Comcast 2014 Annual Report Download - page 295

(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.
Section 9.4. Terms of Loan .
9.4.1. The interest rate on loans shall be: (a) determined by the Committee, (b) at least commensurate with rates charged for similar
loans by entities in the business of making loans, and (c) adjusted from time to time as circumstances warrant. Security for each loan granted
pursuant to this Article shall be, to the extent necessary, the currently unpledged portion of the Participant’
s Account. In no event shall more than
fifty percent (50%) of the Participant’s vested Account as of the date the loan is made be used as security for the loan. In its sole discretion, the
Committee may require such additional security as it deems necessary.
9.4.2. Each loan shall be evidenced by the Participant’
s execution of a personal demand note on such form as shall be supplied by the
Committee. Each such note shall specify that, to the extent repayment is not demanded sooner, repayment shall be made in installments over a
period of not less than 6 nor more than 60 months from the date on which the loan is distributed. All loans from the Plan shall be
Each note shall also specify the interest rate as determined by the Committee at the time the loan is approved.
9.4.3. All loans shall be repaid in approximately equal installments (not less frequently than quarterly) through payroll deductions or
in such other manner as the Committee may determine, including, without limitation, coupon repayment in the event the Committee determines
that a Participant has incurred a Severance from Service Date or in the event a Participant is on an unpaid leave of absence. In addition, a
Participant who is a Covered Union Employee (Broadband) on his Severance from Service Date may repay through coupon repayment following
his Severance from Service Date. A Participant may repay the outstanding balance of any loan in one lump sum at any time by notifying the
Committee of his intent to do so and by forwarding to the Committee payment in full of the then outstanding balance, plus interest accrued to the
date of payment. The amount of principal and interest repaid by a Participant shall be credited to a Participant’s Account as each repayment is
made.
9.4.4. Loan repayments shall be suspended under this Plan as permitted under section 414(u) of the Code. In such cases, (1) if the
loan is for a period of less than 60 months, the period of repayments shall be extended for the period necessary to permit repayment, or
(2) otherwise, the loan shall be re-amortized over its remaining term; provided, however , that the period of repayment for any loan shall not
exceed a total of 60 months, unless an extension is permitted in accordance with section 72(p) of the Code and the regulations thereunder.
9.4.5. If, and only if:
(a) the Participant dies;
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