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What does nonrecourse mean?

Looking for the meaning or definition of the word nonrecourse? Here's what it means.

Adjective
  1. (finance) Of or pertaining to a form of financing, typically debt financing, in which the lender's recourse to recovery in the event of default is limited to the collateral asset only.
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Examples
The terms of the nonrecourse long-term funding allowed the project to eliminate foreign exchange rate risk and increase its gearing.
And nonrecourse mortgages, in which the lender can't touch any assets other than the property, generally don't cause such a gain.
Indeed, the aim of the Q7 project is to create the first offshore wind farm using nonrecourse financing.
This amount includes the acquisition of all the WFS shares for approximately 100 million euros and the balance of the company's debt which is made up primarily of nonrecourse financing.
Because of their size, SMEs generally are risk averse and require a safe mode of nonrecourse financing.
Over the last twelve to eighteen months, the property developers faced tough times as nonrecourse loans for speculative development projects were practically impossible to obtain.

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