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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east. Maryland was the seventh state to ratify the United States Constitution, and three nicknames for it (the Old Line State, the Free State, and the Chesapeake Bay State) are occasionally used. Maryland is the 9th least extensive, but the 19th most populous and the 5th most densely populated of the 50 United States. The state’s most populated city is Baltimore. Its capital is Annapolis. It was named after Queen Henrietta Maria.
Maryland has an area of 12,406.68 square miles (32,133.2 km2) and is comparable in overall area with the European country of Belgium (11,787 square miles (30,530 km2)). It is the 42nd largest/9th smallest state, and is closest in size to Hawaii (10,930.98 square miles (28,311.1 km2)), the next smallest state. The next largest state, Maryland’s neighbor West Virginia, is almost twice the size of Maryland (24,229.76 square miles (62,754.8 km2)).