Collateral is comforting until you have to liquidate it. Then it gets uncomfortable fast. In this episode we walk through the mechanics of a borrowing base the way a workout officer would, peeling back ineligibles, concentration limits, advance rates, and the silent assumptions buried in every formula. SCRUB gives you a working checklist for testing whether the assets in the field actually match the assets on the certificate. We return to Halsted's borrowing base and show how a clean looking $4.8M collateral position can shrink to something far less reassuring once you ask the right four questions.