Overview With a deep understanding of the industry’s products and practices in the United States and around the world, Choate’s asset-based lending (ABL) team structures and executes complex transactions, works out and restructures problem credits, and enforces creditors’ rights in a wide range of industries – including manufacturing, retail, consumer products, distribution, technology, and transportation companies. We have extensive knowledge of the varied financing structures commonly employed by ABL lenders, including large syndicated revolving credit facilities, club transactions, single lender deals, senior stretch loans, unitranche facilities, FILO structures and term loans. We routinely document transactions with various collateral structures, including split collateral, first lien/second lien and first-in, first-out tranches. We have significant experience with respect to traditional borrowing base as well as FILO and stretch borrowing base structures and a deep understanding of traditional working capital assets as well as non-traditional collateral including real estate, M&E, intellectual property and foreign collateral. In addition, with a preeminent bankruptcy and restructuring practice, Choate can expertly handle all restructurings, workouts, distressed asset and insolvency proceedings in the ABL sector, such as cash collateral matters, debtor-in-possession financing, Section 363 sales, and the Chapter 11 plan process in these sectors.