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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
Exploration of this area began in 1743 when Louis-Joseph and François Verendrye came from France in search of a route to the Pacific.
The U.S. acquired the region as part of the Louisiana Purchase in 1803, and it was explored by Lewis and Clark in 1804–1806. Fort Pierre, the first permanent settlement, was established in 1817.
Settlement of South Dakota did not begin in earnest until the arrival of the railroad in 1873 and the discovery of gold in the Black Hills in 1874.
Agriculture is a cultural and economic mainstay, but it no longer leads the state in employment or share of gross state product. Durable-goods manufacturing and private services have evolved as the drivers of the economy. Tourism is also a booming industry in the state, generating over a billion dollars’ worth of economic activity each year.
South Dakota is the second-largest producer of sunflower seed and oil in the nation. South Dakota is also a leading producer of a variety of small grains including oats, barley, rye, flaxseed, sorghum and alfalfa.
The Black Hills are the highest mountains east of the Rockies. Mt. Rushmore, in this group, is famous for the likenesses of Washington, Jefferson, Lincoln, and Theodore Roosevelt, which were carved in granite by Gutzon Borglum. A memorial to Crazy Horse is also being carved in granite near Custer.
Other tourist attractions include the Badlands; the World’s Only Corn Palace, in Mitchell; and the city of Deadwood, where Wild Bill Hickok was killed in 1876 and where gambling was recently legalized.