Subsidy. 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 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 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 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 are covered under the underlying Rules/ Regulations/ Provisions governing such subsidy/ incentive. The Borrower is also aware that he/ she shall not be eligible for subsidy, unless conduct of the borrowal account related to the Facility is satisfactory in the opinion of USFB/ the Authority which grants the subsidy. The Borrower also agrees to refund the subsidy, 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 Facility/Outstanding Amount.
Appears in 4 contracts
Samples: Facility Agreement, Facility Agreement, Facility Agreement
