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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Guam is governed by a popularly elected governor and a unicameral 15-member legislature, whose members are known as senators. Guam elects one non-voting delegate, currently Democrat Madeleine Z. Bordallo, to the United States House of Representatives. U.S. citizens in Guam vote in a straw poll for their choice in the U.S. Presidential general election, but since Guam has no votes in the Electoral College, the poll has no real effect. However, in sending delegates to the Republican and Democratic national conventions, Guam does have influence in the national presidential race, though these convention delegates are elected by local party conventions rather than voters in primaries.