四申请上市时，其特许营运权尚有存续期间在二十年以上者。
The remaining term of the concession agreement is 20 years or more at the time when it applies for listing.
大宗的无追索权营运贷款并非你的个人债务，银行会拿你公司的现金流作抵押。
The big deal about non-recourse loans is that you are not personally liable. The bank uses your company's cash flow as collateral.
无追索权的营运资本贷款。
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