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.