Common use of PPF Clause in Contracts

PPF. 1.3.1 The PPF is entering into this Agreement pursuant to section [111]10 [137]11 of the Pensions Act (and all other powers empowering it) and on the following assumptions (the "Assumptions") which the other Parties acknowledge: (a) the Pensions Regulator has given its clearance for the proposed restructuring of the Company [and the Group Companies];12 (b) the Pension Scheme is an Eligible Scheme; and (c) [on or before [DATE],]13 a Qualifying Insolvency will occur in relation to every Employer in relation to the Pension Scheme triggering an Assessment Period and the PPF Creditor Rights in relation to the whole of the Pension Scheme. 1.3.2 The PPF enters into this Agreement, and the other Parties acknowledge that the PPF enters into this Agreement, on the basis that: (a) it does so without having made any enquiries in relation to the Assumptions, and without passing any opinion on or acknowledging whether or not the Assumptions (or any of them) are true or correct; (b) nothing in this Agreement, any other Transaction Document, or otherwise shall be construed so as to create any obligation on the PPF to confirm that an Assessment Period has commenced or to assume responsibility for the Pension Scheme or any part of it. 1.3.3 The Parties (other than the PPF) agree that, if an Assessment Period commences in relation to the Pension Scheme (or any part of it), then unless and until: (a) the PPF ceases to be involved with the Pension Scheme pursuant to section 149 of the Pensions Act; or (b) subsection 154(1) of the Pensions Act applies to the Pension Scheme,

PPF. 1.3.1 The PPF is entering into this Agreement pursuant to section [111]10 [137]11 of the Pensions Act (and all other powers empowering it) and on the following assumptions (the "Assumptions") which the other Parties acknowledge: (a) the Pensions Regulator has given its clearance for the proposed restructuring of the Company [and the Group Companies];12 (b) the Pension Scheme is an Eligible Scheme; and (c) [on or before [DATE],]13 a Qualifying Insolvency will occur in relation to every Employer in relation to the Pension Scheme triggering an Assessment Period and the PPF Creditor Rights in relation to the whole of the Pension Scheme. 1.3.2 The PPF enters into this Agreement, and the other Parties acknowledge that the PPF enters into this Agreement, on the basis that: (a) it does so without having made any enquiries in relation to the Assumptions, and without passing any opinion on or acknowledging whether or not the Assumptions (or any of them) are true or correct; (b) nothing in this Agreement, any other Transaction Document, or otherwise shall be construed so as to create any obligation on the PPF to confirm that an Assessment Period has commenced or to assume responsibility for the Pension Scheme or any part of it. 1.3.3 The Parties (other than the PPF) agree that, if an Assessment Period commences in relation to the Pension Scheme (or any part of it), then unless and until: (a) the PPF ceases to be involved with the Pension Scheme pursuant to section 149 of the Pensions Act; or (b) subsection 154(1) of the Pensions Act applies to the Pension Scheme▇▇▇▇▇▇▇ ▇▇▇▇▇▇,