SBRC definition
Examples of SBRC in a sentence
In consideration for its purchase of the Mortgage Loans, the Depositor will deliver to SBRC immediately available funds.
Notwithstanding the foregoing, in the event NCCC fails to repurchase a Mortgage Loan on the related repurchase date or if a Termination Event occurs, New Century and any related Sub-Servicer will no longer be servicer with respect to such Mortgage Loan or Mortgage Loans, unless the term of servicing is extended by SBRC in its sole discretion.
In such event, SBRC shall have the right to transfer such servicing to another servicer without payment of any fee to New Century.
Any fee payable to the Sub-Servicer shall be paid by New Century without any right of reimbursement by SBRC.
The member districts may use this information to request approval of the School Budget Review Committee (SBRC) to treat this cost as a special education cost.
Otherwise, without SBRC approval, the cost cannot be expended from special education funding.
In connection with a Termination Event under this Section 4, SBRC shall have the right to transfer servicing as provided in Section 1(b).
NCCC and New Century acknowledge and confirm that SBRC (i) will rely on such information in the performance of the services contemplated by this letter without independently investigating or verifying any of it, (ii) assumes no responsibility for the accuracy or completeness of such information and (iii) will not disclose such information to any third party without the prior written consent of NCCC or New Century, as applicable.
It is further understood that SBRC shall have absolute discretion in determining whether any Mortgage Loan is a Standard Mortgage Loan, Non-Standard Mortgage Loan or Problem Mortgage Loan and SBRC shall have the right to approve or disapprove any Mortgage Loan with an unpaid principal balance in excess of $1,000,000 (for which such Mortgage Loans, NCCC shall have obtained two appraisals).
In the event that NCCC satisfies its obligations under the terms of this Letter Agreement, the Aggregation Line shall terminate on the last day of the calendar quarter in which NCCC satisfies its obligations to SBRC pursuant to Section 1(a) of this Letter Agreement.