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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Under an English land grant, Capt. John Smith sent settlers to establish a fishing colony at the mouth of the Piscataqua River, near present-day Rye and Dover, in 1623. Capt. John Mason, who participated in the founding of Portsmouth in 1630, gave New Hampshire its name.
After a 38-year period of union with Massachusetts, New Hampshire was made a separate royal colony in 1679. As leaders in the revolutionary cause, New Hampshire delegates received the honor of being the first to vote for the Declaration of Independence on July 4, 1776. New Hampshire gained a measure of international attention in 1905 when Portsmouth Naval Base played host to the signing of the treaty ending the Russo-Japanese War, known as the Treaty of Portsmouth.
Abundant water power turned New Hampshire into an industrial state early on, and manufacturing is the principal source of income. The most important industrial products are electrical and other machinery, textiles, pulp and paper products, and stone and clay products. Dairy and poultry, and growing fruit, truck vegetables, corn, potatoes, and hay are the major agricultural pursuits.
Because of New Hampshire’s scenic and recreational resources, tourism now brings over $3.5 billion into the state annually.
Vacation attractions include Lake Winnipesaukee, largest of 1,300 lakes and ponds; the 724,000-acre White Mountain National Forest; Daniel Webster’s birthplace near Franklin; and Strawbery Banke, restored buildings of the original settlement at Portsmouth. In 2003, the famous “Old Man of the Mountain” granite head profile, the state’s official emblem, fell from its perch in Franconia.