the plan who are not highly compensated employees (as defined in section 414(q)) are participants in the plan. (ii) Certain employees may be excluded For purposes of clause (i), an employer may elect to exclude under the plan employees— (I) who have not attained the age of 21 before the close of a plan year, (II) who have less than 1 year of service with the employer as of any day during the plan year, (III) who are covered under an agreement which the Secretary of Labor finds to be a collective bargaining agreement if there is evidence that the benefits covered under the employee stock ownership plan were the subject of good faith bargaining between employee representatives and the employer, or (IV) who are described in section 410(b)(3)(C) (relating to nonresident aliens working outside the United States). (D) Failure to meet requirements (i) In general Subsection (a) shall not apply to any interest received with respect to a securities acquisition loan which is allocable to any period during which the employee stock ownership plan does not meet the requirements of subparagraphs (B) and (C). (ii) Exception To the extent provided by the Secretary, clause (i) shall not apply to any period if, within 90 days of the first date on which the failure occurred (or such longer period not in excess of 180 days as the Secretary may prescribe), the plan takes such actions as are required to meet the requirements of subparagraphs (B) and (C). (E) Stock For purposes of subparagraph (B)— (i) In general The term stock means stock other than stock described in section 1504(a)(4). (ii) Treatment of certain rights The Secretary may provide that warrants, options, contracts to acquire stock, convertible debt interests and other similar interests be treated as stock for 1 or more purposes under subparagraph (B). (F) Aggregation rule For purposes of determining whether the requirements of subparagraph (B) are met, an employee stock ownership plan shall be treated as owning stock in the corporation issuing the employer securities