The exemption provided by Section 4005.051 applies to:
(1) commercial paper that:
(A) arises out of a current transaction or the proceeds of which have been or are to be used for current transactions; and
(B) evidences an obligation to pay cash not later than the ninth month after the issuance date of the commercial paper, not including days of grace;
(2) a renewal of commercial paper described by Subdivision (1) that is similarly limited; or
(3) a guarantee of commercial paper described by Subdivision (1) or of a renewal described by Subdivision (2).