Examlex
When applying the principles of wheel balance:
Debt Restructuring
The process of negotiating new terms for existing debts to provide relief to the borrower, including changes in interest rates, payment schedules, or the amount owed.
Accrued Interest
Interest that has been incurred but not yet paid.
Recourse
The legal right to demand compensation or payment from the party with primary liability in the event of default.
Contingent Liability
A potential financial obligation that may arise in the future based on the outcome of a specific event.
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