Funding priority Clause Samples

Funding priority. Assignment of mentors shall be as follows: a. Beginning teachers (see number 1) b. Experienced teachers new to the District that request a mentor teacher c. District teachers who are reassigned or transferred to a different building and/or transferred to a significantly different teaching assignment that request a mentor teacher d. District teachers feel they are in need of assistance and who request a mentor teacher

Funding priority. For each month after the calendar month in which the Closing Date occurs (each, the "Current Month"), all monies collected in the Mezzanine Account during each such Current Month shall be allocated as set forth in this Section 7(a). In each Current Month, Agent, except as otherwise provided in Section 7(b), below, shall allocate all funds transferred or deposited into the Mezzanine Account between the Mezzanine Account and the Notes Reserve Fund Sub-Account as follows and in the following priority: 1. first, to the Mezzanine Account until an amount equal to the sum of any amounts which may have been advanced by the Agent or the Banks pursuant to the terms of the Loan Documents to cure any Default or Event of Default, any "Default" or "Event of Default" under the Mortgage Loan Documents, to protect the Collateral or otherwise, together with any interest payable on such amounts pursuant to the Loan Documents (collectively, the "Advances"), plus (w) the Required Mezzanine Debt Service Payment for the next occurring Interest Payment Date, plus (x) an amount equal to the amount of any Capitalized Interest, plus (y) an amount equal to such payments for any prior month(s), to the extent not previously paid, plus (z) an amount equal to the amount, if any, deducted from the Mezzanine Account in any preceding month to pay any other amounts due under the Loan Documents, has been reserved within the Mezzanine Account. The Borrowers acknowledge that the Agent shall not be required to make such allocation until such time as the Agent is able to calculate the amount of the Required Mezzanine Debt Service Payment. On the date hereof, the Borrowers shall fund an amount equal to $160,000.00 to the Mezzanine Account to pay the Required Mezzanine Debt Service Payment due on May 1, 1997. 2. second, to the Notes Reserve Fund Sub-Account, until an amount equal to the sum of (x) the Notes Reserve Monthly Installment for such Current Month has been allocated to the Notes Reserve Fund Sub- Account, plus (y) an amount equal to such payments for any prior month(s), to the extent not previously paid, plus (z) an amount equal to the amount, if any, deducted from the Notes Reserve Fund Sub-Account in any preceding month to pay any amounts due from the Mezzanine Account because of a shortfall in the Mezzanine Account or to pay any other amounts due under the Loan Documents. With respect to the first twelve (12) Current Months, in the event that the funds remaining in the Mezzanine Accoun...