34.7.1 In some PFI projects, the Authority may elect to take equity in the Contractor by way of a shareholding and/or as a provider of subordinated debt. In the context of refinancing, the Authority has interests in the Project both as an investor in the Contractor and as counterparty to the Contract. Accordingly, the Authority will potentially take the benefit of any Refinancing Gain in both capacities, through a payment to it as Authority under the Contract and by way of an increase in Distributions to investors.