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Template:ISDA Master Agreement 2002 PPF Event: Difference between revisions
Template:ISDA Master Agreement 2002 PPF Event (view source)
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'''{{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 | '''{{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 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; <br> | :(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}}). <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}}). <br> | ||