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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
New Jersey’s early colonial history was involved with that of New York (New Netherlands), of which it was a part. One year after the Dutch surrender to England in 1664, New Jersey was organized as an English colony under Gov. Philip Carteret.
In 1676 the colony was divided between Carteret and a company of English Quakers who had obtained the rights belonging to John, Lord Berkeley. New Jersey became a united crown colony in 1702, administered by the royal governor of New York. Finally, in 1738, New Jersey was separated from New York under its own royal governor, Lewis Morris. Because of its key location between New York City and Philadelphia, New Jersey saw much fighting during the American Revolution.
Today, New Jersey, an area of wide industrial diversification, is known as the Crossroads of the East. Products from over 20,000 manufacturers can be delivered overnight to 100 million people. The greatest single industry is chemicals; New Jersey is one of the foremost research centers in the world. Many large oil refineries are located in northern New Jersey. Other important manufactured items are pharmaceuticals, instruments, machinery, electrical goods, and apparel.
Productive farmland covers about 790,000 acres, 16.7% of New Jersey’s land area. The state ranks high in the production of almost all garden vegetables, as well as blueberries, cranberries, and peaches. Poultry, dairy products, and seafood are also top commodities.
Tourism is the second-largest industry in New Jersey. The state has numerous resort areas on 127 mi of Atlantic coastline. In 1977, New Jersey voters approved legislation allowing legalized casino gambling in Atlantic City. Points of interest include the Delaware Water Gap, the Edison National Historic Site in West Orange, Princeton University, Liberty State Park, Jersey City, and the N.J. State Aquarium in Camden.