Template:Nutshell 2002 ISDA PPF Event: Difference between revisions
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:(a) verifies that [Pension Fund Party]’s protected liabilities exceed its assets (or approves an actuarial valuation to that effect; or <br> | :(a) verifies that [Pension Fund Party]’s protected liabilities exceed its assets (or approves an actuarial valuation to that effect; or <br> | ||
:(b) determines it must accept responsibility for the Scheme. | :(b) determines it must accept responsibility for the Scheme. | ||
However it will not be {{isdaprov|Additional Termination Event}} if before the {{isdaprov|Non-Affected Party}} terminates the Affected | However it will not be {{isdaprov|Additional Termination Event}} if before the {{isdaprov|Non-Affected Party}} terminates the {{isdaprov|Affected Transaction}}s<ref>The drafting is lax here: not clear whether this is designates an Early Termination Date or actually completes termination of all Affected Transactions.</ref> by {{isdaprov|Non-Affected Party}} the [[PPF]] has [[deliver]]ed a [[deed]] to the {{isdaprov|Non-Affected Party}} committing not to use its powers to amend or terminate any part of this Agreement (other than as is permitted under its express terms).<br> | ||
Latest revision as of 09:53, 31 December 2020
PPF Event: It will be an Additional Termination Event where [Pension Fund] is the Affected Party and all Transactions are Affected Transactions) if, for the purposes of the Pensions Act 2004 the Board of the Pension Protection Fund (“PPF”):
- (a) verifies that [Pension Fund Party]’s protected liabilities exceed its assets (or approves an actuarial valuation to that effect; or
- (b) determines it must accept responsibility for the Scheme.
However it will not be Additional Termination Event if before the Non-Affected Party terminates the Affected Transactions[1] by Non-Affected Party the PPF has delivered a deed to the Non-Affected Party committing not to use its powers to amend or terminate any part of this Agreement (other than as is permitted under its express terms).
- ↑ The drafting is lax here: not clear whether this is designates an Early Termination Date or actually completes termination of all Affected Transactions.