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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
English colonists, sent by Sir Walter Raleigh, unsuccessfully attempted to settle Roanoke Island in 1585 and 1587. Virginia Dare, born there in 1587, was the first child of English parentage born in America.
In 1653 the first permanent settlements were established by English colonists from Virginia near the Roanoke and Chowan rivers. The region was established as an English proprietary colony in 1663–1665 and in its early history was the scene of Culpepper’s Rebellion (1677), the Quaker-led Cary Rebellion (1708), the Tuscarora Indian War (1711–1713), and many pirate raids.
During the American Revolution, there was relatively little fighting within the state, but many North Carolinians saw action elsewhere. Despite considerable pro-Union, antislavery sentiment, North Carolina joined the Confederacy during the Civil War.
North Carolina’s economy is experiencing a shift away from tobacco, furniture and textiles to knowledge-based enterprises such as biotechnology, pharmaceuticals, and life sciences. The state was ranked third best state for business in 2010 by Forbes magazine. The major agricultural products are tobacco, corn, cotton, hay, peanuts, and vegetable crops. The state is the country’s leading producer of mica and lithium.
Tourism is also important, with visitors spending more than $1 billion annually. Sports include year-round golfing, skiing at mountain resorts, both fresh- and salt-water fishing, and hunting.
Among the major attractions are the Great Smoky Mountains, the Blue Ridge National Parkway, the Cape Hatteras and Cape Lookout National Seashores, the Wright Brothers National Memorial at Kitty Hawk, Guilford Courthouse and Moores Creek National Military Parks, Carl Sandburg’s home near Hendersonville, and the Old Salem Restoration in Winston-Salem.