Examples of Term Loan Account in a sentence
First charge on fixed asset of Durgapur Unit is already held by Punjab National bank on Term Loan Account and therefore taking the estimated market value of the fixed asset, short term borrowings have been classified as secured.
The Bank shall maintain on its books a record of account in which the Bank shall make entries setting forth all payments made, the application of such payments to interest and principal, accrued and unpaid interest (if any) and the outstanding principal balance under the Term Loan (the "Term Loan Account").
The principal and the amounts of all payments on the Term Note shall be recorded by the Lender in the Term Loan Account of the Borrower.
The Bank shall provide the Borrower with a monthly statement of the Borrower's Term Loan Account, which statement shall be considered to be correct and conclusively binding on the Borrower unless the Borrower notifies the Bank to the contrary within 30 days after the Borrower's receipt of any such statement which it deems to be incorrect.
All statements regarding the Term Loan Account shall be deemed to be accurate absent manifest error or unless objected to by the Borrower within 30 days after receipt.