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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Colorado is a U.S. state that encompasses most of the Southern Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains. Colorado is part of the Western United States and the Mountain States. Colorado is the 8th most extensive and the 22nd most populous of the 50 United States.
The state was named for the Colorado River, which early Spanish explorers named the Río Colorado for the red colored (Spanish: colorado) silt the river carried from the mountains. On August 1, 1876, U.S. President Ulysses S. Grant signed a proclamation admitting Colorado as the 38th state. Colorado is nicknamed the “Centennial State” because it was admitted to the Union in 1876, the centennial year of the United States Declaration of Independence.