Asset Based Loans definition

Asset Based Loans means any revolving loan that is secured by a first priority security interest in the related Obligor’s accounts receivable, inventory or equipment, and provides the related Obligor with the option to receive additional borrowings thereunder based on the value of its eligible accounts receivable, inventory or equipment.
View Source
Asset Based Loans means loans made by the Borrower or a Pledgor in which the amounts outstanding, as well as the availability, under such loans is based upon a formula comprised in whole or in part of (a) a specified advance rate multiplied by the borrower’s eligible accounts receivable and (b) a specified advance rate multiplied by the borrower’s eligible inventory.
View Source

Examples of Asset Based Loans in a sentence

  • In connection with the Advance and the Asset Based Loans, if any, to be purchased by the Borrower with the proceeds of the Advance, the Approved Valuation Firm is [____] and Appraised Value as calculated by such Approved Valuation Firm is [___], with such appraisal metric set forth in detail in Annex III hereto.

  • All references in the Credit Agreement to Eligible Loan Receivable and Security Value of Eligible Loans Receivable shall hereafter be deemed to be references, respectively, to Eligible Asset Based Loan Receivable and Security Value of Eligible Asset Based Loans Receivable.

  • Asset Based Loans and Real Estate with a Highly Confident Syndication Bridge (the Company needs to be highly confident that the Maximum Hold Limit will be met within 60 days).

  • Without the approval of a majority of the Board of Directors, the following hold limits shall apply for the different types of loans made by the Company: Asset Based Loans and First Mortgage Real Estate Loans: $55 Million.

  • Asset Based Loans with a “Stretch Piece” that does not exceed 10% of the Asset Based Loan: $50 Million.