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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
The Virgin Islands, consisting of nine main islands and some 75 islets, were explored by Columbus in 1493. They were originally inhabited by the Carib Indians. Since 1666, England has held six of the main islands; the remaining three (St. Croix, St. Thomas, and St. John), as well as about 50 of the islets, were eventually acquired by Denmark, which named them the Danish West Indies. In 1917, these islands were purchased by the U.S. from Denmark for $25 million.
Congress granted U.S. citizenship to Virgin Islanders in 1927. Universal suffrage was given in 1936 to all persons who could read and write English. The governor was elected by popular vote for the first time in 1970; previously he had been appointed by the U.S. president. A unicameral 15-person legislature serves the Virgin Islands, and congressional legislation gave the islands a nonvoting representative in Congress. Residents of the islands substantially enjoy the same rights as those enjoyed by mainlanders, but they may not vote in presidential elections.
Tourism is the primary economic activity, accounting for most of the GDP and 70% of employment. All goods made in the Virgin Islands qualify for duty-free entry into the United States.