Common use of Transition Rule Clause in Contracts

Transition Rule. For purposes of this section, a plan that was adopted and effective before December 31, 2007, whether written or unwritten, that fails to make a designation as to whether the entitlement to a series of payments is to be treated as an entitle- ment to a series of separate payments under paragraph (b)(2)(iii) of this sec- tion, may make such designation on or before December 31, 2007, provided such designation is set forth in writing on or before December 31, 2007.