When an administrative or facility agent resigns or is removed, the transition to a successor agent must be handled with clear timing, communication, and documentation. A smooth transition helps preserve continuity across lender communications, loan administration, records, collateral matters, and other responsibilities under the credit agreement.
Our checklist for hiring a successor agent will help you follow best practices when an agent on a credit facility resigns or is removed by the lenders. If not handled correctly, the disruption of having an agent resign or be removed can interrupt the orderly administration of a credit facility. Be sure to follow best practices from our team of experts.
Topics covered in this helpful checklist include:
Process for Initiating the Resignation of an Agent
- Voluntary Resignation Process
- Involuntary Resignation Process
Process for Appointing the Successor Agent
- Required Consents
- Successor Agent Agreement
- Administrative Matters
Best Practices for Appointing a New Agent
- Start Early
- Direct Communication
- Efficient Know Your Customer
- Confirm Positions
Renee is the Managing Director of Loan Agency at SRS Acquiom. Based out of Minnesota, she manages the company’s Loan Agency department.
Before joining SRS Acquiom, Renee served as an administrative vice president at Wilmington Trust, N.A., most recently leading the loan agency and restructuring products. In addition to her 10 years at Wilmington Trust, she also worked at Wells Fargo Bank, N.A. in both the corporate trust and shareholder service departments.
Renee received a J.D. from Mitchell Hamline School of Law, a B.A. in History and Political Science from Azusa Pacific University and is a member of the Minnesota Bar.