Page:United States Statutes at Large Volume 103 Part 3.djvu/265

 PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2333 (m) for which a tender offer was filed with the Securities and Exchange Commission on or before July 10, 1989, (ii) the term of such instrument is not greater than— (I) the term specified in the written documents described in clause (iii), or (II) if no term is determined under subclause (I), 10 years, and (iii) the use of such instrument in connection with such acquisition (and the maximum amount of pro- ceeds from such instrument) was determined on or before July 10, 1989, and such determination is evi- denced by written documents— (I) which were transmitted on or before July 10, 1989, between the issuer and any governmental regulatory bodies or prospective parties to the issu- ance or acquisition, and (ID which are customarily used for the type of acquisition or financing involved. (B) The amendments made by this section shall not apply to any instrument issued pursuant to the terms of a debt - instrument issued on or before July 10, 1989, or described in sulK>aragraph (A) or (D). (C) The amendments made by this section shall not apply to any instrument issued to refinance an original issue discount debt instrument to which the amendments made by this section do not apply if— (i) the maturity date of the refinancing instrument is, not later than the maturity date of the refincmced instrument, (ii) the issue price of the refinancing instrument does not exceed the adjusted issue price of the refinanced instrument, (iii) the stated redemption price at maturity of the refinancing instrument is not greater than the stated redemption price at maturity of the refinanced in- strument, and (iv) the interest payments required under the re- financing instrument before maturity are not less than t (and are paid not later than) the interest payments required under the refinanced instrument. 'f (D) The amendments made by this section shall not apply ^ to instruments issued after July 10, 1989, pursuant to a reorganization plan in a title 11 or similar case (as defined in section 868(a)(3) of the Internal Revenue Code of 1986) if the amount of proceeds of such instruments, and the matu- rities of such instruments, do not exceed the amount or maturities specified in the last reorganization plan filed in such case on or before July 10, 1989. SEC. 7203. SECURITIES TREATED AS BOOT UNDER SECTION 351. (a) GENERAL RULE. — Section 351(a) (relating to nonrecognition in cases of transfers to corporations controlled by transferor) is amended by striking "or securities". (b) CONFORMING AMENDMENTS.— (1) Subsections (b), (d), and (e)(2) of section 351 are each amended by striking "or securities".

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