the first lien provides added security for project loans. The lien gives lenders the ability to seize the project assets and sell them (or hire someone to operate them on the lenders' behalf) if the project defaults on its debt obligations. It thus affords a second possible source of debt repayment (the first source is project cash flow). However, lenders would much prefer to have the project entity service its debt in a timely manner out of its cash flow. So, although the collateral value of a project's assets can affect the amount of funds prospective lenders would be willing to lend to a project, the adequacy of project cash flow is the primary criterion that lenders apply.