theboardofthepensionprotectionfund.docVIP

THE BOARD OF THE Pension Protection Fund FORM OF CONTINGENT ASSET type B(ii)EW: security over land IN ENGLAND AND WALES VERSION: 3.0 (DECEMBER 2009) NOTE: Please refer to the Pension Protection Fund guidance on contingent assets and other documentation on the Pension Protection Fund website .uk. However, it is your responsibility to obtain legal advice before using the Pension Protection Fund’s standard documentation – you should not rely on the guidance note or on other documentation published by the Pension Protection Fund. The Board accepts no responsibility to trustees/managers or any other person for the efficacy of the standard documentation or for any legal effects that such documentation may have if used in any circumstances. If the secured property is located in Scotland or Northern Ireland, please use standard form document B(iii)S or B(iii)NI respectively in place of this document. This cover page should be deleted before using the document. SECURITY AGREEMENT Dated [(] BETWEEN [CHARGOR] - and - [(] and [(] as trustees of the [( pension scheme] contents Clause Page 1. Interpretation 1 2. Creation of Security 7 3. Representations – general 8 4. Covenants 11 5. Default 16 6. When Security becomes enforceable 18 7. Enforcement of Security 18 8. Receiver 19 9. Powers of Receiver 20 10. Application of proceeds 22 11. Expenses and indemnity 22 12. Delegation 23 13. Further assurances 23 14. Covenant to pay 24 15. Power of attorney 24 16. Preservation of Security 24 17. Changes to the Parties 26 18. Amendments 26 19. Release where oversecured 27 20. Substitution of Property 28 21. Severability 28 22. Counterparts 28 23. Notices 28 24. Language 29 25. Governing Law 29 26. Enforcement 29 Schedules Companies 31 Real Property 32 Forms of Letter for Occupational Tenants 33 Amendment and release criteria 35 Conditions Precedent to Substitution 39 Signatories 40 THIS DEED is dated [(] between: [(]