Comcast 2012 Annual Report Download - page 222

9.4.5. If, and only if:
(a) the Participant dies;
(b) the Participant (other than a Participant who continues to be a party in interest) has a Severance from Service Date;
(c) the Compensation of a Participant who is an Employee is discontinued or decreased below the amount necessary to
amortize the loan and such status continues beyond the last day of the calendar quarter following the calendar quarter in which the first required
installment payment is due after such Compensation discontinuance or decrease;
(d) the loan is not repaid by the time the note matures including any extensions pursuant to Section 9.4.4;
(e) the Participant attempts to revoke any payroll deduction authorization for repayment of the loan without the consent
of the Committee;
(f) the Participant fails to pay any installment of the loan when due and the Committee elects to treat such failure as
default; or
(g) any other event occurs which the Committee, in its sole discretion, believes may jeopardize the repayment of the loan;
before a loan is repaid in full, the unpaid balance thereof, with interest due thereon, shall become immediately due and payable. The Participant
(or his beneficiary, in the event of the Participant’s death) may satisfy the loan by paying the outstanding balance of the loan within such time as
may be specified in the note which period shall not extend more than 30 days from a Severance from Service Date. If the loan and interest are not
repaid within the time specified, the Committee shall satisfy the indebtedness from the amount of the Participant’s vested interest in his Account
as provided in Section 9.5 before making any payments otherwise due hereunder to the Participant or his beneficiary.
Section 9.5. Enforcement .
9.5.1. The Committee shall give written notice to the Participant (or his beneficiary in the event of the Participant’
s death) of an
event of default described in Section 9.4.5(d). If the loan and interest are not paid within the time period specified in the notice, the amount of the
Participant’s vested interest in his Account, to the extent such Account is security for the loan, shall be reduced by the amount of the unpaid
balance of the loan, with interest due thereon, and the Participant’s indebtedness shall thereupon be discharged to the extent of the reduction.
9.5.2. In addition, if the value of the Participant’s total vested interest in his Account pledged as security for the loan is
insufficient to discharge fully the Participant’s indebtedness, the Participant’s Account shall be used to reduce the Participant’s indebtedness at
such time as the Participant is entitled to a distribution under Article V or a withdrawal under Article VIII, and any remaining amounts in his
Account shall be used to reduce the Participant’
s indebtedness at such time as the Participant has a Severance from Service Date. Such action shall
not operate as a waiver of the rights of the Company, the Committee, the Trustee, or the Plan under applicable law.
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