14.5.1 Although the interests of the Authority are not necessarily the same as those of the Senior Lenders, the Authority can take some comfort from the fact that Senior Lenders will usually insist on a security package from the Contractor and its consortium in return for providing the necessary debt finance. In the event of a default by the Contractor under the Senior Financing Agreements, Senior Lenders will be able to enforce their security and put the proceeds towards repaying Senior Debt. Such security may consist of an assignment of the Contractor's rights under the Project Documents, collateral warranties and performance bonds from the Construction Sub-Contractor, guarantees from the shareholders in the Contractor and shareholders of the Sub-Contractors. The Contractor and its consortium will, therefore, be under a great incentive to perform their obligations under the Contract to ensure that the security is never called.
14.5.2 Any such comfort that is taken should be qualified by the fact that the Senior Lenders will in many cases be repaid prior to the Expiry Date and so the Authority should be careful in placing undue reliance on such comfort.