Common use of Excluded Expenditures Clause in Contracts

Excluded Expenditures. 1. The Borrower undertakes that the proceeds of the Loan shall not be used to finance Excluded Expenditures. If the Bank determines at any time that an amount of the Loan was used to make a payment for an Excluded Expenditure, the Borrower shall, promptly upon notice from the Bank, refund an amount equal to the amount of such payment to the Bank. Amounts refunded to the Bank upon such request shall be cancelled. 2. The Borrower shall promptly refund to the Bank any amount refunded to the Borrower by Bihar pursuant to Section 2.04(b) of the Program Agreement. Amounts so refunded to the Bank shall be cancelled.

Excluded Expenditures. 1. The Borrower undertakes that the proceeds of the Loan shall not be used to finance Excluded Expenditures. If the Bank determines at any time that an amount of the Loan was used to make a payment for an Excluded Expenditure, the Borrower shall, promptly upon notice from the Bank, refund an amount equal to the amount of such payment to the Bank. Amounts refunded to the Bank upon such request shall be cancelled. 2. The Borrower shall promptly refund to the Bank any amount refunded to the Borrower by Bihar Himachal Pradesh pursuant to Section 2.04(b) of the Program Agreement. Amounts so refunded to the Bank shall be cancelled.