Parties
- Lender
- Credicorp Limited (Company No. 16093826)
- Borrower
- [Company name] (Company No. [number])
- Director signing on behalf of the borrower
- [Director full name]
- Brand
- Credicorp Flex
1. The facility
The Lender establishes for the Borrower a Revolving Credit Facility (the "Facility") with a credit limit of £[limit] (the "Credit Limit"). The Borrower may, at any time the Facility is in good standing, request drawings up to the available credit. Each requested drawing, if accepted by the Lender, will be transferred by electronic transfer to the Borrower's UK business bank account ending [last four digits].
The Facility comes into force when the Lender signs this agreement and makes the Facility available; it continues until terminated under clause 9.
2. Drawings
The Borrower may make one or more drawings up to the Credit Limit. Each drawing is recorded with its date and amount and shown in the customer portal. The Lender may decline a drawing request if (i) the requested amount exceeds the available credit, (ii) the Direct Debit mandate is not live, (iii) the Facility is suspended under clause 5 or 6, or (iv) the Lender has notified the Borrower in writing of a reduction in the Credit Limit that would cause the drawing to exceed the reduced limit.
3. Interest and fees
Interest accrues at a rate of 0.25% per day on the amount of each drawing for the period that drawing is outstanding (the "Daily Rate"). An establishment fee of £5.00 is charged once, on the date the Facility is opened. For each drawing, the aggregate of interest and fees charged in respect of that drawing will not exceed 100% of that drawing (the "Per-Drawing Cap"). Once the Per-Drawing Cap is reached in respect of a drawing, no further interest accrues on that drawing.
4. Minimum repayment
A minimum repayment is collected by Direct Debit each repayment period (the "Minimum Repayment"). The Minimum Repayment is the greater of (i) 10% of the drawn balance at the start of the period and (ii) £20. The Borrower may pay more, or clear the drawn balance, at any time without penalty. The schedule of repayment periods is shown in the customer portal and confirmed in each Statement of Borrowing.
5. Suspension and review
The Lender may suspend further drawings under the Facility, on written notice, in the following circumstances: (i) a missed Minimum Repayment under clause 4; (ii) failure of a Direct Debit collection; (iii) materially adverse change in the Borrower's credit-reference profile; (iv) a periodic review under clause 6 concludes that the Credit Limit should be reduced or the Facility paused. Suspension does not terminate the Facility; the Borrower remains free to repay the drawn balance and the Facility resumes once the cause of suspension is cured.
The Lender reviews the Facility periodically (at least annually). On review, the Lender may, on at least 30 days' written notice, vary the Credit Limit (up or down), suspend further drawings, or, where the Borrower's circumstances no longer support a Facility at all, propose termination under clause 9. Existing drawings are not affected by a reduction in the Credit Limit and continue to be repaid under clause 4.
6. Early repayment
The Borrower may at any time repay any drawn balance in full or in part, without penalty. Interest is charged only for the days on which the drawing was outstanding. Early repayment frees the equivalent amount of credit to be drawn again up to the Credit Limit, until the Facility ends or is terminated.
7. Missed payments and default
If a scheduled Minimum Repayment Direct Debit collection fails, the missed amount becomes immediately due and the Lender may, at its discretion, suspend further drawings until the position is cured. A dishonour fee of £12.00 may be charged in respect of the failed collection. Interest continues to accrue daily on the drawn balance at the Daily Rate; no default interest uplift is applied and arrears do not compound. Continued non-payment may lead to default reporting to business credit reference agencies in respect of the Borrower and to termination of the Facility under clause 9.
8. Right of withdrawal
The Borrower may withdraw from this Facility, without giving a reason, within 14 days beginning the day after signing, by giving written notice to the Lender. If any drawings have been made, the drawn amount must be repaid in full (with interest accrued to the date of repayment) within 30 days of the notice of withdrawal. This right is offered as a matter of policy, not statutory obligation, as this is unregulated lending to a body corporate.
9. Termination
Either party may terminate the Facility on 30 days' written notice to the other. The Lender may terminate the Facility immediately, on written notice, if the Borrower (i) is in arrears with the Minimum Repayment by more than 30 days, (ii) commits any other material breach of this agreement that is not cured within 14 days of written notice, or (iii) becomes insolvent or enters into administration or liquidation. On termination, no further drawings are available, and any outstanding drawn balance plus interest accrued to the date of termination becomes payable; where termination is on notice rather than for default, the drawn balance continues to be repaid under clause 4 unless the parties agree otherwise.
10. Regulatory framing
This agreement is a Revolving Credit Facility Agreement made with a body corporate. The Borrower is an incorporated body corporate and, because a body corporate is not an "individual" or "relevant recipient of credit" within Articles 60B and 60L of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, the agreement falls outside Article 60B and is not a regulated credit agreement under that Order. The director executing this agreement on behalf of the Borrower is not personally a party to the agreement and assumes no personal liability for the Facility or any drawing under it.
11. Governing law
This agreement is governed by the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction over any dispute arising under or in connection with it.
Schedule 1 — Statement of Borrowing template
[Each Statement of Borrowing — issued at least quarterly and on request — shows: drawings (date and amount), repayments received, interest accrued, fees charged, the closing drawn balance, and the available credit remaining.]
Signatures
- Borrower
- Signed by [Director full name] for and on behalf of [Company name], the Borrower, on [date].
- Lender
- Signed by an authorised representative of Credicorp Limited on [date].
ICO Registration No. ZC157682