45.2  Notice of Default

(a)  (Default Notice): If the State considers that a Default has occurred, the State Representative may give Project Co a notice in writing:

(i)  stating that a Default has occurred;

(ii)  identifying and providing details of the Default; and

(iii)  requiring Project Co to Cure the Default where it is capable of Cure, or comply with any reasonable requirements of the State where the Default is not capable of Cure, within 20 Business Days (or such longer period as is stated in the notice) of Project Co receiving that notice,

(a Default Notice).

(b)  (Default will become Major Default): If Project Co:

(i)  fails to Cure the Default; or

(ii)  if the Default is not capable of Cure, fails to comply with the reasonable requirements of the State,

in accordance with the Default Notice, the Default will become a Major Default.