ipso facto clause

ipso facto clause
ipso facto clause n: a clause in an agreement stipulating the consequences (as termination of a lease or acceleration of a payment) of the insolvency of one of the parties – called also bankruptcy clause, ipso facto bankruptcy clause;
◇ An ipso facto clause is invalid under the Bankruptcy Code because a trustee is not bound by any provision or applicable law that is conditioned on the debtor's insolvency.

Merriam-Webster’s Dictionary of Law. . 1996.

ipso facto clause
USA
ipso facto clause, Also known as an ipso facto provision or bankruptcy clause.
A provision in an agreement which permits its termination due to the bankruptcy, insolvency or financial condition of a party. The Bankruptcy Code prohibits enforcement of such provisions in executory contracts and unexpired leases of the debtor (§ 365(e)(1), Bankruptcy Code).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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