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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Massachusetts has played a significant role in American history since the Pilgrims, seeking religious freedom, founded Plymouth Colony in 1620. As one of the most important of the 13 colonies, Massachusetts became a leader in resisting British oppression. In 1773, the Boston Tea Party protested unjust taxation. The Minute Men started the American Revolution by battling British troops at Lexington and Concord on April 19, 1775.
During the 19th century, Massachusetts was famous for the intellectual activity of its writers and educators and for its expanding commercial fishing, shipping, and manufacturing interests. Massachusetts pioneered the manufacture of textiles and shoes. Today, these industries have been replaced in importance by the electronics and communications equipment fields.
The state’s cranberry crop is the nation’s second-largest (after Wisconsin). Also important are dairy and poultry products, nursery and greenhouse produce, vegetables, and fruit.
Tourism has become an important factor in the economy of the state because of its numerous recreational areas and historical landmarks. Cape Cod has beaches, summer theaters, and an artists’ colony at Provincetown. The Berkshires, in the western part of the state, is the site of Tanglewood, the summer home of the Boston Symphony; art museums, including Mass MoCA and the Clark Institute; and Jacob’s Pillow, a world renowned dance center.
Among the many other points of interest are Old Sturbridge Village in Sturbridge, Minute Man National Historical Park between Lexington and Concord, and Plimoth Plantation in Plymouth. In Boston there are many places of historical interest, including Old North Church, Old State House, Faneuil Hall, the USS Constitution, and the John F. Kennedy Library and Museum.