Terms Used In 31 CFR Part 149 - Calculation of Maximum Obligation Limitation

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• fair value: means the expected total aggregate value of each asset, or group of assets that are managed within a portfolio of a covered financial company on a consolidated basis if such asset, or group of assets, was sold or otherwise disposed of in an orderly transaction. See 31 CFR 149.2
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• most recent financial statement available: means a covered financial company's—

  (i) Most recent financial statement filed with the Securities and Exchange Commission or any other regulatory body;

  (ii) Most recent financial statement audited by an independent CPA firm; or

  (iii) Other available financial statements. See 31 CFR 149.2

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• obligation: means , with respect to any covered financial company—

  (1) Any guarantee issued by the FDIC on behalf of the covered financial company;

  (2) Any amount borrowed pursuant to section 210(n)(5)(A) of the Act; and

  (3) Any other obligation with respect to the covered financial company for which the FDIC has a direct or contingent liability to pay any amount. See 31 CFR 149.2

• total consolidated assets of each covered financial company that are available for repayment: means the difference between:

  (1) The total assets of the covered financial company on a consolidated basis that are available for liquidation during the operation of the receivership; and

  (2) To the extent included in paragraph (1) of this definition, all assets that are separated from, or made unavailable to, the covered financial company by a statutory or regulatory barrier that prevents the covered financial company from possessing or selling assets and using the proceeds from the sale of such assets. See 31 CFR 149.2