Definition: Ohne Rückgriff Ohne Rückgriff (literal translation: without recourse) is a legal term widely used in the context of financial transactions, particularly loans and bonds.

It refers to a contractual arrangement wherein the lender or issuer relinquishes their right to claim repayment or recourse against a specific party, usually the seller, guarantor, or originator of the loan or security. It signifies that the lender's sole remedy for any potential default or loss lies solely with the collateral or assets securing the transaction, rather than the party initially involved. In the capital markets, ohne Rückgriff is often utilized to shift some of the credit or default risk from the transferee to the transferor. By accepting assets or securities without recourse, investors may benefit from the potential preservation of their legal right against the original debtor, while also enjoying a stronger claim on the underlying assets securing the transaction. These arrangements are commonly seen in securitization transactions, where a portfolio of loans or receivables is transferred to a special purpose vehicle (SPV) without recourse. The SPV is then responsible for issuing asset-backed securities (ABS) backed by the receivables. In such cases, investors holding ABS enjoy the benefit of ohne Rückgriff, as their right to repayment relies primarily on the performance of the underlying assets rather than the originator or seller of the assets. Ohne Rückgriff clauses can be advantageous for investors seeking to diversify their risk exposure, as they allow for a more direct path to recovering their investment in the event of default. By transferring credit risk to a potentially more secure source, investors can mitigate the inherent risks associated with various capital market transactions. It is important to note that the inclusion of an ohne Rückgriff clause in a financial contract must be clearly stated and agreed upon by all parties involved. The specific terms and conditions may vary depending on the jurisdiction and the unique requirements of each transaction. Therefore, it is crucial for market participants to carefully review and understand the implications of ohne Rückgriff arrangements before entering into any financial agreement. In conclusion, ohne Rückgriff represents a legal framework that allows lenders, investors, and other market participants to improve their risk management strategies by reallocating credit or default risk. By waiving their right to claim repayment from a specified party, they secure their position primarily against the underlying collateral or assets. This concept plays a pivotal role in various capital market transactions, particularly in securitization and structured finance, thereby contributing to the overall efficiency and resilience of the financial landscape. For more comprehensive information and insights related to ohne Rückgriff and various financial terms, please visit Eulerpool.com. As a leading platform for equity research and finance news, Eulerpool.com offers a vast and comprehensive glossary for investors in the capital markets. Trust our expertise to provide you with the knowledge you need to navigate the increasingly complex world of finance.