NRCC Sample Clauses
The NRCC (Non-Recourse Carve-Out Clause) is a contractual provision that limits a borrower's personal liability on a loan, except in specific circumstances where certain actions trigger full or partial recourse. Typically, this clause applies in commercial real estate loans, where the lender agrees not to pursue the borrower's personal assets unless the borrower commits acts like fraud, misappropriation of funds, or voluntary bankruptcy filings. The core function of the NRCC is to protect borrowers from personal liability while ensuring lenders have recourse in cases of bad faith or misconduct, thereby balancing risk between both parties.
NRCC. North Ridge Community Church, an Arizona nonprofit corporation By: Name: Title: Scottsdale Bible Church, an Arizona nonprofit corporation By: Name: Title: SBC North Ridge, an Arizona limited liability company acting by its sole member: Scottsdale Bible Church, an Arizona nonprofit corporation By: Name: Title: ▇▇▇ ▇▇▇▇ Stewardship Endowment Fund, an Arizona nonprofit corporation By: Name: Title: ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇., LLC, an Arizona limited liability company acting by its sole member: Stewardship Endowment Fund, an Arizona nonprofit corporation By: Name: Title: EXHIBITS • Exhibit A: NRCC Board of Elders Resolution Approving Merger Agreement • Exhibit B: NRCC Board of Elders and Members Resolutions Approving Merger Closing – PENDING • Exhibit C-1: SBC Board of Elders Resolution Approving Merger Agreement & Closing • Exhibit C-2: SBC North Ridge Resolution Approving Merger Agreement & Closing – PENDING • Exhibit D: Statement of Merger • Exhibit E: SBC North Ridge, LLC Articles of Organization • Exhibit F: Certificate of NRCC Officer – PENDING • Exhibit G: ▇▇▇▇▇▇▇▇ Employment Agreement – PENDING • Exhibit H: King Employment Agreement – PENDING SCHEDULES • Schedule 2.5: Financial Statements – REVIEWED AND APPROVED BY SBC • Schedule 2.8.1: Material Contracts – REVIEWED AND APPROVED BY SBC • Schedule 2.11: Intellectual Property – REVIEWED AND APPROVED BY SBC • Schedule 2.12: Insurance – REVIEWED AND APPROVED BY SBC • Schedule 2.13: Claims – REVIEWED AND APPROVED BY SBC • Schedule 2.14: Compliance with Laws – REVIEWED AND APPROVED BY SBC • Schedule 2.16: Employee Benefit Plans – REVIEWED AND APPROVED BY SBC • Schedule 2.17: Employees – REVIEWED AND APPROVED BY SBC • Schedule 2.18: Recognition of Exemption – REVIEWED AND APPROVED BY SBC
NRCC and RU will agree upon specific Curricular Pathways that include courses that apply fully to meeting lower division general education requirements in all RU baccalaureate programs, as well as to any specific RU baccalaureate degree requirements defined in the Curriculum Pathway.
NRCC and RU agree to collaborate on a reverse transfer protocol enabling NRCC transfers to RU be awarded an associate degree from NRCC if they satisfactorily complete the appropriate coursework.