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OCR for page 14
14 Guidebook for Developing and Managing Airport Contracts 1.20 Bankruptcy Provisions The Federal Bankruptcy Code (Code) controls the treatment of airline agreements and the respective parties' rights and obligations. Any provision in an airline agreement inconsistent with the Code is deemed unenforceable. Because of preeminence of the Code, many new airline agree- ments do not discuss the event of bankruptcy. Some airports continue to put language in the agreements that the filing of a petition in bankruptcy is considered an event of default but the Code could prevent the airport from exercising its rights in default.