1  Retendering Election

1.1  If the Authority terminates this Contract pursuant to clauses 42.3 or 42.6 (Termination by the Authority) following the occurrence of a Service Provider Default, (subject to paragraph 1.2), the Authority shall be entitled either to:

(a)  retender the provision of the Project in accordance with paragraph 2; or

(b)  require an expert determination in accordance with paragraph 3.

1.2  The Authority shall be entitled to retender the provision of the Project in accordance with paragraph 2 if:

(a)  the Authority notifies the Service Provider 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 Market; and either:

(i)  the Senior Lenders have not exercised their rights to step-in under clause 6 of the Senior Lender's Direct Agreement; or

(ii)  the Service Provider or Senior Lenders have not procured the transfer of the Service Provider's rights and liabilities under this Contract to a Suitable Substitute Service Provider and have failed to use all reasonable efforts to do so,

but otherwise the Authority shall not be entitled to re-tender the provision of the Service and paragraph 3 shall apply.