Common use of Subsidy/ Incentive Clause in Contracts

Subsidy/ Incentive. If the 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, if granted, shall not be gratuitous and such subsidy/incentive shall be available to the Borrower only if he/she is compliant of the underlying Rules/Regulations/Provisions governing such subsidy/incentive, apart from meeting the conditions and obligations envisaged thereunder. The Borrower should get acquainted with the Rules/Regulations/Provisions governing such subsidy/incentive, and it shall be deemed that the Borrower has knowledge of the Rules/Regulations/Provisions governing such subsidy/incentive. Further, USFB shall reckon such subsidy/incentive only in accordance with the underlying Rules/Regulations/Provisions governing such subsidy/incentive, and USFB 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 shall not be eligible for subsidy/incentive and the benefits thereunder, unless conduct of the account in relation to the Loan is satisfactory in the opinion of USFB and/or the Government/Authority which grants the subsidy. The Borrower should refund the subsidy/incentive, if any, received by him/her forthwith upon demand by USFB, either to USFB or to any Authority stipulated by USFB. Any such amount not refunded shall automatically form part of the Loan/Outstandings. If the Loan is granted under any special scheme of the Central or State Government, the Loan shall be governed by the guidelines of the Policy of USFB, drawn in conformity with such scheme, (including but not limited to the identification of beneficiaries, moratorium and servicing of interest). The Borrower should get acquainted with the schemes and the Policy of USFB prior to availing the Loan, if the Loan is sought under any such special scheme, and it shall be deemed that the Borrower has knowledge of the Rules/Regulations/Provisions governing such special scheme. All matters concerning the Loan granted with reference to such special schemes shall be governed by the Rules/Regulations/Provisions governing such special scheme.

Subsidy/ Incentive. If the 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, if granted, shall not be gratuitous and such subsidy/incentive shall be available to the Borrower only if he/she is compliant of the underlying Rules/Regulations/Provisions governing such subsidy/incentive, apart from meeting the conditions and obligations envisaged thereunder. The Borrower should shall get acquainted with the Rules/Regulations/Provisions governing such subsidy/incentive, and it shall be deemed that the Borrower has knowledge of the Rules/Regulations/Provisions governing such subsidy/incentive. Further, USFB shall reckon such subsidy/incentive only in accordance with the underlying Rules/Regulations/Provisions governing such subsidy/incentive, and USFB shall need 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 shall not be eligible for subsidy/incentive and the benefits thereunder, unless conduct of the account in relation to the Loan is satisfactory in the opinion of USFB and/or the Government/Authority which grants the subsidy. The Borrower should shall refund the subsidy/incentive, if any, received by him/her forthwith upon demand by USFB, either to USFB or to any Authority stipulated by USFB. Any such amount not refunded shall automatically form part of the Loan/Outstandings. If the Loan is granted under any special scheme of the Central or State Government, the Loan shall be governed by the guidelines of the Policy of USFB, drawn in conformity with such scheme, (including but not limited to the identification of beneficiaries, moratorium and servicing of interest). The Borrower should shall get acquainted with the schemes and the Policy of USFB prior to availing the Loan, if the Loan is sought under any such special scheme, and it shall be deemed that the Borrower has knowledge of shall abide by the Rules/Regulations/Provisions governing such special scheme. All The Borrower is aware and acknowledges that all matters concerning the Loan granted with reference to such special schemes shall be governed by the Rules/Regulations/Provisions governing such special scheme.