Common use of Subsidy/ Incentive Clause in Contracts

Subsidy/ Incentive. The Borrower is aware and acknowledges that, if the Facility or the Borrower is eligible for any subsidy or incentive at the instance of any State Government or Central Government or Authority, such subsidy/incentive granted is not gratuitous, and such subsidy/incentive shall be available to the Borrower only if he/she/they is/are compliant of the underlying Rules/Regulations/Provisions governing such subsidy/incentive, apart from meeting the conditions and obligations envisaged thereunder. Further, the Borrower is aware and acknowledges that the Bank shall reckon such subsidy/incentive only in accordance with the underlying Rules/Regulations/Provisions governing such subsidy/incentive, and the Bank shall not undertake any obligation or liability with regard to such subsidy/incentive other than those covered under the underlying Rules/Regulations/Provisions governing such subsidy/incentive. The Borrower is also aware that he/she/they shall not be eligible for subsidy and the benefits thereunder, unless conduct of the account in relation to the Facility is satisfactory in the opinion of the Bank and/or the Government/Authority which grants the subsidy. The Borrower agrees to refund the subsidy, if any, received by him/her/them forthwith upon demand by the Bank, either to the Bank or to any Authority stipulated by the Bank. Any such amount not refunded shall automatically form part of the Facility/Outstanding Amount.

Subsidy/ Incentive. The Borrower is aware and acknowledges that, if If the Facility Loan or the Borrower is eligible for any subsidy or incentive at the instance of any State Government or Central Government or Authority, such subsidy/incentive granted is shall not be gratuitous, and such subsidy/incentive shall be available to the Borrower only if he/she/they is/are she is compliant of the underlying Rules/Regulations/Provisions governing such subsidy/incentive, apart from meeting the conditions and obligations envisaged thereunder. Further, the Borrower is aware and acknowledges that the Bank USFB shall reckon such subsidy/incentive only in accordance with the underlying Rules/Regulations/Provisions governing such subsidy/incentive, and the Bank USFB shall not undertake any obligation or liability with regard to such subsidy/incentive other than those are covered under the underlying Rules/Regulations/Provisions governing such subsidy/incentive. The Borrower is also aware that he/she/they shall not be eligible for subsidy and the benefits thereundersubsidy/incentive, unless conduct of the account in relation to the Facility Loan is satisfactory in the opinion of USFB/the Bank and/or the Government/Authority which grants the subsidy/incentive. The Borrower agrees to should refund the subsidy/incentive, if any, received by him/her/them her forthwith upon demand by the BankUSFB, either to the Bank USFB or to any Authority stipulated by the BankUSFB. Any such amount not refunded shall automatically form part of the FacilityLoan/Outstanding Amount.

Subsidy/ Incentive. The Borrower is aware and acknowledges that, if If the Facility or the Borrower is eligible for any subsidy or incentive at the instance of any State Government or Central Government or Authority, such subsidy/incentive granted is shall not be gratuitous, and such subsidy/incentive shall be available to the Borrower only if he/she/they is/are compliant of the underlying Rules/Regulations/Provisions governing such subsidy/incentive, apart from meeting the conditions and obligations envisaged thereunder. Further, the Borrower is aware and acknowledges that the Bank shall reckon such subsidy/incentive only in accordance with the underlying Rules/Regulations/Provisions governing such subsidy/incentive, and the Bank shall not undertake any obligation or liability with regard to such subsidy/incentive other than those are covered under the underlying Rules/Regulations/Provisions governing such subsidy/incentive. The Borrower is also aware that he/she/they shall not be eligible for subsidy and the benefits thereundersubsidy/incentive, unless conduct of the account in relation to the Facility is satisfactory in the opinion of the Bank and/or Bank/the Government/Authority which grants the subsidy/incentive. The Borrower agrees to should refund the subsidy/incentive, if any, received by him/her/them forthwith upon demand by the Bank, either to the Bank or to any the Authority stipulated by the Bank. Any such amount not refunded shall automatically form part of the Facility/Outstanding Amount.