Common use of Loan Statement Clause in Contracts

Loan Statement. (a) The Bank will provide a loan statement to the Borrower at least once a year indicating the outstanding balance at the beginning and end of the period covered by the statement, the amount credited and charged, including interest and other non-interest charges, and the dates when those amounts were posted to the account. (b) It is the Borrower’s obligation to check that the loan statement furnished by the Bank is correct. If the Bank does not receive a written objection from the Borrower to the contents of the loan statement within 14 or such other shorter period as may be necessary to be imposed by the Bank as a result of the coming into force of any relevant law, regulation or guideline days of the loan statement date, in the absence of any obvious error on the face of the statement or fraud by the Bank, the Borrower shall be deemed conclusively to have accepted the contents of such loan statement as true and accurate and such loan statement shall be final and conclusive and binding on the Borrower for all purposes whatsoever including for the purposes of any legal proceedings.

Loan Statement. (a) The Bank will provide a loan statement to the Borrower at least once a year indicating the outstanding balance at the beginning and end of the period covered by the statement, the amount credited and charged, including interest and other non-interest charges, and the dates when those amounts were posted to the account. . (b) It is the Borrower’s obligation to check that the loan statement furnished by the Bank is correct. , W L V W K H % R U U R Z H U ¶ V R If the Bank does Ethe BOankLdoeJs not receive a written objection from the Borrower to the contents of the loan statement within 14 or such other shorter period as may be necessary to be imposed by the Bank as a result of the coming into force of any relevant law, regulation or guideline days of the loan statement date, in the absence of any obvious error on the face of the statement or fraud by the Bank, the Borrower shall be deemed conclusively to have accepted the contents of such loan statement as true and accurate and such loan statement shall be final and conclusive and binding on the Borrower for all purposes whatsoever including for the purposes of any legal proceedings.