40.3 On the occurrence of a Sub-hubco Event of Default, or within a reasonable time after the Authority becomes aware of the same, and while the same is subsisting, the Authority may:
40.3.1 in the case of the Sub-hubco Events of Default referred to in Clauses 40.1.1 (Insolvency), 40.1.2 (Long Stop), 40.1.3(b), 40.1.5 (Health and Safety), 40.1.6 (Change in Control), 40.1.7 (Assignation), 40.1.8 (Deductions) 40.1.9 (Warning Notices), or 40.1.10 (Payment), terminate this Agreement in its entirety by notice in writing having immediate effect;
40.3.2 in the case of any Sub-hubco Event of Default referred to in Clause 40.1.3(a) and 40.1.4, serve notice of default on Sub-hubco requiring Sub-hubco at Sub-hubco's option either:
(a) to remedy the Sub-hubco Event of Default referred to in such notice of default (if the same is continuing) within twenty (20) Business Days of such notice of default; or
(b) to put forward within twenty (20) Business Days of such notice of default a reasonable programme (set out, if appropriate, in stages) for remedying the Sub-hubco Event of Default. The programme shall specify in reasonable detail the manner in, and the latest date by, which such Sub-hubco Event of Default is proposed to be remedied (Sub-hubco shall only have the option of putting forward a programme in accordance with this Clause 40.3.2(b) if it first notifies the Authority within ten (10) Business Days of such notice of default that it proposes to do so); and
40.3.3 in the case of any Sub-hubco Event of Default referred to in Clause 40.1.11 (Insurance) serve notice of default on Sub-hubco requiring Sub-hubco to remedy the Sub-hubco Event of Default (if the same is continuing) within twenty (20) Business Days of such notice of default.