par value
(4) Par value The term “par value” means— (A) in the case of stock, par value; (B) in the case of participation certificates and other equities and interests not described in subparagraph (C), face or equivalent value; or (C) in the case of participation certificates and allocated equities subject to retirement under a revolving cycle but that a System institution elects to retire out of order for application against a loan in default or otherwise as provided in this chapter, par or face value discounted, at a rate determined by the institution, to reflect the present value of the equity or interest as of the date of such retirement.