Template:Nutshell 2002 ISDA PPF Event
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-Pension Fund Party] the PPF has delivered an executed deed to the Non-Affected Party covenanting not to use its powers to disapply, or amend or terminate any part of this Agreement (that is not 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.