10.21 The bond will be purchased by a large group of different institutions and can be freely traded in the market. It can therefore be difficult to contact all the investors and to obtain the necessary decisions or waivers from the required majority in a timely manner. This can be a major obstacle to the smooth running of a project. An advantage of this, however, is that there is less monitoring of the project by the investors and fewer restrictive covenants on the project company than are usually required by a bank.