Dell 2003 Annual Report Download - page 114

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IX.
LOANS
9.1 Eligibility for Loan.
(a) Subject to the provisions of this Article, the following individuals shall be eligible for loans under the Plan: (i) each Participant who is an
Employee. (An individual who is eligible to apply for a loan under the Plan as described in the preceding sentence shall hereinafter be referred to
as a "Participant" for purposes of this Article.)
(b) Notwithstanding the above, a Participant may not have more than two (2) loan outstanding at any time.
(c) Upon application by a Participant and subject to such uniform and nondiscriminatory rules and regulations as the Committee may establish, the
Committee may in its discretion direct the Trustee to make a loan or loans to such Participant.
9.2 Minimum Loan. A loan to a Participant may not be for an amount less than $500.00.
9.3 Maximum Loan.
(a) A loan to a Participant may not exceed 50% of the then value of such Participant's Vested Interest in his Accounts.
(b) Notwithstanding anything to the contrary, no loan shall be made from the Plan to a Participant to the extent such loan would cause the total of all
loans made to the Participant from all qualified plans of the Employer and Controlled Entities ("Outstanding Loans") to exceed the lesser of:
(1) $50,000 (reduced by the excess, if any, of (i) the highest outstanding balance of Outstanding Loans during the one-year period ending on the
day before the date on which the loan is to be made, over (ii) the outstanding balance of Outstanding Loans on the date on which the loan is
to be made); or
(2) One-half of the present value of the Participant's nonforfeitable accrued benefit under all qualified plans of the Employer and Controlled
Entities.
9.4 Interest, Security, and Fees.
(a) Any loan made pursuant to this Article shall bear interest at a rate established by the Committee from time to time and communicated to the
Participants, which rate shall provide the Plan with a return commensurate with the interest rates charged by persons in the business of lending
money for loans which would be made under similar circumstances.
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