PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009-482 year from 1997 through 1999, upon such terms as the Corporation may announce, an amount equal to the product of— (i) 16.7 percent of the special assessment that the institution would have been required to pay under subsection (a), if the Board of Directors had not exempted the institution; and (ii) the number of full semiannual periods remaining between the date of the payment and December 31, 1999. (g) SPECIAL ELECTION FOR CERTAIN INSTITUTIONS FACING HARD- SHIP AS A RESULT OF THE SPECIAL ASSESSMENT.— (1) ELECTION AUTHORIZED.— I f— (A) an insured depository institution, or any depository institution holding company which, directly or indirectly, controls such institution, is subject to terms or covenants in any debt obligation or preferred stock outstanding on September 13, 1995; and (B) the payment of the special assessment under subsection (a) would pose a significant risk of causing such depository institution or holding company to default or violate any such term or covenant, the depository institution may elect, with the approval of the Corporation, to pay such special assessment in accordance with paragraphs (2) and (3) in lieu of paying such assessment in the manner required under subsection (a). (2) 1ST ASSESSMENT. —An insured depository institution which makes an election under paragraph (1) shall pay an assessment in an amount equal to 50 percent of the amount of the special assessment that would otherwise apply under subsection (a), by the date on which such special assessment is payable under subsection (d). (3) 2D ASSESSMENT. —An insured depository institution which makes an election under paragraph (1) shall pay a 2d assessment, by the date established by the Board of Directors in accordance with paragraph (4), in an amount equal to the product of 51 percent of the rate determined by the Board of Directors under subsection (a) for determining the amount of the special assessment and the SAIF-assessable deposits of the institution on March 31, 1996, or such other date in calendar year 1996 as the Board of Directors determines to be appropriate. (4) DUE DATE OF 2D ASSESSMENT. —The date established by the Board of Directors for the payment of the assessment under paragraph (3) by a depository institution shall be the earliest practicable date which the Board of Directors determines to be appropriate, which is at least 15 days after the date used by the Board of Directors under paragraph (3). (5) SUPPLEMENTAL SPECIAL ASSESSMENT.—An insured depository institution which makes an election under paragraph (1) shall pay a supplemental special assessment, at the same time the payment under paragraph (3) is made, in an amount equal to the product of— (A) 50 percent of the rate determined by the Board of Directors under subsection (a) for determining the amount of the special assessment; and
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