Template:Nutshell 1992 ISDA PPF Event: Difference between revisions

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'''{{isdaprov|PPF Event}}''': It will be an {{isdaprov|Additional Termination Event}} where [Pension Fund] is the {{isdaprov|Affected Party}} and all {{isdaprov|Transactions}} are {{isdaprov|Affected Transactions}}) if, for the purposes of the Pensions Act 2004 the Board of the [[Pension Protection Fund]] (“'''[[PPF]]'''”): <br>
'''{{isda92prov|PPF Event}}''': It will be an {{isda92prov|Additional Termination Event}} where [Pension Fund] is the {{isda92prov|Affected Party}} and all {{isda92prov|Transactions}} are {{isda92prov|Affected Transactions}}) if, for the purposes of the Pensions Act 2004 the Board of the [[Pension Protection Fund]] (“'''[[PPF]]'''”): <br>
:(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 {{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>
However it will not be {{isda92prov|Additional Termination Event}} if before the {{isda92prov|Non-Affected Party}} terminates the {{isda92prov|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 {{isda92prov|Non-Affected Party}} the [[PPF]] has [[deliver]]ed a [[deed]] to the {{isda92prov|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 11:46, 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).

  1. ↑ The drafting is lax here: not clear whether this is designates an Early Termination Date or actually completes termination of all Affected Transactions.
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