2.1 The Board shall be entitled to retender the provision of the Project Operations in accordance with paragraph 3 (Retendering Procedure) and the provisions of paragraph 3 (Retendering Procedure) shall apply if:
(a) the Board notifies Project Co on or before the date falling twenty (20) Business Days after the Termination Date that it intends to retender; and
(b) there is a Liquid Market190; and either
(c) the Senior Funders have not exercised their rights to step-in under Clause 4 (Representative) of the Senior Funders' Direct Agreement; or
(d) Project Co or the Senior Funders have not procured the transfer of Project Co's rights and liabilities under this Agreement to a Suitable Substitute Contractor and have failed to use all reasonable efforts to do so
but otherwise the Board shall require a determination in accordance with paragraph 4 (No Retendering Procedure) and the provisions of that paragraph shall apply.
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190 Unless agreed by the parties, a novation to a vehicle controlled by the Senior Funders under the Senior Funders' Direct Agreement should not on its own be sufficient to constitute a Liquid Market.