Our checklist for hiring a successor agent will help you follow best practices when a facility agent on a distressed credit facility resigns or is removed by the lenders. If not handled correctly, the disruption of having a facility 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 a Facility Agent
- Voluntary Resignation Process
- Involuntary Resignation Process
Process for Appointing the Successor Facility Agent
- Required Consents
- Successor Agent Agreement
Best Practices for Appointing a New Facility Agent
- Start Early
- Communicate
- KYC
- 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.