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Without recourse

• If the loans are sold without recourse, then the bank has no further potential liability with the loans sold. If the loans go bad, the buyer cannot ask the bank to make up the difference.

• Without the lender having any right to seek payment or seize assets in the event of nonpayment from anyone other than the party (such as a special-purpose entity) specified in the debt contract.

 
 Embedded terms in definition
 Ask
Assets
Contract
Debt
Event
Go
Liability
Recourse
Right
Without
 
 Related Terms
 Recourse
With recourse
Without

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