Asset-Based Lending
Asset-Based Lending
The Complete Guide to Originating, Evaluating and Managing Asset-Based Loans, Leasing and Factoring
About the Book
This new, third edition, has added many updates regarding critical asset-based collateral subjects and issues, including regulatory Uniform Commercial Code (UCC) changes and more.
Asset-based lending, or the extension of credit against company's balance sheet assets on a collateral margin basis, is a rapidly growing field in the lending arena - thanks to better controls and understanding as well as the intensification of non-bank competition in the field. Asset-Based Lending defines lending controls and policies, assessing collateral and borrower quality, loan pricing, collateral monitoring and much more, including:
- Cash collateral accounts, commingling funds and controlling payments and advances
- Completing notes, security agreements and other documents
- Accounts receivable and inventory lending
- Chattel paper, notes, machinery and equipment
- Direct and third party leasing
- Collateral field examinations
- Factoring
About the Author
Table of Contents
- About The Author
- Preface
-
What This Book Will Do for You
- WHO CAN BENEFIT FROM THIS GUIDE
-
CHAPTER 1 - Asset-Based Lending and Collateral Controls: An Overview
- 1.1 INTRODUCTION
- 1.2 ARTICLE 9 OF THE UNIFORM COMMERCIAL CODE (UCC)
- 1.3 ELIGIBLE RECEIVABLES
- 1.4 INELIGIBLE RECEIVABLES
- 1.5 ELIGIBLE EXECUTORY CONTRACTS
- 1.6 INELIGIBLE EXECUTORY CONTRACTS
- 1.7 ELIGIBLE NOTES
- 1.8 INELIGIBLE NOTES
- 1.9 ELIGIBLE CHATTEL PAPER
- 1.10 INELIGIBLE CHATTEL PAPER
- 1.11 ELIGIBLE DOCUMENTS
- 1.12 INELIGIBLE DOCUMENTS
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CHAPTER 2 - Investigating the Borrower
- 2.1 MEASURING RISK
- 2.2 OBTAINING PRELIMINARY INFORMATION ABOUT THE BORROWER
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CHAPTER 3 - Setting the Amount and Price of the Loan
- 3.1 QUALITY OF COLLATERAL AND BORROWER
- 3.2 BORROWING BASE
- 3.3 COLLATERAL MARGIN
- 3.4 UNSECURED LOANS
- 3.5 CROSS-COLLATERAL OR DRAGNET CLAUSES
- 3.6 INTEREST RATES AND FEES
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CHAPTER 4 - Cash Collateral Accounts, Commingling Funds, and Controlling Payments and Advances
- 4.1 SETTING UP CASH COLLATERAL ACCOUNTS
- 4.2 COMMINGLED FUNDS
- 4.3 BLOCK ACCOUNTS
- 4.4 CONTROLLING PAYMENTS
- 4.5 METHODS OF HANDLING ADVANCES
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CHAPTER 5 - Completing Notes, Security Agreements, and Other Documents
- 5.1 PREPARING DOCUMENTS—AN OVERVIEW
- 5.2 ASSUMED NAMES
- 5.3 BORROWING RESOLUTIONS/AUTHORIZATIONS
- 5.4 NOTE FORMS
- 5.5 SECURITY AGREEMENTS
- 5.6 ASSIGNMENT OF RELATED COMPANY ASSETS
- 5.7 LETTER/LOAN AGREEMENT
- 5.8 GUARANTY AGREEMENTS
- 5.9 CORPORATE RESOLUTION OR PARTNERSHIP AUTHORITY/AFFIDAVIT FOR GUARANTIES AND COLLATERAL PLEDGES AND ASSIGNMENTS
- 5.10 SUBORDINATION AGREEMENTS
- 5.11 ASSIGNMENT OF LIFE INSURANCE POLICY
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CHAPTER 6 - Perfecting the Security Interest
- 6.1 THE SECURITY INTEREST—AN OVERVIEW
- 6.2 FILING REQUIREMENTS FOR FINANCING STATEMENTS
- 6.3 TAX LIENS JUDGMENTS
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CHAPTER 7 - Accounts Receivable Lending
- 7.1 INTRODUCTION
- 7.2 NON-NOTIFICATION RECEIVABLE FINANCING
- 7.3 COLLATERAL CONTROL PLANS FOR NON-NOTIFICATION FINANCING
- 7.4 NOTIFICATION RECEIVABLE FINANCING
- 7.2 USE OF AN INDEPENDENT THIRD- PARTY SERVICE COMPANY FOR MONITORING THE COLLATERAL
