Common use of Immediate Default Clause in Contracts

Immediate Default. The following shall be breaches of this Agreement that Orphan may not cure: any voluntary or involuntary dissolution, bankruptcy, insolvency of Orphan or assignment of Orphan's assets for the benefit of creditors (collectively, a "Financial Default"). Financial Defaults shall constitute immediate breaches of this Agreement and, upon the occurrence of a Financial Default, this Agreement shall immediately terminate. On or before the date 30 days before the occurrence of a Financial Default or the filing of a bankruptcy petition concerning Orphan, Orphan shall notify RCT in writing of Orphan's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable breach of this Agreement.