A solar altitude of 40 degree is part of the standard model. The illuminance of the Sun at a normal angle is around 10000 fc. At 40 degrees to the subject it is around 7660 fc. The standard model for exposure uses approximately 7680.
Just to take this thought farther for those with Connelly's
Calibration Levels of Films and Exposure Devices. Converting 7680 fc to nits and multiplying it by 12% gives the value for Lg.
(7680 * 10.76/pi) * .12 = 3156.5
Putting that into the exposure equation:
(.65 * 3156.5) / 16^2 = 8 where 8 = the constant P.
Compare that to the light meter calibration value of B where B = 297 fL. Converting fL to nits.
10.76 * 297 = 3195.72
The difference can be attributed to rounding. I've found P equaling 8.11 makes for cleaner results.
According to Connelly, "The constant P is the basic photographic constant and can be considered to be either the average illumination required for light sensitive material having unity film speed when exposed for a time of one second." In other words P or 8 * 1/ISO gives the metered exposure value at the film plane. It's Sunny 16.
For b&w film, the difference between the speed point and the metered exposure is 10x or 1.0 logs or 3 1/3 stops. So, for a 125 speed film, the metered exposure would be 0.064 mcs making the speed point 0.0064 mcs. The comparison is even more clear when you consider P = 8 and the constant for b&w film speed is 0.8.
I have a scanned version of the paper I could email to any interested.