Comcast 2014 Annual Report Download - page 294

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. In addition to Participants actively employed
with a Participating Company, any Participant on a paid or unpaid leave of absence from a Participating Company shall be eligible to apply for a
loan from the Plan pursuant to this Article IX.
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 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
-
51
-