82,975
edits
Amwelladmin (talk | contribs) (Created page with "{{subst:Nutshell 2002 ISDA PPF Event}}") |
Amwelladmin (talk | contribs) No edit summary |
||
Line 1: | Line 1: | ||
'''{{ | '''{{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 {{ | 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> |