nonrecourse

English - English

Definition of nonrecourse in English English dictionary

Without recourse, as in a non-recourse lease

{s} without recourse; of a loan in which only the property mortgaged may be reclaimed in the case of default

In the case of default, the lender has ability to claim assets over and above what the limited partners contributed

no personal liability Lenders may take the property pledged as collateral to satisfy a debt, but have no recourse to other assets of the borrower

Of or pertaining to a form of financing, typically debt financing, in which the lenders recourse to recovery in the event of default is limited to the collateral asset only

In the case of default, the lender has no ability to claim assets over and above what the limited partners contributed

Hyphenation

non·re·course