136. For the purposes of this Act, a material change of circumstances F40[…] is where the MARA or a court, as appropriate, is satisfied that—

(a) there has been a change of circumstances of the holder F41[concerned], or of the part of the maritime area the subject of the relevant authorisation, that will or may adversely affect, in a material way, the undertaking of the maritime usage or proposed maritime usage the subject of the relevant authorisation (including adversely affecting any period within which, or the occurrence of any event on which, the undertaking of the usage is to commence or be completed), or

(b) there has been a change of circumstances of the holder F41[concerned], or of the part of the maritime area the subject of the relevant authorisation, such that, if the holder did not hold that relevant authorisation and were to make a relevant application for a relevant authorisation in the like terms, the provisions of Part 4 or 5, as appropriate, as in force at the time that the relevant authorisation was granted, would prevent the MARA from granting a relevant authorisation in such terms to the holder.