Finance Deals & Syndicated Lending · glossary
Statements of fact the Obligors make to the lenders. An untrue one stops new lending and is an Event of Default. A known problem is carved out of the statement's own words, because loans have no disclosure letter. Clause 15 · Chapter 8
Explained in Chapter 8, Representations, of Finance Deals & Syndicated Lending.
A representation is a statement of fact that one party makes so that the other will act. In clause 15, each Obligor (Atlas and its two guarantors) makes ten of them to the lenders. A seller under a share purchase agreement (SPA) gives warranties for the same reason: it knows the facts and the buyer does not.Read Chapter 8, Representations →
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