This Overview is a guide to the Banking & Finance content within the Finance parties’ duties subtopic, with links to appropriate materials.
This subtopic sets out our materials on the legal and contractual duties of finance parties on a loan transaction. The following sections set out an explanation of specific areas that finance parties should be aware of.
The facility agent is an important party in a syndicated loan transaction. It acts as the representative for the lenders and as a ‘post box’ between various parties in the transaction.
The specific functions and duties of the facility agent are precisely defined in the LMA facility documentation. The LMA documentation also includes certain protections for the facility agent. When reviewing these terms in the facility documentation, the facility agent will look to ensure that it does not take on onerous, wide-ranging powers on behalf of the lenders and that its duties are purely mechanical and administrative.
The facility agent’s duties are discussed in more detail in Practice Note: The facility agent.
In a syndicated loan transaction, the security agent
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