Comcast 2012 Annual Report Download - page 220

ARTICLE IX
LOANS TO PARTICIPANTS
Section 9.1. Loan Application . Each Participant who is an Employee of a Participating Company may apply for a loan from the Plan. All
applications shall be made to the Committee on forms which it prescribes, and the Committee shall rule upon such applications in a uniform and
nondiscriminatory manner in accordance with the rules and guidelines established in this Article.
Section 9.2. Loan Approval .
9.2.1. No application for a loan shall be approved for any Participant unless at least fifteen (15) days have elapsed since the
date he has repaid in full any prior loan from the Plan.
9.2.2. The Committee shall have the right to reject a loan application if the Participant has the present intention to take a
personal leave of absence during the period of loan repayment or on the basis of a Participant’
s credit worthiness or such other factors as would be
considered in a normal commercial setting by an entity in the business of making loans and as the Committee determines necessary to safeguard
the Fund.
Section 9.3. Amount of Loan .
9.3.1. Generally, a Participant shall not be permitted to have more than one loan outstanding at any time from this Plan;
however, individuals who become Participants as a result of a corporate transaction and who have more than one loan transferred from a prior
employer’s plan in connection with such transaction, may continue both loans but may not take a new loan from the Plan until all outstanding
loans are paid in full. The minimum amount of any loan shall be $500. The amount of any loan must be an even multiple of $100, provided that
loans for uneven amounts shall be permitted solely to accommodate loans to former employees of a business acquired by a Participating Company
in connection with the commencement of such individual’s eligibility to participate in the Plan, provided that such rule shall be applied on a
uniform and nondiscriminatory basis.
9.3.2. The amount of any loan, when added to the amount of a Participant’s outstanding loans under all other plans qualified
under section 401(a) of the Code which are sponsored by the Participating Company or any Affiliated Company shall not exceed the lesser of:
(a) $50,000, reduced by the excess (if any) of:
(1) the Participant’s highest outstanding balance of loans during the one-year period ending on the day before the
date on which such loan is made to the Participant, over
(2) the outstanding balance of loans made to the Participant on the date such loan is made to the Participant; or
(b) fifty percent (50%) of the value of the Participant’s nonforfeitable Account, determined as of the Valuation Date
immediately preceding the date on which the loan application is received by the Committee.
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