Transitional Relief for Grace Period Assets Sample Clauses

Transitional Relief for Grace Period Assets. As to any Grace Period Assets that otherwise would violate Section 5.01(A) and Code §409(A)(b), not later than December 31, 2007, or such other date as Applicable Guidance may specify, the Plan or the Employer will eliminate Grace Period Assets or otherwise cause such assets to not violate Code §409A(b) by: (i) making payment of Deferred Compensation in accordance with the Plan terms; (ii) making payment of Deferred Compensation upon the Employer’s termination of the Plan under Section 6.03(b); (iii) dissolving the Trust in accordance with the Trust terms; (iv) desegregating the Grace Period Assets such that they no longer are associated with the payment of Deferred Compensation; or (v) taking such other action to come into conformity with Code §409A(b) and Applicable Guidance issued before December 31, 2007, as Applicable guidance may specify. Under clause (iv), even if the Employer takes no other prior action, the Grace Period Assets as of December 31, 2007, are by this provision desegregated and no longer are associated with the payment of Deferred Compensation. Under clauses (i) and (ii), if payment consists of both Grace Period Assets and other assets, the payment is treated for purposes of this Section 5.01(B) as consisting first of Grace Period Assets.
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Related to Transitional Relief for Grace Period Assets

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