Checklist for Hiring a Successor Agent

Our checklist for hiring a successor agent will help you follow best practices when an administrative agent on distressed credit facility resigns or is removed by the lenders. If not handled correctly, the upset of having an administrative 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 Administrative Agent

–Voluntary Resignation Process
–Involuntary Resignation Process

Process for Appointing the Successor Administrative Agent

–Required Consents
–Successor Agent Agreement

Best Practices for Appointing a New Administrative Agent

–Start Early
–Communicate
–KYC
–Confirm Positions