Loan agency is the role of an administrative agent that manages a loan on behalf of one or more lenders. The agent processes borrower payments, distributes funds to lenders, tracks covenants and handles communication between the borrower and lenders. Loan agents are not fiduciaries of any party in the loan but rather hold a functionary position with substantive decisionmaking regarding the loan remaining with the lenders. In many cases, private credit lenders prefer to focus on origination and asset management and leverage third-party loan agents, including their fund administrators, to run the loan agency process. LoanStreet CLS provides loan agency software for banks, private credit funds and third-party agents acting as loan agent.