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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
The first Europeans to visit the area were the French explorers Jacques Marquette and Louis Joliet in 1673. The U.S. obtained control of the area in 1803 as part of the Louisiana Purchase, and during the first half of the 19th century, there was heavy fighting between white settlers and Indians. Lands were taken from the Indians after the Black Hawk War in 1832 and again in 1836 and 1837.
When Iowa became a state in 1846, its capital was Iowa City; the more centrally located Des Moines became the new capital in 1857. At that time, the state’s present boundaries were also drawn.
Although Iowa produces a tenth of the nation’s food supply, the value of Iowa’s manufactured products is twice that of its agriculture. Major industries are food and associated products, non-electrical machinery, electrical equipment, printing and publishing, and fabricated products.
Iowa stands in a class by itself as an agricultural state. Its farms sell over $10 billion worth of crops and livestock annually. Iowa leads the nation in all corn, soybean, and hog marketings, and comes in third in total livestock sales. Iowa’s forests produce hardwood lumber, particularly walnut, and its mineral products include cement, limestone, sand, gravel, gypsum, and coal.
Tourist attractions include the Herbert Hoover birthplace and library near West Branch; the Amana Colonies; Fort Dodge Historical Museum, Fort, and Stockade; the Iowa State Fair at Des Moines in August; and the Effigy Mounds National Monument, a prehistoric Indian burial site at Marquette.