Common use of INSOLVENCY OF BUYER Clause in Contracts

INSOLVENCY OF BUYER. If Buyer takes any action to make Seller believe Buyer may become bankrupt or insolvent, ceases business, or to pay bills during the term of this Contract, Seller may forthwith terminate this Contract upon written notice thereof to Buyer. Such termination shall not prejudice Seller's rights to any amounts then due under this Contract or effect any other rights Seller may have under applicable provisions of controlling law.