DETERMINATION OF CONTRACT. If the Buyer shall make default in or commit a breach of Contract or of any other of its obligations to the Company or if distress of execution shall be levied upon the Buyer’s property or assets, or if the Buyer shall make or offer arrangement or composition with creditors or commit any act of bankruptcy or if any petition or receiving order in bankruptcy shall be presented or made against him, or if the Buyer is a limited Company and any resolution or petition to wind up such Company’s business (other than for the purpose of amalgamation or reconstruction) shall be passed or presented, or if a receiver or administrator shall be appointed, the Company shall have the right forthwith to determine any contract then subsisting, and upon written notice of such determination being posted to the Buyer’s last known address, any subsisting contracts shall be deemed to have been determined without prejudice to any right the Company may otherwise make or exercise.
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Sources: Conditions of Sale, Conditions of Sale