Managing Sub-Contracts and Terms in Nordic Credit Line
Once a main credit facility is created under the Nordic Revolving Credit product, users can create and manage sub-contracts, each representing an individual drawdown with its own terms and repayment schedule.
This guide explains how to manage sub-contracts and contract term changes throughout the lifecycle.
1. Understanding the Parent–Child Contract Structure
Main contract: Holds the overall credit limit, schedule framework, and product terms.
Sub-contracts: Represent disbursed amounts (withdrawals) under the main limit; each has its own schedule and terms but inherits key logic from the main contract.
2. Viewing Sub-Contracts
Navigate to the parent contract’s Overview page.
Scroll to Related Sub-Contracts to see all drawdowns (e.g., Contract 0060, 0061).
Each sub-contract includes amount, limit, schedule, and currency.
Clicking into a sub-contract opens detailed terms and allows further changes.
3. Managing Term Changes
You can apply changes to active sub-contracts using the New Term button:
Click New Term.
Choose change type and reason (e.g., “Payment holiday” > “promo”).
Set the term start, end, and signing date.
Add early payment amount (if applicable).
Submit the term change.
4. Post-Term Change Workflow
After a term change is submitted:
The sub-contract status becomes Passive again.
You must approve, sign, and activate the updated contract.
5. Editing Contract Terms (Optional)
From the contract view, you can click Edit to:
Adjust the limit
Change schedule settings
Update interest terms
Once edited, follow the same workflow: save > sign > activate.
6. System Validations
The system checks the remaining main contract limit before allowing new sub-contracts.
When repayments are made, the main contract’s available limit is automatically restored.
Fees configured at the product level should auto-apply to sub-contracts, but manual verification is recommended.
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