All money borrowed by the Authority together with any interest thereon, shall be charged indifferently on all the revenues of the Authority.

All securities created by the Authority shall rank equally without any priority.

If at any time any principal or interest due in respect of any borrowing by the Authority remains unpaid for a period of two months after demand in writing, then, subject to paragraph (4) below, the person entitled to the sum due may, without prejudice to any other remedy, apply to any court having jurisdiction in respect of a claim for that sum for the appointment of a receiver; and, if it thinks fit, the court may appoint a receiver on such terms and with such powers as the court thinks fit.

No application may be made under paragraph (3) above unless the sum due in respect of the borrowing concerned amounts to not less than 25,000 or such other amount as may from time to time be prescribed by the Secretary of State for the purposes of subsection (5) of section 47 of the 1989 Act.

The court to whom an application is made under paragraph (3) above may confer upon the receiver any such powers of collecting, receiving and recovering the revenues of the Authority and of issuing levies as are possessed by the Authority.

Except as provided by paragraph (1) above, the Authority may not mortgage or charge any of its property as security for money borrowed or otherwise owing by it; and any security purporting to be given in contravention of this paragraph shall be unenforceable.