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English definition of “non-recourse”

non-recourse

adjective [before noun] ( also nonrecourse)
 
 
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.
(Definition of non-recourse from the Cambridge Business English Dictionary © Cambridge University Press)
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