Facility agents — lessons from a recent English High Court decision

A recent High Court decision gives some useful guidance about the extent of a facility agent’s duties and a warning of the potential risks if a facility agent acts outside the scope of those duties.

This note takes a brief look at some of the key lessons from the decision.

In Torre Asset Funding Ltd v The Royal Bank of Scotland plc [2013] EWHC 2670, the English High Court explored the duties and discretions of a facility agent in a syndicated lending transaction. The decision includes a detailed discussion of some of the standard agency provisions in a syndicated credit agreement and highlights a number of points for facility agents to note…

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