An agent is the bank or other financial institution that is responsible for administering a loan and acting as a conduit for all payments over the loan term. The agent in a syndicated facility is appointed in the loan agreement by the arranger and the original lenders. The agent function is typically held by the arranger.
[ ] as agent of the other Finance Parties (the "Agent").
To facilitate the process of administering the facilities on a daily basis, one bank from the syndicate is appointed as facility agent. The facility agent acts as the agent of the lenders, not of the borrower. If the original lender plans to syndicate the loan, the borrower might want the original lender to agree to remain administrative agent for the group.
The borrower may want to request that the lender agree not to transfer servicing responsibility for the loan, except perhaps in connection with an outright sale of the loan
The leveraged syndicated facility documentation includes security. The Leveraged Document assumes that a security agent is appointed by the secured parties to hold the security on their behalf. The provisions relating to the appointment of the security agent are included in a separate intercreditor agreement.