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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Kentucky was the first region west of the Allegheny Mountains to be settled by American pioneers. James Harrod established the first permanent settlement at Harrodsburg in 1774; the following year Daniel Boone, who had explored the area in 1767, blazed the Wilderness Trail through the Cumberland Gap and founded Boonesboro.
Politically, the Kentucky region was originally part of Virginia, but statehood was gained in 1792. Gen. Anthony Wayne’s victory in 1794 at Fallen Timbers in Ohio marked the end of Native American resistance in the area and secured the Kentucky frontier.
As a slaveholding state with a considerable abolitionist population, Kentucky was caught in the middle during the Civil War, supplying both Union and Confederate forces with thousands of troops.
Kentucky prides itself on producing some of the nation’s best tobacco, horses, and whiskey. Corn, soybeans, wheat, fruit, hogs, cattle, and dairy products are among the agricultural items produced.
Among the manufactured items produced in the state are motor vehicles, furniture, aluminum ware, brooms, apparel, lumber products, machinery, textiles, and iron and steel products. Kentucky also produces significant amounts of petroleum, natural gas, fluorspar, clay, and stone. However, coal accounts for 85% of the total mineral income.
Louisville is famous for the Kentucky Derby at Churchill Downs, and the Bluegrass country around Lexington is the home of some of the world’s finest race horses. Other attractions are Mammoth Cave, the George S. Patton, Jr., Military Museum at Fort Knox, and Old Fort Harrod State Park.