Traditional Bank Loan definition
Traditional Bank Loan is defined herein as a secured loan or line of credit that does not include any type of (a) factoring, (b) “asset-based lending,” which is based on a percentage of the outstanding principal balance of acceptable receivables or the value of inventory, or (c) similar financing as those financing arrangements are commonly known in the commercial finance industry. A secured loan or line of credit that does not actually include the types of financing described in the foregoing clauses (a)-(c) shall constitute a Traditional Bank Loan notwithstanding that the provider of such Traditional Bank Loan may offer such types of financing. Determining whether a loan qualifies as a Traditional Bank Loan under this Agreement is within Allied’s sole and exclusive discretion. All covenants, agreements, undertakings, representations, warranties, and obligations related to any transaction (including without limitation sales of Accounts) entered into or made pursuant hereto, and all security interests granted herein or arising hereunder and rights of Allied to enforce this Agreement and the security interests granted herein (including without limitation those arising under paragraphs 4, 5, 11-16 and 19 hereof) shall survive expiration of the Term or any termination of this Agreement.
Examples of Traditional Bank Loan in a sentence
Determining whether a loan qualifies as a Traditional Bank Loan under this Agreement is within Allied’s sole and exclusive discretion.
A secured loan or line of credit that does not actually include the types of financing described in the foregoing clauses (a)-(c) shall constitute a Traditional Bank Loan notwithstanding that the provider of such Traditional Bank Loan may offer such types of financing.