Finance Deals & Syndicated Lending · glossary
Repeating representations are the borrower's statements of fact that the loan agreement treats as made again later, usually on each utilisation request, each drawing and the first day of each interest period. Only some representations repeat: those the lenders need to stay true for the whole loan. If one is untrue when repeated, the lenders can refuse new money.
The representations made again on each Utilisation Request, each drawing and the start of each interest period. In Sunrise there are six: the four legal statements, pari passu and sanctions. The accounts, litigation and purchase-contract statements speak only at signing. Definition: Repeating Representations · Chapter 8
Explained in Chapter 8, Representations, of Finance Deals & Syndicated Lending.
Only the Repeating Representations repeat, and the definition lists six of them. They repeat whenever money moves and at the start of each interest period. Each time, they are tested against the facts on that day. With three-month interest periods, Atlas makes them again at least every quarter.Read Chapter 8, Representations →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Finance Deals & Syndicated Lending and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
each of the representations set out in clauses 15.1 to 15.4, 15.9 and 15.10;Read the definition in the document →
Representations the borrower is treated as making again on set dates, not just at signing. Typical ones are that it is validly formed, has power to borrow, and that its obligations are binding.
The lenders can refuse new loans. A representation that was untrue in a material way when made or repeated is also usually an event of default, which can let the lenders demand repayment.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Finance Deals & Syndicated Lending → · All terms A–Z →