Template:Nutshell 1992 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.