ipso facto provision

ipso facto provision
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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