59.4  Contractor's Option

If pursuant to clause 59.3.1(b) (Consequences), the Authority elects to make payment to the Contractor (such that the Agreement will terminate) (the Relevant Payment) the Contractor shall have the option (exercisable in writing within (20) Business Days of the date of such election by the Authority (the Option Period)) to pay to the Authority on or before the end of the Option Period, an amount equal to the insurance proceeds that would have been payable had the relevant risk not become Uninsurable, in which case the Agreement will continue (and the Relevant Payment will not be made by the Authority), and the Contractor's payments shall be applied for the same purpose and in the same manner as insurance proceeds would have been applied had the relevant risk not become Uninsurable.