non-recourse UK US (also nonrecourse) adjective [before noun]
FINANCE used to describe a loan in which the lender has the right to take only the asset bought with the loan if it is not paid back, and does not have the right to take any other assets: non-recourse debt/loan/mortgage »

They financed the $1.2 million purchase with a non-recourse loan.

Financial and business terms. 2012.

Look at other dictionaries:

  • non–recourse — non–re·course /ˌnän rē ˌkȯrs, ri kȯrs/ adj: of, relating to, or being a debt whose satisfaction may be obtained on default only out of the particular collateral given and not out of the debtor s other assets a non–recourse mortgage a… …   Law dictionary

  • non-recourse debt — USA limited recourse debt, Also known as a non recourse debt. A debt that is secured by a security interest in collateral but for which the lender has limited claims against the borrower in the event of a default. If the borrower defaults, the… …   Law dictionary

  • non-recourse financing — See non recourse loan. Practical Law Dictionary. Glossary of UK, US and international legal terms. 2010 …   Law dictionary

  • non–recourse note — see note Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • non-recourse loan — A loan secured by a charge on assets. If the borrower defaults and the security does not realise the full value of the loan, the lender cannot recover the shortfall from the borrower. Practical Law Dictionary. Glossary of UK, US and international …   Law dictionary

  • Non-Recourse Expense — An accounting term that sometimes refers to the cost of absorbing losses on defaulted non recourse debt. In other words, when a borrower fails to repay a non recourse loan, the lender s only possible recourse is to seize any pledged collateral… …   Investment dictionary

  • Non-Recourse Sale — A transaction in which a creditor turns a bad debt over to a third party in exchange for a percentage of the total debt amount, and in which the third party is without means of redress or compensation if the debt remains uncollectible. In a… …   Investment dictionary

  • Non-Recourse Debt — A type of loan that is secured by collateral, which is usually property. If the borrower defaults, the issuer can seize the collateral, but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full… …   Investment dictionary

  • Non-Recourse Finance — A loan where the lending bank is only entitled to repayment from the profits of the project the loan is funding, not from other assets of the borrower. These types of projects are characterized by high capital expenditures, long loan periods, and …   Investment dictionary

  • non-recourse loan — loan which becomes a grant under certain circumstances …   English contemporary dictionary

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