Common use of Purpose of the Project Loans Clause in Contracts

Purpose of the Project Loans. Each Advance made for the Qualified Projects included within the Borrowing Base from time to time shall be for the purpose of paying for or reimbursing Borrower for certain costs and expenses incurred in connection with the acquisition of Land and the construction of A&D Improvements, Presold, Spec and/or Model Homes thereon and for other costs and expenses incidental to said Qualified Projects, as more particularly provided in this Agreement. This Loan shall constitute a revolving line of credit, and all Qualified Projects included in the Borrowing Base shall satisfy the Project Minimum Standards.

Purpose of the Project Loans. Each Advance made for the Qualified Projects included within the Borrowing Base from time to time shall be for the purpose of paying for or reimbursing Borrower for certain costs and expenses incurred in connection with the acquisition of Land and the construction of A&D Improvements, Presold, Spec and/or Model Homes thereon and for other costs and expenses incidental to said Qualified Projects, as more particularly provided in this Agreement. This Loan shall constitute a revolving line of credit, and all Qualified Projects included in the Borrowing Base shall satisfy the Project Minimum Standards.

Purpose of the Project Loans. Each Advance made for the Qualified Projects included within the Borrowing Base from time to time shall be for the purpose of paying for or reimbursing Borrower for certain costs and expenses incurred in connection with the acquisition of Land and the construction of A&D Improvements, Presold, Spec Improvements and/or Model Homes thereon and for other costs and expenses incidental to said the Qualified Projects, as more particularly provided in this Agreement. This Loan shall constitute a revolving line of credit, and all Qualified Projects included in the Borrowing Base shall satisfy the Project Minimum Standards.