103 STAT. 2350 PUBLIC LAW 101-239—DEC. 19, 1989 only if one or more securities acquisition loans were made to the borrower on or before July 10, 1989. (3) REFINANCINGS.—The amendments made by this section shall not apply to loans made after July 10, 1989, to refinance securities acquisition loans (determined without regard to sec- tion 1330)X2) of the Internal Revenue Code of 1986) made on or before such date or to refinance loans described in this para- graph or paragraph (2), (4), or (5) if— (A) such refinancing loans meet the requirements of such section 133 of such Code (as in effect before such amend- ments) applicable to such loans, (B) immediately after the refinancing the principal amount of the loan resulting from the refinancing does not exceed the principal amount of the refinanced loan (imme- diately before the refinancing), and (C) the term of such refinancing loan does not extend beyond the later of— (i) the last day of the term of the original securities acquisition loan, or (ii) the last day of the 7-year period beginning on the date the original securities acquisition loan was made. For purposes of this paragraph, the term "securities acquisition .,-u loan' shall include a loan from a corporation to an employee stock ownership plan described in section 13303X3) of such Code. (4) CoLLEcnvB BARGAINING AGREEMENTS. —The amendments made by this section shall not apply to any loan to the extent such loan is used to acquire employer securities for an employee stock ownership plan pursuant to a collective bargaining agree- ment which sets forth the material terms of such employee stock ownership plan and which was agreed to on or before June 6, 1989, by one or more employers and employee represent- atives (and ratified on or before such date or within a reason- able period thereafter). (5) FiuNGS WITH UNITED STATES.—The amendments made by this section shall not apply to any loan the aggregate princip^ amount of which was specified in a filing with an agency of the , United States on or before June 6, 1989, if— (A) such filing specifies such loan is to be a securities acquisition loan for purposes of section 133 of the Internal Revenue Code of 1986 and such filing is for the r^istration required to permit the offering of such loan, or ^) such fUing is for the approval required in order for the employee stock ownership plan to acquire more than a certain percentcige of the stock of the employer. (6) 30-PERCENT TEST SUBSTITUTED FOR 50-PERCENT TEST IN CASE OP CERTAIN LOANS.—In the case of a loan to which the amend- ments made by this section apply— (A) which is made before November 18, 1989, or (B) with respect to which such amendments would not
apply if paragraph (2)(A) were applied by substituting "November 17, 1989" for "June 6, 1989" each place it appears, section 133a>X6XA) of the Internal Revenue Code of 1986 (as added by subsection (a)) shall be applied by substituting "at least 30 percent" for "more than 50 percent" and section 4978B(c)(l)(B) of such Code (as added by subsection (d)) shall be
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