4  No Liquid Market

4.1  At any time during the Required Period the Facility Agent may issue a written notice (the No Liquid Market Notice) to the Authority setting out the reasons why the Facility Agent does not believe that a Liquid Market exists.

4.2  On or before the date falling fourteen (14) days after the date on which a No Liquid Market Notice is received by the Authority, the Authority shall notify the Facility Agent of its opinion as to whether or not a Liquid Market exists. Where the Authority believes that a Liquid Market does exist, such notice shall set out the reasons for the Authority's belief. If the parties do not agree whether or not a Liquid Market exists, then any party may refer the dispute to be determined in accordance with clause 20 (Dispute Resolution).  

4.3  If the parties agree or it is determined in accordance with clause 20 (Dispute Resolution) that no Liquid Market exists, the Project Agreement shall automatically terminate and the provisions of paragraph 3 of part 3 of schedule 22 (No Retendering Procedure) of the Project Agreement shall apply.

4.4  If any dispute relating to this clause 4 is determined under clause 20 (Dispute Resolution), the Required Period shall be extended by the period of time spent determining such dispute pursuant to such clause.