without recourse


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Without recourse

Giving the lender no right to seek payment or seize assets in the event of nonpayment from anyone other than the party specified in the debt contract (such as a special-purpose entity).

Non-Recourse Finance

A loan secured by the revenue of the project the loan intends to fund, and nothing else. That is, non-recourse finance does not allow the bank or other lending institution access to the borrower's other assets in the event of default. This is a relatively high-risk form of financing; projects that utilize non-recourse finance generally have uncertain revenue streams and long loan periods.

without recourse

Words sometimes written on the back of a check when one endorses the check over to another. It has the legal effect of preventing recovery of the money from the endorser in case the check is returned as “not sufficient funds” (NSF) or for any other reason. It would be imprudent for anyone to accept a two-party check with the words without recourse written on the back.

References in periodicals archive ?
Amounts due to related parties (including amounts due to related parties of the consolidated variable interest entities without recourse to Bona Film Group Limited of $9,081 and $6,995 as of September 30,2015 and December 31, 2014, respectively)
Finance director Stuart Brown said: "Trading conditions are tough but, because we saw it early and took dramatic steps around the business, we're in a position to weather trade in 2009 and 2010 without recourse to shareholder funds.
He insists that he is following a long tradition in philosophy of explaining why people act well or poorly without recourse to supernatural phenomena.
The world should be able to protect Poland without recourse to that spread of weapons.
She has been working very closely with her law firm but felt that she could manage without recourse to barristers.
with a harrowing tale of being abandoned without recourse by an uncaring carrier.
This is a very different America which sees itself as world policeman and gives itself the authority to walk into any country in the world it doesn't agree with without recourse to the United Nations, NATO or anyone else.
Without recourse to these spiritual helps, how could I ever have coped with the loss?
He may well feel the Government's desire to restrict suspected terrorists without recourse to the courts is an erosion of liberty.
Employing walls, floor, and ceiling without recourse to frames or supports, the work immediately conjures myriad references, from the severity of Minimalism to the kitsch playfulness of designer accessories, incorporating both industrial production techniques and a crafts aesthetic.
The new doctrine of federal regulatory permission gives over 600,000 "covered entities" and their innumerable business associates the right to access every American's cradle-to-grave medical records without consent, without notice and without recourse.
Liberal society in India was achieved without recourse to a violent liberation, and those societies in the developing world that succumbed to the rhetoric of violent revolution have almost universally fallen under some form of despotism or dictatorship.