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1.Creditor’s Obligation
The Creditor agrees to advance to the Debtor the Amount of Credit to assist the Debtor to pay the Premium subject to compliance with this Agreement by the Debtor. The Debtor acknowledges and agrees that the Creditor may make the payment of the Principal Sum to the Broker on behalf of the Debtor.
2. Payment
In consideration of the Creditor advancing the Amount of Credit the Debtor:
2.1 Shall punctually pay to the Creditor (without previous demand) the total amount payable by the instalments and on the dates set out in the Schedule.
2.2 The time of payment of each and every instalment shall be of the essence of this Agreement. Each instalment in the amount shown in the Schedule includes an administration fee of an amount equal to the Administration Fees (as shown in the Schedule) divided by the number of instalments payable under this Agreement.
2.3 All payments under this Agreement shall be made to the address of the Creditor for payment shown in the Schedule or at such other address as the Creditor will notify to the Debtor. Payments dispatched by post shall be at the risk of the Debtor.
3. Early Settlement
3.1 The Debtor shall, upon written notice to the Creditor be entitled to make early settlement under this Agreement.
3.2 Upon early settlement the Debtor shall pay to the Creditor the balance of the total amount payable then outstanding, less any element of the Administration Fees which has not fallen due for payment, less any rebate to which the Debtor may be entitled as required by law.
3.3 The Creditor will, upon the written request of the Debtor supply the Debtor with a settlement figure.
4. Default Interest
4.1 Interest shall be payable by the Debtor on:
4.1.1 any overdue instalments.
4.1.2 all other sums payable or which become payable under this Agreement from the due date to the date of payment at a rate not exceeding the rate of interest charged under this Agreement
4.2 Any interest payable under sub-clause 4.1 to be calculated on a daily basis.
5. Acceleration of Payments
5.1 If any of the following events occur;
5.1.1 the Debtor fails to pay any instalment or other sum payable under this Agreement on its due date (whether previously demanded or not); or
5.1.2 the Debtor provides incomplete or materially inaccurate or misleading facts or information in connection with this Agreement, whether to the Creditor or to the Broker acting in negotiations for this Agreement;
5.1.3 a bankruptcy petition is presented against the Debtor or the Debtor has a bankruptcy order or an Interim order made against him under the Insolvency Act for the time being in force or (in Scotland) becomes bankrupt or is sequestrated;
5.1.4 where the Debtor is a firm, a winding up petition is presented against the firm or a winding up order is made or the firm is dissolved or a bankruptcy petition is presented against any partner in the firm;
5.1.5 the Debtor makes an arrangement or composition with or for the benefit of his (or where the Debtor is a firm its) creditors;
5.1.6 the Debtor commits any breach of the terms and conditions (whether express or implied) of this Agreement;
5.1.7 any attachment order is made against the Debtor or any distress diligence execution or other legal process is levied on any property of the Debtor;
5.1.8 the Policy or any part thereof is cancelled or terminated or cover is withdrawn for whatever reason; then
5.1.8.1 if the event is one set out in 5.1.1. or 5.1.6. the Debtor shall be deemed to be in repudiatory breach of the terms of this Agreement.
5.1.8.2 upon the occurrence of any event as specified in 5.1.1. to 5.1.8. above and without prejudice to any other rights and remedies which the Creditor may possess, the Creditor shall be entitled, on or after the date specified in any notice required by law to be served on the Debtor, to require payment of the Total Amount Payable, less any element of the Administration Fees which has not fallen due for payment,less a rebate required by law.
6. Costs of Enforcement
Without prejudice to any other rights and remedies which the Creditor may have the Debtor shall be liable for payment of the charges set out in the Key Information section of the Schedule in respect of costs incurred or sustained by the Creditor in enforcing any of the terms of this Agreement
7. The Policy
7.1 Except as permitted by this Agreement the Debtor will not cancel the Policy or do anything to vitiate it and will comply with all directions and orders or requirements of the insurance company which issued the Policy to keep the Policy in full force and effect.
7.2 In the event that a cover note or cover notes have been issued in contemplation of the issue of a Policy then the Debtor will do all acts matters and things necessary to complete the issue of the Policy prior to the Creditor advancing the Amount of Credit to the Debtor’s Broker.
7.3 In the event that the Debtor shall become entitled to a premium rebate or refund or other monies under the Policy whether by reason of cancellation or termination or in the event of a claim becoming payable then such monies shall be payable to the Creditor to the extent necessary to pay the total amount then outstanding (less any rebate due under the Act) and any surplus shall then be paid to the Debtor and the Debtor agrees to notify the Creditor of any such event
7.4 The Debtor hereby irrevocably and unconditionally authorises the Creditor to cancel the Policy upon the default by the Debtor of any of the terms and conditions of this Agreement. On cancellation of the Policy by the Creditor pursuant tothis authority the Debtor hereby irrevocably and unconditionally authorises the insurance company which has issued the Policy to pay any refund of Premium directly to the Creditor at its above written Address. The Debtor acknowledges and agrees that the cancellation of the Policy will be without prejudice to the Creditor’s right to recover any loss or deficiency from the Debtor.
7.5 In this Agreement:
‘Policy’ means the insurance policy or policies the premium in respect of which is financed by this Agreement and includes any cover note or cover notes issued in respect of the Policy ‘Premium’ means the annual premium or premiums payable in respect of the Policy ‘Broker’ means the insurance broker or intermediary who has arranged for the Policy to be issued
8. Exclusions
Except where the Debtor deals as a consumer all conditions, warranties and representations, whether express or implied, whether arising by statute common law or otherwise are hereby expressly excluded.
9. Notices and Services
9.1 Any notice or other information required or permitted to be given by either party under this Agreement shall be deemed to have been validly given if served personally upon that party or if sent by first class pre-paid post to the address of that party as stated overleaf or to his last known address.
9.2 Any notice or other information sent by first class pre-paid post shall be deemed to been received by the other party within 48 hours after the date of posting.
10. Acceptance
10.1 This agreement shall be deemed to have been made on the date when it is signed by the Creditor.
11. General
11.1 Where two or more persons are stated to be the Debtor, each of those persons shall be jointly and severally liable for the performance of the obligations of the Debtor set out in this Agreement.
12.Assignment
The Debtor acknowledges that the Creditor may assign its rights under this Agreement to Bexhill UK Limited (Bexhill) at any time without notifying the Debtor. Upon notification of such assignment the Debtor agrees to treat and deal in all respects with Bexhill as if Bexhill were the Creditor and supply the Creditor and shall provide any information that Bexhill may require relating to this Agreement.
13. Further Advance/Continuing Security
The Creditor may in its sole discretion, at the request of the Debtor, make further advances to the Debtor for the purpose of paying premiums on any new insurance policy(ies) or renewal of the insurance policy(ies) issued to the Debtor at the expiry of the Policy, and it is expressly agreed by the Debtor, that the terms and conditions of this Agreement, save as notified to the Debtor by the Creditor, shall apply to any such further advance.
