The programme consists of two series of four connected half-day sessions, delivered in November and January. The first series follows the normal trajectory of a financing arrangement and the role of the agent, from initiation to repayment; the second series addresses specific and current agent issues.

Session 1 – From financing request to documentation

This opening session introduces syndicated loan markets and follows a transaction from origination through syndication, documentation, signing and closing. It covers financing alternatives, mandate and commitment documentation, term sheets, syndicate roles, pricing and fees, the information memorandum, LMA documentation, conditions precedent, CP confirmation and the early role of the facility and security agent.

Session 2 – Negotiation phase

This session deals with the legal and practical negotiation phase from the agent’s perspective. It identifies the interests of borrowers, lenders, security agents, hedging parties, legal counsel and internal bank departments, and focuses on stakeholder interaction, future-proofing the facility, operational feasibility, key LMA provisions affecting the agent, governing law issues, confidentiality, remuneration, negotiation tips and practical lessons when things go wrong.

Session 3 – Compatibility of operational and legal elements

This session explains how legal provisions and operational requirements must work together for the agent and security agent. It covers parallel debt, security rights and perfection formalities, security documents, legal opinions, calendar events and recurring reporting requirements, the division between facility agent and security agent, ancillary facilities, accordions and incremental facilities, increase mechanics, extension options and relevant LMA guidance.

Session 4 – Day-to-day management of a transaction

This session focuses on the art of performing daily agency tasks well within the framework of the agent’s contractual role. It distinguishes the “what” of agency work from the “how”, with emphasis on the facility agent as administrator, information conduit, coordinator and paying agent, the brief security-agent angle, good working practices, set-up of agency processes and the practical behaviours that help an agent act effectively without exceeding its role.

Session 5 – Structuring a financing arrangement

This session explains how a financing structure is built in practice, using a case study of a new RCF and a current market update. It addresses transaction type, syndicate building, borrower and guarantor selection, facility size, tenor, purpose, facility types, repayment profile, pricing, fees, prepayments, security, covenants, undertakings, conditions precedent, agency clauses and the agent protections that should be reflected in the facility agreement.

Session 6 – Legal developments relevant to the agent

This session addresses recurring legal topics for the agent and the handling of distressed scenarios. It covers legal opinions, notary letters and closing mechanics, reporting and Events of Default, waiver requests, reservation of rights letters, restructuring discussions and file-building, acceleration, enforcement instructions for the security agent, conflicting instructions, indemnification and recovery after insolvency or enforcement.

Session 7 – Market update and economic developments

This session considers current regulatory, sanctions and market developments that affect the agent and syndicated loan documentation. It focuses on sanctions regimes and their effect on payment and funding flows, CRR3/CRD6, foreign direct investment rules, the Foreign Subsidies Regulation, DORA, the NPL Directive and benchmark reform where still relevant for current documentation and fallback choices, while treating historical developments only as background where they explain present clauses.

Session 8 – The position of the agent

The final session is a reflective discussion of the agent’s role in a syndicated loan and the boundaries of that role. It covers appointment and timing of involvement, loyalty, organisational position, duties versus expectations, agent interference and discretions, cooperation between multiple agents, the need for separate legal support, practical dilemmas such as information barriers and deadlines, and the future of bank and independent agents in a changing market.