One of the more noticeable developments on the Dutch debt market during the past year was the incorporation of an asset-based lending or ABL facility into the borrower's capital structure, in combination with a traditional cash flow-based term facility. In such a structure, the ABL facility is generally used for working capital purposes while the term facility is generally used to finance an acquisition, a dividend recap or for capital expenditures. However, other uses of the ABL facility are possible. A term facility can be made available by one or more commercial banks or by direct or alternative lenders, for example in the form of a traditional term loan or a unitranche financing. An ABL facility is usually provided by commercial banks or specialised asset-based lenders, as direct and alternative lenders generally cannot extend revolving credit or overdraft facilities and certainly no working capital facilities that require lose monitoring such as an ABL facility.