Continuing Legal Education

TELESEMINAR: Asset-Based Finance, Part 2 – A National Perspective

December 12, 2012
12:00 – 1:00 p.m.
1.00 MCLE hours


Asset-based loans are the most common form of borrowing by companies and have become increasingly important as other forms of borrowing are limited.  With unsecured loans from banks still most out of reach of most companies because of the ongoing squeeze in lending, companies often turn to loans based on their inventory, accounts receivable or capital equipment to fund ongoing operations or expansion.  Asset-based loans are form of secured credit under UCC Article 9 and must conform with a thicket of statutory requirements.  Also, the practical, negotiated terms of the loans have changed in the last several years in response to very tight credit conditions.  This program will provide you with a framework for structuring asset-based loans, a guide to the extensive documentation needed to effectuate a loan, and common traps for borrowers and lenders. Part 2 of 2.


  • Drafting the most essential documents and provisions in asset-based finance
  • Financial terms of loans – interest, fees, and charges
  • Scope of collateral security
  • Representations, warranties and covenants in security agreement
  • Documentary and non-documentary conditions to closing
  • Rights of borrower on default and foreclosure
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Program Speaker:
Edwin E. Smith
, Bingham McCutchen, LLP, Boston


Edwin E. Smith is a partner in the Boston office of Bingham McCutchen, LLP, where he has a national commercial law practice. He has served as a Uniform Law Commissioner for the Commonwealth of Massachusetts and  a member of the drafting committee for the revisions of Article 9 of the Uniform Commercial Code. He formerly served as chair of the UCC Committee of the ABA Business Law Section and as the ABA Advisor/Liaison to the Permanent Editorial Board of the UCC.  He is a member of the American Law Institute and the National Bankruptcy Conference, and is the past president of the American College of Commercial Finance Lawyers.  He received his B.A. from Yale University and his J.D. from Harvard Law School.