12 CFR 16.2 - Definitions.
For purposes of this part, the following definitions apply:
(d)Insured depository institution means the same as in section 3(c)(2) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c)(2)).
(e)Federal savings association means an existing Federal savings association chartered under section 5 of the Home Owners' Loan Act (HOLA) ( 12 U.S.C. 1464et seq.) or a Federal savings association in organization.
(f)Investment grade means the issuer of a security has an adequate capacity to meet financial commitments under the security for the projected life of the asset or exposure. An issuer has an adequate capacity to meet financial commitments if the risk of default by the obligor is low and the full and timely repayment of principal and interest is expected.
(i)Nonconvertible debt means a general obligation of the national bank or Federal savings association, whether senior or subordinated, that is not convertible into any class of common or preferred stock or any derivative thereof.
(n)SEC means the Securities and Exchange Commission. When used in the rules, regulations, or forms of the SEC referred to in this part, the term “SEC” shall be deemed to refer to the OCC.
(q)Underwriter means the same as in section 2(a)(11) of the Securities Act ( 15 U.S.C. 77b(a)(11)). SEC Rules 137, 140, 141, 142, and 144 ( 17 CFR 230.137, 230.140, 230.141, 230.142, and 230.144) (which apply to section 2(a)(11) of the Securities Act) apply to this part.