SECTION 4. SCOPE

This revenue procedure applies to a debt instrument described in either section 4.01, section 4.02, or section 4.03 of this revenue procedure.

.01 Debt Instrument Issued For Money Pursuant to a Financing Commitment . The debt instrument is issued by a corporation and—

(1) The debt instrument is issued for money and the terms of the debt instrument are consistent with the general terms of a binding Financing Commitment obtained by the corporation from an unrelated party before January 1, 2009; and

(2) The debt instrument would not be an AHYDO within the meaning of § 163(i), if, solely for purposes of making a determination under this section 4.01(2), the issue price of the debt instrument were the net cash proceeds actually received by the corporation for the debt instrument (regardless of whether a different issue price is determined under § 1.1273–2).

.02 Debt Instrument Exchanged for a Debt Instrument Issued Pursuant to a Fi- nancing Commitment . The debt instrument is issued by a corporation and—

(1) The debt instrument is issued in exchange (including a deemed exchange under § 1.1001–3) for a debt instrument (“Old Debt Instrument A”) issued by the corporation and described in section 4.01 of this revenue procedure;

(2) The debt instrument is issued within 15 months following the issuance of Old Debt Instrument A;

(3) The debt instrument would not be an AHYDO within the meaning of § 163(i), if, solely for purposes of making a determination under this section 4.02(3), the issue price of the debt instrument were

September 2, 2008 563 2008–35 I.R.B.

the IRS and Treasury should not include taxpayer-specific information or of a confidential nature. Comments should include the name and telephone number of a person to contact.