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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
First visited by the Spanish explorer Hernando de Soto in 1540, the Tennessee area would later be claimed by both France and England as a result of the 1670s and 1680s explorations of Jacques Marquette and Louis Joliet, Sieur de la Salle, and James Needham and Gabriel Arthur. Great Britain obtained the area after the French and Indian Wars in 1763.
During 1784–1787, the settlers formed the “state” of Franklin, which was disbanded when the region was allowed to send representatives to the North Carolina legislature. In 1790 Congress organized the territory south of the Ohio River, and Tennessee joined the Union in 1796.
Although Tennessee joined the Confederacy during the Civil War, there was much pro-Union sentiment in the state, which was the scene of extensive military action.
The state is now predominantly industrial; the majority of its population lives in urban areas. Among the most important products are chemicals, textiles, apparel, electrical machinery, furniture, and leather goods. Other lines include food processing, lumber, primary metals, and metal products. The state ranks high in the production of marble, zinc, pyrite, and ball clay.
Tennessee’s largest crop is soybean, contributing about 11% to the state’s total agricultural receipts. The state is also a leading tobacco producer. Other farming income is derived from livestock and dairy products, as well as greenhouse and nursery products and cotton.
With six other states, Tennessee shares the extensive federal reservoir developments on the Tennessee and Cumberland River systems. The Tennessee Valley Authority operates a number of dams and reservoirs in the state.
Among the major points of interest are the Andrew Johnson National Historic Site at Greeneville, the American Museum of Atomic Energy at Oak Ridge, Great Smoky Mountains National Park, the Hermitage (home of Andrew Jackson near Nashville), Rock City Gardens near Chattanooga, and three National Military Parks.