Project Co must promptly notify the State of any loss of or damage to the Project Assets of which it becomes aware (other than Minor Damage which Project Co is required to promptly repair).
If the loss or damage is:
• Major Loss or Damage (being loss of or damage to all or substantially all of the Project Assets), the State must notify Project Co within 60 Business Days whether or not it requires Project Co to repair or reinstate the Project Assets;
• Minor Damage, Project Co must promptly repair such loss or damage; or
• all other loss or damage, the State must notify Project Co within 30 Business Days whether or not it requires Project Co to repair or reinstate the Project Assets.
The period of time that the State is entitled to take to determine its approach to the loss or damage is typically a risk that the State would expect Project Co to insure to cover any delay costs or loss of Service Payment and as such is not a Relief Event.