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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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 region was first explored for Spain by Franciscan friars Escalante and Dominguez in 1776. In 1824 the famous American frontiersman Jim Bridger discovered the Great Salt Lake.
Fleeing religious persecution in the East and Midwest, the Mormons arrived in 1847 and began to build Salt Lake City. The U.S. acquired the Utah region in the treaty ending the Mexican War in 1848, and the first transcontinental railroad was completed with the driving of a golden spike at Promontory Summit in 1869.
Mormon difficulties with the federal government about polygamy did not end until the Mormon Church renounced the practice in 1890, six years before Utah became a state.
Rich in natural resources, Utah has long been a leading producer of copper, gold, silver, lead, zinc, potassium salts, and molybdenum. Oil and natural gas have also become major products. Utah is the only state that produces gilsonite, a pure form of asphalt used in dark colored printing inks and paints, oil well drilling muds and cements, asphalt modifiers, foundry sands additives, and a wide variety of chemical products.
The state’s top agricultural commodities include cattle and calves, dairy products, hay, greenhouse and nursery products, and hogs.
Utah’s traditional industries of agriculture and mining are complemented by increased tourism and growing aerospace, biomedical, and computer-related businesses.
Utah is a great vacationland with 11,000 mi of fishing streams and 147,000 acres of lakes and reservoirs. Among the many tourist attractions are Arches, Bryce Canyon, Canyonlands, Capitol Reef, and Zion National Parks; Cedar Breaks, Dinosaur, Hovenweep, Natural Bridges, Rainbow Bridge, Timpanogos Cave, and Grand Staircase (Escalante) National Monuments; the Mormon Tabernacle in Salt Lake City; and Monument Valley. Salt Lake City hosted the 2002 Winter Olympics.