10.13 Bond financing structures normally limit the flexibility of the sponsors in funding or requesting changes in the construction or operational phase. A bank debt financing usually allows a stand-by facility to be put in place that can be called on if required to fund charges. By comparison a bond financing does not easily allow for this unless specific variation bonds are agreed and paid for up front. Any combination of bank and bond financing requires complex inter-creditor issues (who gets paid first) to be resolved. It is common in bond financings therefore to overcome this problem by raising a standby facility as part of the initial funding. This is inefficient since it involves raising more money than is required. There is also inflexibility in the bond holder's requirement for a fixed annual payment in contrast to banks which can offer payment grace periods or back-ended repayment profiles.