Capital Works Program and Budgets Sample Clauses
Capital Works Program and Budgets. Despite this clause 11, if at any time the Operator or the Management Committee proposes that any capital works be undertaken which the Operator or the Management Committee considers are unlikely to be completed within the period of an annual program and budget or considers that it is not desirable to defer such works until the commencement of the next Financial Year or to deal with such works by way of amendment to an Approved Program or an Approved Budget, the Operator may and, if so directed by the Management Committee, must prepare and submit to the Participants a separate program and budget covering the carrying out of such capital works.
Capital Works Program and Budgets. Despite Section 8.1, if at any time the Operator or the GP Board proposes that any capital works be undertaken, which is not included in either an Approved Annual Program and Budget and not part of an Approved Expansion Program and Budget, which the Operator or the GP Board considers are unlikely to be completed within the period of an annual program and budget or considers that it is not desirable to defer such works until the commencement of the next Fiscal Year or to deal with such works by way of alteration to an Approved Annual Program and Budget or Approved Expansion Program and Budget, as applicable, the Operator may and, if so directed by the GP Board by Ordinary Resolution, must, prepare and submit to the Partners a separate program and budget in respect of the carrying out of such capital works (“Capital Works Program and Budget”).