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Email On January 25, 2010, Judge James M. Peck of the United States Bankruptcy Court for the Southern District of New York ruled that provisions in a CDO indenture subordinating payments due to Lehman Brothers Special Financing Inc., as swap provider, constituted unenforceable ipsofacto clauses under the facts and circumstances of this case. https://www.cadwalader.com/resources/clients-friends-memos/lehman-court-finds-payment-priority-provision-is-unenforceable-ipso-facto-clause-and-must-be-part-Of-swap-for-safe-harbor-pro