Common use of Unspent funds held by the Recipient Clause in Contracts

Unspent funds held by the Recipient. If, at the expiration or termination of this agreement, there remains an amount of the Grant that has not been acquitted or spent by the Recipient in accordance with the terms of this agreement (Unspent Funds), then: (a) the Recipient must refund the Unspent Funds to the Department within 10 Business Days of termination or expiration of this agreement; and (b) notwithstanding clause 4.3(a), the Department may by written notice consent to the Recipient retaining all or part of the Unspent Funds and, if the Department so consents, the Recipient must expend the Unspent Funds for an approved purpose on terms and conditions agreed in writing by the Department (including as contained in the notice from the Department).