nonrecourse loan

noun

Definition of nonrecourse loan 

: a loan by which a lender agrees to accept the collateral security in lieu of repayment from the borrower if he is unable to pay or if the value of the security falls below the amount of the loan : a loan in which a lender under an endorsement without recourse discounts commercial paper for an endorser and agrees to accept the security and to hold the party primarily liable responsible and not the immediate endorser

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