- 7.6 COMPETING SECURITY INTERESTS
- 7.7 MAINTAINING THE LOAN-TO-COLLATERAL RATIO
- 7.8 THE BORROWING BASE CERTIFICATE (REPORT)
- 7.9 MONTHLY AGINGS OF ACCOUNTS RECEIVABLE
- 7.10 MONTHLY AGINGS OF ACCOUNTS PAYABLE
- 7.11 ASSIGNMENT SCHEDULES
- 7.12 COLLECTION SCHEDULES
- 7.13 CHECKLIST OF BORROWER RESPONSIBILITY
- 7.14 CHECKLIST OF NOTE OR SUPPORT DEPARTMENT STAFF RESPONSIBILITY
- 7.15 CHECKLIST OF LOAN OFFICER S RESPONSIBILITY
- 7.16 ASSIGNMENT SCHEDULE COMPLETION
- 7.17 COLLECTION SCHEDULE COMPLETION
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CHAPTER 8 - Executory Contract Lending
- 8.1 EXECUTORY CONTRACT LOANS
- 8.2 LENDING ON EXECUTORY CONTRACTS
- 8.2 NOTIFICATION OF ASSIGNMENT
- 8.4 TRADE CONTRACTOR FINANCING
- 8.5 U.S. GOVERNMENT CONTRACTS FOR MILITARY GOODS AND SERVICES
- 8.6 MUNICIPALITY CONTRACTS
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CHAPTER 9 - Inventory Lending
- 9.1 INTRODUCTION
- 9.2 EVALUATING INVENTORY AS COLLATERAL
- 9.3 INVENTORY LOANS
- 9.4 FINANCIAL QUALIFICATIONS OF THE BORROWER
- 9.5 SPECIAL FILING/CERTIFICATE REQUIREMENTS AND PROBLEMS
- 9.6 CONTROLLING INVENTORY COLLATERAL
- 9.7 QUALITY OF INVENTORY COLLATERAL
- 9.8 PROTECTING INVENTORY COLLATERAL
- 9.9 PROTECTING THE PRIORITY OF YOUR LIEN
- 9.10 CONSIGNED INVENTORY
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CHAPTER 10 - Chattel Paper, Notes, Machinery, and Equipment Financing
- 10.1 CHATTEL PAPER
- 10.2 PERFECTING COLLATERAL INTEREST IN CHATTEL PAPER
- 10.3 NOTES
- 10.4 ESTOPPEL (NOTIFICATION) LETTERS
- 10.5 BASIC CONSIDERATIONS WHEN LENDING AGAINST CHATTEL PAPER AND NOTES
- 10.6 LENDING AGAINST MACHINERY AND EQUIPMENT (M&E)
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CHAPTER 11 - Third-Party Leasing
- 11.1 INTRODUCTION
- 11.2 FINANCIAL CONDITIONS OF LESSORS AND LESSEES
- 11.3 FILING FINANCING STATEMENTS ONLY FOR NOTIFICATION PURPOSES
- 11.4 ACCOUNTING METHODS
- 11.5 THIRD-PARTY LEASES
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CHAPTER 12 - Direct-Lease Financing
- 12.1 INTRODUCTION
- 12.2 DIRECT LEASES
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CHAPTER 13 - Factoring
- 13.1 INTRODUCTION
- 13.2 FACTORING NEW CLIENTS
- 13.3 FACTOR FINANCING
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CHAPTER 14 - Outside Collateral Field Examinations
- 14.1 AUDITS OF BORROWERS RECORDS
- 14.2 AUDIT CONFIRMATIONS (VERIFICATIONS)
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CHAPTER 15 - Loan Relationship Transfers, Liquidations, and Files
- 15.1 LOAN RELATIONSHIP TRANSFERS
- 15.2 LOAN LIQUIDATIONS
- 15.3 FILES
- (2) Record Retention
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CHAPTER 16 - Dealing with Asset-Based Borrowers Under the Bankruptcy Code
- 16.1 INITIATING A PETITION
- 16.2 CREDITOR MEETINGS
- 16.3 AUTOMATIC STAYS
- 16.4 ADEQUATE PROTECTION
- 16.5 VOIDABLE PREFERENCES
- 16.6 CHAPTER 11
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Appendix
- Due Diligent Necessities Regarding ABL:
- Borrowing Base Reports
- Eligible Account Receivable for Borrowing Base Purposes
- Ineligible Accounts Receivable for Borrowing Base Purposes
- Ineligible Inventory for Borrowing Base Purposes
- Pre-Loan Surveys and On-Going Collateral Field Examinations
- A/R summary based on terms and reconciliation to financial statements
- Recommendations
- General
- Accounts Receivable
- Notes Payable
- Taxes
- Inventory
- Types of Equipment Appraisals
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