Threshold Issues. 4.1 Within fifteen Business Days of receiving a Proposed Variation Notice, twenty Business Days of receiving a Stage 1 Response or fifteen Business Days of receiving a Stage 2 Response, the Secretary of State shall notify Thames Water and the Infrastructure Provider whether the Secretary of State or the Regulator consider that the proposed Variation triggers a Threshold Issue. 4.2 If the Secretary of State confirms that the Secretary of State and the Regulator do not consider that the proposed Variation triggers a Threshold Issue pursuant to paragraph 4.1, the Secretary of State may also (in its absolute discretion) confirm that the Secretary of State and the Regulator are satisfied that the proposed Variation will not trigger a 4.3 If the Secretary of State fails to confirm that the proposed Variation triggers a Threshold Issue for either the Secretary of State or the Regulator within fifteen Business Days following receipt of the Proposed Variation Notice, the Secretary of State and the Regulator shall cease to be considered Recipients for the purposes of paragraph 5 for the relevant proposed Variation. 4.4 If the Secretary of State fails to confirm that the proposed Variation triggers a Threshold Issue for either the Secretary of State or the Regulator within twenty Business Days following receipt of the Stage 1 Response, the Secretary of State and the Regulator shall cease to be considered Recipients for the purposes of paragraphs 6 and 7 for the relevant proposed Variation. 4.5 If the Secretary of State fails to confirm that the proposed Variation triggers a Threshold Issue for either the Secretary of State or the Regulator within fifteen Business Days following receipt of the Stage 2 Response, the Secretary of State and the Regulator shall cease to be considered Recipients for the purposes of paragraphs 8 and 9 for the relevant proposed Variation.
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Sources: Liaison Agreement, Liaison Agreement