Template:Nutshell 2002 ISDA PPF Event

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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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