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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Trappers and traders, including Jedediah Smith and Peter Skene Ogden, entered the Nevada area in the 1820s. In 1843–1845, John C. Frémont and Kit Carson explored the Great Basin and Sierra Nevada. The U.S. obtained the region in 1848 following the Mexican War, and the first permanent settlement was a Mormon trading post near present-day Genoa.
The driest state in the nation, with an average annual rainfall of only about 7 in., much of Nevada is uninhabited, sagebrush-covered desert. The wettest part of the state receives about 40 in. of precipitation per year, while the driest spot has less than 4 in. per year.
Nevada was made famous by the discovery of the Comstock Lode, the richest known U.S. silver deposit, in 1859, and its mines have produced large quantities of gold, silver, copper, lead, zinc, mercury, barite, and tungsten. Oil was discovered in 1954. Gold now far exceeds all other minerals in value of production.
In 1931, the state created two industries, divorce and gambling. For many years, Reno and Las Vegas were the “divorce capitals of the nation.” More liberal divorce laws in many states have ended this distinction, but Nevada is still the gambling capital of the U.S. and a leading entertainment center. In 2009, 12.5% of Nevada’s general revenue came from gambling, which brought in $830 million. Nevada’s lack of a lottery might account for its 12th place ranking for total gambling revenue.
The state’s leading agricultural industry is cattle and calves. Agricultural crops consist mainly of hay, alfalfa seed, barley, wheat, and potatoes.
Nevada manufactures gaming equipment; lawn and garden irrigation devices; titanium products; seismic and machinery monitoring devices; and specialty printing.
Lake Tahoe, Reno, and Las Vegas are major resorts. Recreation areas include Pyramid Lake, Lake Tahoe, and Lake Mead and Lake Mohave, both in Lake Mead National Recreation Area. Other attractions are Hoover Dam, Virginia City, and Great Basin National Park (includes Lehman Caves).