PUBLIC LAW 100-647—NOV. 10, 1988	102 STAT. 3505
"(iii) 5-YEAR phase-in amount.—The 5-year phase-in
amount is the lesser of—
"(I) the applicable percentage (determined under
the following table for purposes of this subclause)
of the 5-year debt amount, or
"(II) the applicable percentage (determined
under the following table for purposes of this
subclause) of the 5-year debt amount reduced by
paydowns:
The applicable	The applicable
"In the case of the:             percentage for	percentage for
purposes of	purposes of
subclause (I) is:	subclause (II) is:
1st taxable year	 8Va		10
2nd taxable year	 16%		25
3rd taxable year	 25		50
4th taxable year	 33Vk		100
5th taxable year	 16%		100.
"(iv) 4-YEAR phase-in amount.—The 4-year phase-in
amount is the lesser of—
"(I) the applicable percentage (determined under
the following table for purposes of this subclause)
of the 4-year debt amount, or
"(II) the applicable percentage (determined
under the following table for purposes of this
subclause) of the 4-year debt amount reduced by
paydowns to the extent such paydowns exceed the
5-year debt amount:
The applicable	The applicable
"In the case of the:	percentage for	percentage for
in uic case wt uiv.	purposes of	purposes of
subclause (I) is:	subclause (II) is:
1st taxable year	 5		6V*
2nd taxable year	 10		16%
3rd taxable year	 15		37 Vz
4th taxable year	 20		100
5th taxable year	 0		0.
"(v) s-year debt amount.—The term '5-year debt
amount' means the excess (if any) of—
"(I) the amount of the outstanding indebtedness
of the taxpayer on May 29,1985, over
"(II) the amount of the outstanding indebtedness
of the taxpayer as of the close of December 31,
1983.
The 5-year debt amount shall not exceed the aggregate
amount of indebtedness of the taxpayer outstanding on
November 16,1985.
"(vi) 4-YEAR debt AMOUNT.--~The term '4-year debt
amount' means the excess (if any) of—
"(I) the amount referred to in clause (vXII), over
"(II) the amount of the outstanding indebtedness
of the taxpayer as jof the close of December 31,
1982.
The 4-year debt amount :shali not exceed "the aggregate
amount of indebtedness of the taxpayer outstanding on
November 16,1985, reduced by the 5-year debt amount.