What do we need to do if we want to keep the loan as a recourse loan till a certain date and after the paydown it becomes a nonrecourse loan?
GoDocs calls this a burn off and it would be a special instruction. We generally see this as applying to the borrower and guarantor at the same time, or just the guarantor. Additionally we would need to clarify if "nonrecourse loan" still includes carve-outs that can return the recourse to full-recourse if certain "bad-boy" actions are taken by the borrower or guarantor? If you want this added to an already ordered loan package, it would have to be submitted as a redraw. If the loan docs have already been executed, you would want to capture this with a modification when the time comes.