participants within 1 year of the date of such loan. For purposes of this paragraph, the term employer securities has the meaning given such term by section 409(l). The term securities acquisition loan shall not include a loan with a term greater than 15 years, except that in the case of a securities acquisition loan which is a refinancing loan described in paragraph (5), such term may not extend beyond the last day of the original securities acquisition loan which such loan is refinancing. (2) Loans between related persons The term securities acquisition loan shall not include— (A) any loan made between corporations which are members of the same controlled group of corporations, or (B) any loan made between an employee stock ownership plan and any person that is— (i) the employer of any employees who are covered by the plan, or (ii) a member of a controlled group of corporations which includes such employer. For purposes of this paragraph, subparagraphs (A) and (B) shall not apply to any loan which, but for such subparagraphs, would be a securities acquisition loan if such loan was not originated by the employer of any employees who are covered by the plan or by any member of the controlled group of corporations which includes such employer, except that this section shall not apply to any interest received on such loan during such time as such loan is held by such employer (or any member of such controlled group). (3) Terms applicable to certain securities acquisition loans A loan to a corporation shall not fail to be treated as a securities acquisition loan merely because the proceeds of such loan are lent to an employee stock ownership plan sponsored by such corporation (or by any member of the controlled group of corporations which includes such corporation) if such loan includes— (A) repayment terms which are substantially similar to the terms of the loan of such corporation from a lender described in subsection (a), or (B) repayment terms providing for more rapid repayment of principal or interest on such