Asset Based Loan means any Loan where (i) the underwriting of such Loan was based primarily on the appraised value of the assets securing such Loan and (ii) advances in respect of such Loan are governed by a borrowing base relating to the assets securing such Loan.

Asset Based Loan means any loan that (i) was underwritten primarily on the appraised value of the assets securing such Loan and (ii) is governed by a borrowing base.

Asset Based Loan means any Loan Asset where (i) the underwriting of such Loan Asset was based primarily on the appraised value of the assets securing such Loan Asset and (ii) advances in respect of such Loan Asset are governed by a borrowing base relating to the assets securing such Loan Asset.

Examples of Asset Based Loan in a sentence

The proceeds from the Asset Based Loan shall be used by members of the Borrowing Group for any corporate purpose.
All representations and warranties made by any member of the Borrowing Group or any Guarantor in this Agreement, all of which shall be deemed continuing during the term of this Agreement, shall be true and correct as of the date at execution and delivery of this Agreement, and at all times throughout the term hereof, except where Lender otherwise agrees, and have been and will be relied upon by Lender and constitute an inducement for the making and continuing of the Asset Based Loan and the L.O.C.
Lender is herein establishing for the benefit of the Borrowing Group an Asset Based Loan with an Aggregate Credit Balance of up to $100,000,000.00.
Borrowing Group shall pay all taxes, fees and expenses incurred in connection with the Asset Based Loan, the L.O.C. Facility and the closing of the transaction contemplated hereby.
The obligations of Lender to make and continue the Asset Based Loan and to issue letters of credit under the L.O.C. Facility are, unless waived in writing by Lender, subject to the further conditions set forth in this Article VIII.

More Definitions of Asset Based Loan

Asset Based Loan means a term loan or revolving loan (or participation thereof) (a) ranking (and required by its terms to remain) (i) first in right of payment (unless, in the case of this clause (i), such loan is a First Lien Last Out Loan, in which case such loan may rank second in right of payment to the related Other Senior Loans) and (ii) secured by valid security interests or Liens in, to or on specified collateral securing the Obligor's obligations under the loan, which Liens are not (and which cannot by their terms become) subordinate in right of Lien priority to other Liens (other than to Liens customarily allowed to be prior in priority to the Liens of a first lien asset-based lender and except that, in the case of this clause (ii), if such loan is a First Lien Last Out Loan, the provisions related to the application of proceeds thereof may require that proceeds of collateral be applied to the related Other Senior Loans prior to the application of such proceeds to such First Lien Last Out Loan) of the Obligor in respect thereof or any guarantor thereof, (b) availability under which (both at the time of the incurrence thereof and thereafter during the term of such loan) is restricted by a "borrowing base" or similar concept and (c) not constituting a Holding Company Loan.

Asset Based Loan means a Loan Asset (i) that is underwritten based primarily on the appraised value of the assets securing such Loan Asset, and (ii) in respect of which the advances are governed by a borrowing base relating to the assets securing such Loan Asset.

Asset Based Loan means a loan that, in the reasonable opinion of the Investment Advisor, is secured on other assets or pool of assets such as cars, aircraft, boats, equipment, leases or other loans (loan-on-loan);

Asset Based Loan means a Collateral Obligation underwritten on the basis of the market value or overcollateralization of specific collateral, as determined by the Calculation Agent in its discretion.

Asset Based Loan means a term loan or revolving loan (or participation thereof) (a) ranking (and required by its terms to remain) (i) first in right of payment (unless, in the case of this clause (i), such loan is a First Lien Last Out Loan, in which case such loan may rank second in right of payment to NAI-15121569431515895953v1213 -3- the related Other Senior Loans) and (ii) secured by valid security interests or Liens in, to or on specified collateral securing the Obligor’s obligations under the loan, which Liens are not (and which cannot by their terms become) subordinate in right of Lien priority to other Liens (other than to Liens customarily allowed to be prior in priority to the Liens of a first lien asset-based lender and except that, in the case of this clause (ii), if such loan is a First Lien Last Out Loan, the provisions related to the application of proceeds thereof may require that proceeds of collateral be applied to the related Other Senior Loans prior to the application of such proceeds to such First Lien Last Out Loan) of the Obligor in respect thereof or any guarantor thereof, (b) availability under which (both at the time of the incurrence thereof and thereafter during the term of such loan) is restricted by a “borrowing base” or similar concept and (c) not constituting a Holding Company Loan.

Asset Based Loan. Any Loan that (i) is secured by a 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 or inventory as of each month multiplied by an advance rate, (ii) is designated by the Servicer as an “Asset Based Loan” in accordance with the Credit and Collection Policy and (iii) is secured by (x) a perfected first priority security interest (subject to Permitted Liens) (directly or via an intercreditor agreement on terms satisfactory to the Administrative Agent) in any proceeds received from the related Obligor with respect to such Obligor’s accounts receivable, inventory, cash and any general intangibles related to such accounts receivable and inventory and (y) a first or second priority security interest with respect to the proceeds of any other assets of any such Obligor.