Huntington National Bank continues to expand its commercial banking segment, known as Huntington Commercial Bank, across the U.S. by bringing its middle-market and corporate banking capabilities to Austin and central Texas. The commercial expansion follows Huntington's significant growth in Texas, including the recent acquisitions of Houston-based Cadence Bank and Dallas-based Veritex Bank.

Picture this: A lender extends a $70mm “lender finance” revolving loan facility to a factoring company. Availability under the facility is governed by a borrowing base, calculated generally as 75% of eligible receivables. The eligibility criteria include the standard and customary exclusions and limitations. But that is not the issue here. The issue here concerns a much simpler, yet more fundamental, question: What is the “receivable” that is used to build the borrowing base in the first instance?