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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
First explored for Spain by Hernando de Soto, who discovered the Mississippi River in 1540, the region was later claimed by France. In 1699, a French group under Sieur d’Iberville established the first permanent settlement near present-day Ocean Springs.
Great Britain took over the area in 1763 after the French and Indian Wars, ceding it to the U.S. in 1783 after the Revolution. Spain did not relinquish its claims until 1798, and in 1810 the U.S. annexed West Florida from Spain, including what is now southern Mississippi.
For a little more than one hundred years, from shortly after the state’s founding through the Great Depression, cotton was the undisputed king of Mississippi’s largely agrarian economy. Over the last half-century, however, Mississippi has diversified its economy by balancing agricultural output with increased industrial activity.
Today, agriculture continues as a major segment of the state’s economy. For almost four decades soybeans occupied the most acreage, while cotton remained the largest cash crop. In 2001, however, more acres of cotton were planted than soybeans, and Mississippi jumped to second in the nation in cotton production (exceeded only by Texas). The state’s farmlands also yield important harvests of corn, peanuts, pecans, rice, sugar cane, and sweet potatoes as well as poultry, eggs, meat animals, dairy products, feed crops, and horticultural crops. Mississippi remains the world’s leading producer of pond-raised catfish.
The state abounds in historical landmarks and is the home of the Vicksburg National Military Park. Other National Park Service areas are Brices Cross Roads National Battlefield Site, Tupelo National Battlefield, and part of Natchez Trace National Parkway. Pre–Civil War mansions are the special pride of Natchez, Oxford, Columbus, Vicksburg, and Jackson.
On Aug. 29, 2005, Mississippi was hit by Hurricane Katrina, killing hundreds, mostly in Harrison County.