The facility agent has an administrative role, acting as an intermediary between the borrower and the banks within the syndicate, both related to communication and the flows of funds.
The main attributions of the facility agent are:
✔ To act according to the instructions of the lending banks and to represent the interface between them and the borrower
✔ To send notices to the parties relating to the operational aspects of the credit (loan drawings, payments of interest and fees, sending of reports and other information etc.)
✔ To manage the calculation, collection and distribution of amounts representing loan drawings, reimbursements, payments of interest and fees etc.
✔ To keep a registry of the banks in the syndicate and their quotas of participation
✔ To monitor the fulfillment of certain contractual conditions by the borrower
✔ To coordinate the voting process in the event of amendments and waivers to manage accession of new borrowers and loan participation transfers between lenders