DEFINITION
Non-Recourse Finance

"Non-recourse finance": Finance from a lender for a commercial credit on terms which transfer the risk of default by the commercial debtor from the commercial seller to the lender or some third party guarantor or insurer; the lender has no recourse to the commercial seller. In project finance, a financing which relies exclusively on the cashflows arising from the project and where the lender has no recourse to the company or companies undertaking the project.
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