Common use of Roll-over or Return of Funds Clause in Contracts

Roll-over or Return of Funds. At the end of the Budget Cycle, if any NorthernGrid Funds remain and are not otherwise obligated for NorthernGrid expenses, each Party may elect whether its share (a) shall be rolled over to the subsequent NorthernGrid budget cycle and credited to that Party, or (b) shall be refunded to that Party. Each Party’s share of the remaining unused and unobligated NorthernGrid Funds is the product of (1) the Party’s Refund Allocated Share and (2) the remaining unused and unobligated NorthernGrid Funds. If a Party does not provide notice of its election pursuant to options (a) or (b) of this Section 6.3 to the Finance Administrator prior to the end of the Budget Cycle, that Party’s share of unused and unobligated NorthernGrid Funds shall be rolled over to the subsequent NorthernGrid budget cycle. Any unused and unobligated NorthernGrid Funds that would have been allocated to a Party that has withdrawn pursuant to Section 9.1.1 or was deemed withdrawn pursuant to Section 9.1.2 or 9.1.3 shall be rolled over to and used to fund continuing NorthernGrid activities in the subsequent NorthernGrid budget cycle.