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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Francisco Vásquez de Coronado first explored the region for Spain in 1541. The U.S. acquired most of Oklahoma in 1803 in the Louisiana Purchase from France; the Western Panhandle region became U.S. territory with the annexation of Texas in 1845.
Set aside as Indian Territory in 1834, the region was divided into Indian Territory and Oklahoma Territory on May 2, 1890. The two were combined to make a new state, Oklahoma, on Nov. 16, 1907.
On April 22, 1889, the first day homesteading was permitted, 50,000 people swarmed into the area. Those who tried to beat the noon starting gun were called “Sooners,” hence the state’s nickname.
Oil made Oklahoma a rich state, but natural-gas production has now surpassed it. Oil refining, meat packing, food processing, and machinery manufacturing (especially construction and oil equipment) are important industries. Minerals produced in Oklahoma include helium, gypsum, zinc, cement, coal, copper, and silver.
Oklahoma’s rich plains produce bumper yields of wheat, as well as large crops of sorghum, hay, cotton, and peanuts. More than half of Oklahoma’s annual farm receipts are contributed by livestock products, including cattle, dairy products, swine, and broilers.
Tourist attractions include the National Cowboy Hall of Fame in Oklahoma City, the Will Rogers Memorial in Claremore, the Cherokee Cultural Center with a restored Cherokee village, the restored Fort Gibson Stockade near Muskogee, the Lake Texoma recreation area, pari-mutuel horse racing at Remington Park in Oklahoma City, and Blue Ribbon Downs in Sallisaw.