Examples of Bank Excess Stock in a sentence
Our total asset carrying value was $6,157.2 million at December 31, 2016 (compared to $6,356.5 million at December 31, 2015).
Each Member’s Member Excess Stock (not otherwise reserved for its exclusive use or excluded from Bank Excess Stock because it is the subject of an outstanding Redemption or Withdrawal Notice) shall be pooled into Bank Excess Stock and made available to all Members to capitalize Mission Asset Activity at a rate equal to the applicable Maximum Allocation Percentage for each type of Mission Asset Activity.
A Member may not utilize any other Member’s portion of Bank Excess Stock or its own Activity Stock to satisfy its Membership Stock Account requirement.
An increase in any type of a Member’s Mission Asset Activity first shall be capitalized, pursuant to Section VI.4.b., by a reallocation of the Member’s Member Excess Stock (to the extent the Member holds a sufficient number of shares of Member Excess Stock and provided there are sufficient shares of Bank Excess Stock available) to the Member’s Activity Stock Account at the appropriate Maximum Allocation Percentage for that type of Mission Asset Activity.
If a Member’s Member Excess Stock is a negative number, the Member actually owns no excess stock and is, by definition, utilizing some portion of the Bank Excess Stock to capitalize its Mission Asset Activity.
No Member may use more than One Hundred Million Dollars ($100,000,000) (exclusive of the par value of the Member’s Member Excess Stock Account) of available Bank Excess Stock as the Maximum Dollar Amount.
If, at the time of such increase, the Member has no or an insufficient amount of Member Excess Stock to satisfy its Membership Stock Account requirement or there is insufficient amount of Bank Excess Stock, or the Bank is not then in compliance with the requirements of this Capital Plan, the Act or the Regulations, the Member shall be required to purchase (on the effective date of the change specified in the notice) additional shares of Class B Stock to satisfy its Membership Stock Account requirement.
Additional incremental use of Bank Excess Stock is prohibited for all Mission Asset Activity on or after January 1, 2021.
If this calculation results in a positive number, the Member actually owns Member Excess Stock equal to such positive number; provided, however, that where the Member is utilizing Bank Excess Stock for capitalizing Mission Asset Activity prior to January 1, 2021, Bank Excess Stock is excluded from any calculation and does not result in ownership of shares of Member Excess Stock in relation to that prior Mission Asset Activity.
With respect to utilization of Bank Excess Stock by the Members prior to January 1, 2021, the following terms applied.