Template:ISDA Master Agreement 2002 PPF Event: Difference between revisions

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'''{{isdaprov|PPF Event}}''': It shall be an {{isdaprov|Additional Termination Event}} (and [Pension Fund Party] shall be the {{isdaprov|Affected Party}} and all transactions shall be {{isdaprov|Affected Transactions}}) when: <br>
'''{{isdaprov|PPF Event}}''': It shall be an {{isdaprov|Additional Termination Event}} (and {{isdaprov|Party A}}<ref>The drafting assumes the Pension Fund is Party A. Usually it will be Party B.</ref> shall be the {{isdaprov|Affected Party}} and all {{isdaprov|Transaction}}s shall be {{isdaprov|Affected Transaction}}s) when: <br<
:(a) the Board of the [[Pension Protection Fund]] (“'''[[PPF]]'''”) approves under section 144 verifies that [Pension Fund Party]’s protected liabilities (within the meaning of section 131 of the Act) exceed its assets; <br>
:(b) the [[PPF]] determines under section 152(2) that it must accept responsibility for the Scheme; or <br>
:(c) the [[PPF]] approves under section 158(3) of the Act an actuarial valuation which verifies that [Pension Fund Party]’s protected liabilities exceed its assets; <br>
provided that in each case there shall be no {{isdaprov|Additional Termination Event}} if the [[PPF]] prior to termination by [Non-Pension Fund Party] has executed and issued a deed to [Non-Pension Fund Party] that it will not, following the issue of a transfer notice pursuant to section 160 of the Act, use its powers under section 161 of the Act (or any regulations made thereunder) to disapply or amend any terms or conditions of this Agreement or terminate this Agreement (unless such disapplication, amendment or termination is permitted under the express terms of the Agreement). <br>
 
 
“It shall be an {{isdaprov|Additional Termination Event}} (and {{isdaprov|Party A}}<ref>The drafting assumes the Pension Fund is Party A. Usually it will be Party B.</ref> shall be the {{isdaprov|Affected Party}} and all {{isdaprov|Transaction}}s shall be {{isdaprov|Affected Transaction}}s) when  
:(a) the Board of the Pension Protection Fund (“'''[[PPF]]'''”) approves under section 144 of the Pensions Act 2004 (the “'''Act'''”) a valuation under section 143 of the Act which verifies that {{isdaprov|Party A}}’s protected liabilities (within the meaning of section 131 of the Act) exceed its assets;
:(a) the Board of the Pension Protection Fund (“'''[[PPF]]'''”) approves under section 144 of the Pensions Act 2004 (the “'''Act'''”) a valuation under section 143 of the Act which verifies that {{isdaprov|Party A}}’s protected liabilities (within the meaning of section 131 of the Act) exceed its assets;
:(b) the [[PPF]] determines under section 152(2) that it must accept responsibility for the Scheme; or
:(b) the [[PPF]] determines under section 152(2) that it must accept responsibility for the Scheme; or
:(c) the [[PPF]] approves under section 158(3) of the Act an actuarial valuation which verifies that {{isdaprov|Party A}}’s protected liabilities exceed its assets;
:(c) the [[PPF]] approves under section 158(3) of the Act an actuarial valuation which verifies that {{isdaprov|Party A}}’s protected liabilities exceed its assets; <br>
provided that in each case there shall be no {{isdaprov|Additional Termination Event}} if the [[PPF]] prior to termination by {{isdaprov|Party B}} has executed and issued a [[deed]] to {{isdaprov|Party B}} that it will not, following the issue of a transfer notice pursuant to section 160 of the Act, use its powers under section 161 of the Act (or any regulations made thereunder) to disapply or amend any terms or conditions of this {{isdaprov|Agreement}} or terminate this {{isdaprov|Agreement}} (unless such disapplication, or termination is permitted under the express terms of the {{isdaprov|Agreement}}).”
provided that in each case there shall be no {{isdaprov|Additional Termination Event}} if the [[PPF]] prior to termination by {{isdaprov|Party B}} has executed and issued a [[deed]] to {{isdaprov|Party B}} that it will not, following the issue of a transfer notice pursuant to section 160 of the Act, use its powers under section 161 of the Act (or any regulations made thereunder) to disapply or amend any terms or conditions of this {{isdaprov|Agreement}} or terminate this {{isdaprov|Agreement}} (unless such disapplication, or termination is permitted under the express terms of the {{isdaprov|Agreement}}). <br>

Revision as of 09:42, 31 December 2020

PPF Event: It shall be an Additional Termination Event (and Party A[1] shall be the Affected Party and all Transactions shall be Affected Transactions) when: <br<

(a) the Board of the Pension Protection Fund (“PPF”) approves under section 144 of the Pensions Act 2004 (the “Act”) a valuation under section 143 of the Act which verifies that Party A’s protected liabilities (within the meaning of section 131 of the Act) exceed its assets;
(b) the PPF determines under section 152(2) that it must accept responsibility for the Scheme; or
(c) the PPF approves under section 158(3) of the Act an actuarial valuation which verifies that Party A’s protected liabilities exceed its assets;

provided that in each case there shall be no Additional Termination Event if the PPF prior to termination by Party B has executed and issued a deed to Party B that it will not, following the issue of a transfer notice pursuant to section 160 of the Act, use its powers under section 161 of the Act (or any regulations made thereunder) to disapply or amend any terms or conditions of this Agreement or terminate this Agreement (unless such disapplication, or termination is permitted under the express terms of the Agreement).

  1. ↑ The drafting assumes the Pension Fund is Party A. Usually it will be Party B.
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