors may be non-recourse from a credit review, but seldom does this relinquish documentation-oriented risks.