TERM LOAN Definition

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TERM LOAN is a bank loan, typically with a floating interest rate, for a specified amount that matures in between one and ten years and requires a specified repayment schedule.

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INTERNAL CONTROL WEAKNESS is a defect in the design or operation of internal controls.

NON-INTEREST BEARING BOND is a bond issued at a discount from its par value and not paying any interest to the holder. The interest earned is determined by the difference between the redemption price and the purchased price. U.S. Treasury bills are an example of non-interest bearing bonds.

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