Common use of Brokered Deposits Clause in Contracts

Brokered Deposits. (1) The Bank shall not accept, renew, rollover or acquire any “brokered deposit” (as that term is defined by 12 C.F.R. § 337.6(a)(2)) if the acceptance, renewal, rollover or acquisition of such deposit would result in the Bank’s aggregate level of brokered deposits exceeding 3.5% of the Bank’s total liabilities, unless the Bank has obtained from the Assistant Deputy Comptroller a prior written determination of no supervisory objection. (2) The limitation in paragraph (1) shall include the acquisition of brokered deposits through any transfer, purchase, or sale of assets. (3) If the Bank seeks to exceed the limitation set forth in paragraph (1), the Board shall submit to the Assistant Deputy Comptroller a written request that includes, at a minimum, the following information: (a) the dollar volume, maturities, and cost of the brokered deposits to be acquired; (b) the proposed use of the brokered deposits, i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the brokered deposits does not constitute an unsafe or unsound practice in its particular circumstances. (4) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the Board’s request, the OCC will determine, in its sole discretion, whether to provide a written determination of no supervisory objection or deny the Board’s request. Any written determination of no supervisory objection may contain such conditions as the OCC shall deem appropriate.

Brokered Deposits. (1) The Bank shall not may accept, renew, renew or rollover or acquire any “brokered deposit” Brokered Deposits (as that term is defined by 12 C.F.R. § 337.6(a)(2)) if for deposit at the acceptanceBank, renewal, rollover or acquisition up to twenty five percent (25%) of such deposit would result total deposits (total deposits as reported in the Bank’s aggregate level most recent Consolidated Report of brokered deposits exceeding 3.5% Condition as of the Bank’s total liabilitiesdate of this Agreement), unless the Bank has obtained from the Assistant Deputy Comptroller a without obtaining prior written determination of no supervisory objectionobjection from the Assistant Deputy Comptroller. (2) The bank shall not exceed the twenty five percent (25%) limitation on brokered deposits in paragraph (1) without obtaining the prior written determination of no supervisory objection from the Assistant Deputy Comptroller. (3) The limitations of paragraphs (1) and (2) shall include the acquisition of brokered deposits Brokered Deposits through any transfer, purchase, or sale of assets, including Federal funds transactions administered through a deposit broker. (34) If the Bank seeks to exceed acquire Brokered Deposits exceeding the twenty five percent (25%) limitation set forth on brokered deposits in paragraph (1), the Board shall submit apply to the Assistant Deputy Comptroller a for written request that includespermission. Such application shall contain, at a minimum, the following informationfollowing: (a) the dollar volume, maturities, and cost of the brokered deposits Brokered Deposits to be acquired; (b) the proposed use of the brokered depositsBrokered Deposits, i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the brokered deposits Brokered Deposits does not constitute an unsafe or and unsound practice in its particular circumstances. (45) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the Board’s requestBank's application, the OCC Assistant Deputy Comptroller will determine, determine whether the proposed acquisition of Brokered Deposits may be accomplished in its sole discretion, whether to provide a written determination of no supervisory objection or deny safe and sound manner and may condition the Board’s request. Any written determination of no supervisory objection may contain such conditions Bank's acquisition as the OCC Assistant Deputy Comptroller shall deem appropriate.

Brokered Deposits. (1) The Bank shall not may accept, renew, renew or rollover or acquire any “brokered deposit” Brokered Deposits (as that term is defined by 12 C.F.R. § 337.6(a)(2)) if for deposit at the acceptanceBank, renewal, rollover or acquisition up to twenty five percent (25%) of such deposit would result total deposits (total deposits as reported in the Bank’s aggregate level most recent Consolidated Report of brokered deposits exceeding 3.5% Condition as of the Bank’s total liabilitiesdate of this Agreement), unless the Bank has obtained from the Assistant Deputy Comptroller a without obtaining prior written determination of no supervisory objectionobjection from the Assistant Deputy Comptroller. (2) The bank shall not exceed the twenty five percent (25%) limitation on brokered deposits in paragraph (1) without obtaining the prior written determination of no supervisory objection from the Assistant Deputy Comptroller. (3) The limitations of paragraphs (1) and (2) shall include the acquisition of brokered deposits Brokered Deposits through any transfer, purchase, or sale of assets, including Federal funds transactions administered through a deposit broker. (34) If the Bank seeks to exceed acquire Brokered Deposits exceeding the twenty five percent (25%) limitation set forth on brokered deposits in paragraph (1), the Board shall submit apply to the Assistant Deputy Comptroller a for written request that includespermission. Such application shall contain, at a minimum, the following informationfollowing: (a) the dollar volume, maturities, and cost of the brokered deposits Brokered Deposits to be acquired; (b) the proposed use of the brokered depositsBrokered Deposits, i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the brokered deposits Brokered Deposits does not constitute an unsafe or and unsound practice in its particular circumstances. (45) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the BoardBank’s requestapplication, the OCC Assistant Deputy Comptroller will determine, determine whether the proposed acquisition of Brokered Deposits may be accomplished in its sole discretion, whether to provide a written determination of no supervisory objection or deny safe and sound manner and may condition the BoardBank’s request. Any written determination of no supervisory objection may contain such conditions acquisition as the OCC Assistant Deputy Comptroller shall deem appropriate.

Brokered Deposits. (1) The Bank shall not accept, renew, rollover or acquire any “brokered deposit” may accept Brokered Deposits (as that term is defined by 12 C.F.R. § 337.6(a)(2)) if the acceptance, renewal, rollover or acquisition of such for deposit would result in at the Bank’s aggregate level , up to fifteen percent (15%) of brokered deposits exceeding 3.5% of the Bank’s total liabilitiesdeposits3, unless the Bank has obtained from the Assistant Deputy Comptroller without obtaining a prior written determination of no supervisory objectionobjection from the Assistant Deputy Comptroller. (2) The limitation in of paragraph (1) of this Article shall include the acquisition of brokered deposits Brokered Deposits through any transfer, purchase, or sale of assets, including Federal funds transactions administered through a deposit broker. 3 Total deposits as reported in the most recent Consolidated Report of Condition. (3) If the Bank seeks Any request to exceed the Brokered Deposit limitation set forth in paragraph (1), the Board ) of this Article shall submit be submitted in writing to the Assistant Deputy Comptroller a for written request that includesdetermination of no supervisory objection and shall contain, at a minimum, the following informationfollowing: (a) the dollar volume, maturities, and cost of the brokered deposits Brokered Deposits to be acquired; (b) the proposed use of the brokered depositsBrokered Deposits, i.e., short-term liquidity or restructuring of liabilities to reduce cost; (c) alternative funding sources available to the Bank; and (d) the reasons why the Bank believes that the acceptance of the brokered deposits Brokered Deposits does not constitute an unsafe or and unsound practice in its particular circumstances. (4) The Assistant Deputy Comptroller may require the submission of such additional information as necessary to make an informed decision. Upon consideration of the BoardBank’s requestapplication, the OCC Assistant Deputy Comptroller will determine, determine whether the proposed acquisition of Brokered Deposits may be accomplished in its sole discretion, whether to provide a written determination of no supervisory objection or deny safe and sound manner and may condition the BoardBank’s request. Any written determination of no supervisory objection may contain such conditions acquisition as the OCC Assistant Deputy Comptroller shall deem appropriate.