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are repaid in set instalments over the term, or revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.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.
As part of the vast Oregon Country, Washington territory was visited by Spanish, American, and British explorers—Bruno Heceta for Spain in 1775, the American Capt. Robert Gray in 1792, and Capt. George Vancouver for Britain in 1792–1794. Lewis and Clark explored the Columbia River region and coastal areas for the U.S. in 1805–1806.
Rival American and British settlers and conflicting territorial claims threatened war in the early 1840s. However, in 1846 the Oregon Treaty set the boundary at the 49th parallel and war was averted.
Washington is a leading lumber producer. Its rugged surface is rich in stands of Douglas fir, hemlock, ponderosa and white pine, spruce, larch, and cedar. The state holds first place in apples, lentils, dry edible peas, hops, pears, red raspberries, spearmint oil, and sweet cherries, and ranks high in apricots, asparagus, grapes, peppermint oil, and potatoes. Livestock and livestock products make important contributions to total farm revenue and the commercial fishing catch of salmon, halibut, and bottomfish makes a significant contribution to the state’s economy.
Manufacturing industries in Washington include aircraft and missiles, shipbuilding and other transportation equipment, lumber, food processing, metals and metal products, chemicals, and machinery.
Washington has over 1,000 dams, including the Grand Coulee, built for a variety of purposes including irrigation, power, flood control, and water storage.
Among the major points of interest: Mt. Rainier, Olympic, and North Cascades National Parks. Mount St. Helens, a peak in the Cascade Range, erupted in May 1980. Also of interest are Whitman Mission and Fort Vancouver National Historic Sites; and the Pacific Science Center and the Space Needle, in Seattle.