nonrefundable

1. Describing a provision of some bond issues that prohibits the issuers from retiring the bonds before a specified date, on which funds for the retirement will be raised externally (that is, from outside the issuing firm). Essentially, this provision restricts a borrower from taking advantage of lower interest rates by replacing a bond issue that carries a high coupon rate of interest with a new bond issue that carries a reduced coupon rate of interest. Most bonds are nonrefundable for five to ten years from the date of issue. Compare noncallable.
2. Of or pertaining to a fee or deposit that will not be returned even if the service remains unused or the product is returned. Many inexpensive airline tickets are nonrefundable, even if they are not used.