28.7.1 In some PF2 projects, the Authority may elect to take equity in the Contractor by way of a shareholding and/or as a provider of subordinated debt (though this will be unusual). In the context of refinancing, the Authority then 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. More normally however the public sector will take equity in the Contractor through the CGU, and in this case ,although the CGU will take the benefit of any Refinancing Gain, like any other Shareholder, it will pass it back to the Authority (subject to recovering its administrative costs.