CHAPTER 10
Interlender, Voting, and Agency Issues; Defaulting Lenders
10.1 AGENCY ISSUES
The role of the administrative agent is to interface between the borrower and the lenders, and among the lenders themselves. Executing what might be describted as back-office functions, the administrative agent receives financial and other reports from the borrower and ensures that they are made available to the lenders (typically by posting them on a website). It takes delivery of and forwards notices from the parties. The administrative agent also receives and disburses funds between the borrower and the lenders, including the proceeds of loans and payments of principal, interest, and fees. In facilities that are secured, the administrative agent normally ...
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