0:L4YOL4Y008 C04.xaxd 97 1 (c) APPLICABLE FINANCIAL INSTITUTION. For pur- 2 poses of this section: 3 (1) IN GENERAL. Except as provided in para- 4 graph (2), the term "applicable financial institution" 5 means-- 6 (A) a financial institution referred to in 7 section 582(e)(2) of the Internal Revenue Code 8 of 1986, or 9 (B) a depository institution holding cora- l0 pany (as defined in section 3(w)(1) of the Fed- 11 eral Deposit Insurance _Act (12 U.S.C. 12 13 (2) SPECIAL RULES FOR CERTAIN SALES.--In 14 the case of' 15 (A) a sale or exchange described in sub- 16 section (b)(2)(B), an entity shall be treated as 17 an applicable financial institution only if' it was 18 an entity described in subparagraph (A) or (B) 19 of' paragraph (1) at the time of' the sale or ex- 20 change, and 21 (B) a sale or exchange after September 6, 22 2008, of' preferred stock described in subsection 23 (b)(2)(A), an entity shall be treated as an appli- 24 cable financial institution only if' it was an enti- 25 ty described in subparagraph (A) or (B) of'
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