1. Which of the following is not true about asset-based lending?

a. Short-term asset-based loans are secured frequently by receivables and inventory.

b. Lenders look to the target firms assets as their primary protection.

c. Long-term asset-based loans are typically secured by property and equipment.

d. Asset-based loans usually include a security agreement that specifies which borrower asset is pledged as collateral for the loan.

e. The borrower generally pledges tangible assets as collateral.