There are some similarities to the previous loans, but there are also some changes. The interest rate will be prime plus one percent, variable loan rate. This is a one year program with successive one year programs to follow. At the conclusion of the initial purchase period you will have 60 days to either pay the loan in full, or bring the stock certificate to the credit union and convert the loan to an amortized loan with a repayment term not to exceed five years.
Interest does accrue on the loan until it is paid in full or converted to an installment basis.
The Credit Union reserves the right to limit the amount you borrow, based on your credit report, debt ratio, and other credit factors. It is your responsibility to notify us if you withdraw from the plan, and to pa the loan in full. You will only receive cash from G-P for early withdrawals. G-P does not know if you have a loan with the credit union. If you have an outstanding stock loan from a previous ESPP program, it must be paid in full or converted to an installment, under the terms of the agreement, and the stock certificates must be in the possession of the Credit Union.