Project financing has changed over the years to include a more multi-faceted structure. In the past the purpose of the financing may have been to simply build a facility however, today, it is not uncommon for a single project to be divided into multiple phases or be composed of multiple facilities in order to meet the long range goals of the project. The financing for this type of structure may include multiple loan types with different parameters, include additional time frames for equity contributions or other types of cash infusions or include conditional lenders such as a swap counterparty or a letter of credit provider. This level of complexity requires that your chosen Depositary Bank and Collateral Agent understand how these phases affect the cash flow and assignment of collateral to the Secured Parties.