40.3 On the occurrence of a Project Co 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 Project Co 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 Project Co Event of Default referred to in Clause 40.1.3(a) and 40.1.4, serve notice of default on Project Co requiring Project Co at Project Co's option either:
(a) to remedy the Project Co 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 Project Co Event of Default. The programme shall specify in reasonable detail the manner in, and the latest date by, which such Project Co Event of Default is proposed to be remedied (Project Co 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 Project Co Event of Default referred to in Clause 40.1.11 (Insurance) serve notice of default on Project Co requiring Project Co to remedy the Project Co Event of Default (if the same is continuing) within twenty (20) Business Days of such notice of default.