A loan agreement is a contract entered into between which regulates the terms of a loan. Loan agreements usually relate to loans of cash, but market specific contracts are also used to regulate securities lending. Loan agreements are usually in written form, but there is no legal reason why a loan agreement cannot be a purely oral contract (although in some countries this may be limited by the Statute of frauds or equivalent legislation).
Loan agreements are usually characterised either of two different ways: by the type of lender, or by the type of facility. Categorising loan agreements by lender usually simply sub-divides loans into:
Categorising loan agreements by type of facility, usually results in two primary categories:
Term loans, which are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
Within these two categories though, there are various subdivisions such as interest-only loans, and balloon payment loans. It is also possible to subcategorise on whether the loan is a secured loan or an unsecured loan, and whether the rate of interest is fixed or floating.
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland waterways. The state ranks 23rd in population with 4.7 million residents in 2009.
From the American Civil War until World War II, Alabama, like many Southern states, suffered economic hardship, in part because of continued dependence on agriculture. Despite the growth of major industries and urban centers, white rural interests dominated the state legislature until the 1960s, while urban interests and African Americans were under-represented. Following World War II, Alabama experienced growth as the economy of the state transitioned from agriculture to diversified interests in heavy manufacturing, mineral extraction, education, and technology. In addition, the establishment or expansion of multiple military installations, primarily those of the U.S. Army and U.S. Air Force, added to state jobs.
Alabama is unofficially nicknamed the Yellowhammer State, after the state bird. Alabama is also known as the “Heart of Dixie.” The state tree is the Longleaf Pine, the state flower is the Camellia. The capital of Alabama is Montgomery. The largest city by population is Birmingham. The largest city by total land area is Huntsville. The oldest city is Mobile, founded by French colonists.